Corelogic Just Acquired Alamode

[Pittsburgh Pete]

That's someone else's skin....dopey.

Was pretty sure that concern for another might not resonate with you!

 

[nicholz12]

Corelogic purchased Landsafe, Bank of America’s AMC.

Corelogic purchased RELS, Wells Fargo’s AMC.

Corelogic purchased Marshall and Swift, our cost manual provider.

Corelogic owns the technology platform utilized by many local MLS boards, including Central Jersey MLS and Trend MLS in my area.

Corelogic now owns the largest provider of residential form software.


They are trying to own the entire real estate data process. Isn't running the MLS platform a conflict of interest with owning an AMC and appraisal software?

Apparently not in the US. sic.

 

[TRESinc]

And so?

your post was incorrect and misleading, AND SO i corrected it.

 

[George Hatch]

Does this mean CoreLogic is sponsoring Appraiser Fest.

AppraiserFest lists the following sponsors:

Alamode (word processing) the typist who used to type appraisal reports on their IBM selectric have been replaced
Datamaster (data entry) - see above
Spark (analytics) - the more time you spent doing these analyses by hand the fewer assignments you could complete.
Anow (office management) - no more admin assistants or office managers or accounting functions

To the extent these functions were performed they used to be performed by people who relied on that work to make a living for themselves, so there's a tremendous lack of self-awareness involved when we bemoan the advances that (teckNUHludgy) has wrought in one breath and then sell more of it in the next.

 

[TRESinc]

Correct...it's not an AMC. I don't think anyone has said it was. But it is not simply a delivery platform.

Again, you're an appraiser or appraisal company. You have a relationship with a client. You decide to tell your client to communicate or do business with you through Mercury. They immediately have access to and are encouraged to use appraisal services provided by other companies and appraisers other than you. Honestly, how do you not see that as a detriment to your business? I'm not saying that's a bad thing if you're alamode. But it's not a smart business decision for you as a provider of valuation services.

Why would any business voluntarily provide entree to their competition? Especially knowing that so many management companies were using the same platform. But so many did.

sounds like someone is not confident in their abilities to perform as an appropriate and are afraid of client exposure to other appraisers...

 

[Terrel L. Shields]

then buy their stock

My late brothers philosophy on investing, the more you hàte them the more stock to own. Anyone that crooked or unethical must be making a ton of money.

 

[TRESinc]

I work for one bank that uses Mercury. It is a management software for them. It has nothing to do with an AMC. Some AMC's may use it because it is easier than developing their own platform. I also have a bank that uses LenderX. Again it is a delivery management platform; not an AMC. And I know of a number of AMC's that use the LenderX platform.

exactly. an ordering/delivery platform is not the same thing as an AMC.

I did some work for Valuenet in the past while I was working at another job and just wanted to earn some "beer money." They paid terribly, and I eventually quit them as I went back into doing appraisals full time. But I know of a local lender that uses them and AVM's almost exclusively for home equity loans. The only time they don't is if the data on the AVM can't be determined, it doesn't work to use Valuenet, and the amount being borrowed is high. Then they send me out; which is rare.

my longest running client, a large local lender, has the same policies. exteriors are only ordered when it is too difficult or data is not readily available (typically younger aged housing). personally i don't really mind, never liked doing exterior appraisals.

For example, I have done appraisals for banks that have clearly stated that I don't have to drive the comps and that I can use MLS photos. I still inspected the subject, but by not having to drive the comps and take photos it saved me some time and I charged less. But that is now rare. Why? Desktops, AVMs, and BPOs.

if this was done on a FNMA form how did you handle not complying with the per-printed SOW?

 

[Renee Healion]

Trying to understand why appraisers are quaking in their boots over the Corelogic purchase of Alamode. I have never used Alamode, but is the boot quaking about what Corelogic might do to Alamode? My only interaction with a Corelogic has been through two MLS's I subscribe to with Realist (a feature owned by Corelogic), and these two MLS's are not currently owned by Corelogic. None of my clients use Mercury, but one uses Appraisal Port and another one uses RIMS as portals to distribute work and receive the work product. So, how will this transaction impact appraisers, and me in particular?

bug, not a feature
check everything from that source

No one is quaking in their boots. That is popcorn speak, my friend!

 

[DWiley]

.... client exposure to other appraisers...

Exposure to other appraisers is a key element to the effects that AMCs and portals have had on appraisal fees. As I have said many times before, prices are set and are driven by those in the market who provide the service (the appraisers), not by those who wish to purchase services. What portals and AMCs do is allow lenders to do just what appraisers do - run the comps. In larger markets AMCs and portals have access to fee data from hundreds of appraisers, and they have access to data about the quality and service that those appraisers have historically provided. With such information, it is a relatively simple task to gauge what market level pricing is. This is information that simply was not available prior to the proliferation of AMCs and portals.

 

[George Hatch]

I reckon the entire market for appraisal services of all kinds and at all levels will eventually be aggregated like this, one way or another. That includes the market niches I serve as much as anyone's.