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Inadequate fees for Field Review Work

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Lawrence R.

Senior Member
Joined
Mar 27, 2007
Professional Status
Certified General Appraiser
State
South Carolina
A case for good appraaisers to take cheap review work.

The best reason to take some of these ridiculous fees would be to gain the opportunity to flush out some of the criminals in our midst.

If you want to make an impact, take the review work for peanuts and consider that your contribution to charity. When you get an egregious report, turn it in to your state board and let them know you expect action!! You may even want to follow it up with a press release to state, "Local appraiser fights back against mortgage fraud!" Eliminate the proliferation of substandard appraisals out there.

It is obvious to me at this point that the AMCs out there have a veritable stable of incompetent appraisers, so why not get in the ring and go a few rounds with them?

I think it is almost our civic duty to do so.
 

Kevin Mc

Elite Member
Joined
Jun 7, 2004
Professional Status
Certified Residential Appraiser
State
New York
When you get an egregious report, turn it in to your state board and let them know you expect action!!


My bold.....


:rof::rof:

I agree with your post and your point I just don't see it being fruitful from any angle.
 

Lawrence R.

Senior Member
Joined
Mar 27, 2007
Professional Status
Certified General Appraiser
State
South Carolina
My bold.....


:rof::rof:

I agree with your post and your point I just don't see it being fruitful from any angle.


True, I may be a bit overly hopeful on that point. That was why I suggested following it up with a press release.
 

Tudor

Member
Joined
Aug 15, 2006
Professional Status
Certified Residential Appraiser
State
Arizona
The best reason to take some of these ridiculous fees would be to gain the opportunity to flush out some of the criminals in our midst.

If you want to make an impact, take the review work for peanuts and consider that your contribution to charity. When you get an egregious report, turn it in to your state board and let them know you expect action!! You may even want to follow it up with a press release to state, "Local appraiser fights back against mortgage fraud!" Eliminate the proliferation of substandard appraisals out there.

It is obvious to me at this point that the AMCs out there have a veritable stable of incompetent appraisers, so why not get in the ring and go a few rounds with them?

I think it is almost our civic duty to do so.

I tried this for awhile for the exact reason you stated. Got old real fast.

Some stuff was garbage, but they still wanted me to finish the full review and provide appropriate comps. When I did agree with a value, I would get hassled "Hey when they send these over it's because there are problems". Well then why did they send it to me if they know what it is already.

I told them how I felt, they basically said I have a bad attitude. Oh well.
 

Elliott

Elite Member
Joined
Apr 23, 2002
Professional Status
Certified General Appraiser
State
Oregon
When a AMC calls an appraiser and says, "I've got a review that
needs to be done." And the appraiser says, "Sorry, I don't do
review work." You've found a very intelligent, experienced appraiser.
 

Kevin Mc

Elite Member
Joined
Jun 7, 2004
Professional Status
Certified Residential Appraiser
State
New York
When a AMC calls an appraiser and says, "I've got a review that
needs to be done." And the appraiser says, "Sorry, I don't do
review work." You've found a very intelligent, experienced appraiser.

Well, I think we all do review work if the money was there. I don't provide additional comparables if the job was well done (despite what some bank folks will tell you is "due dilligence" bullsh!t). I don't assign "new values" with so called "enhanced review products". I do straight up desk reviews and field reviews for legitimate lenders who pay legitimate fees. I haven't done one in months.
 

Oh No Not Him

Member
Joined
Jun 21, 2006
Professional Status
Certified Residential Appraiser
State
Maine
A bit off topic but...how many of you have dealt with this scenario...you spend twice as much time on the review than the original appr did on his report, which is garbage, you then spend a few more hours detailing your complaint to your state board....
 

athome77

Member
Joined
Apr 1, 2008
Professional Status
Certified Residential Appraiser
State
Illinois
The best reason to take some of these ridiculous fees would be to gain the opportunity to flush out some of the criminals in our midst.

If you want to make an impact, take the review work for peanuts and consider that your contribution to charity. When you get an egregious report, turn it in to your state board and let them know you expect action!! You may even want to follow it up with a press release to state, "Local appraiser fights back against mortgage fraud!" Eliminate the proliferation of substandard appraisals out there.

It is obvious to me at this point that the AMCs out there have a veritable stable of incompetent appraisers, so why not get in the ring and go a few rounds with them?

I think it is almost our civic duty to do so.


Taking into account due process and confidentiality provisiosn, exactly what is included in the press release? Not trying to cause trouble, just asking a question.
 

Lawrence R.

Senior Member
Joined
Mar 27, 2007
Professional Status
Certified General Appraiser
State
South Carolina
Taking into account due process and confidentiality provisiosn, exactly what is included in the press release? Not trying to cause trouble, just asking a question.

dunno, typical rabble rousing stuff. not about the object of the complaint, just that if no action was taken by the Board, you could point it out publicly. Perception, ya know?

Just something like, local appraiser turns in over 27 reports supsected of fraud and awaits state board for further action.

An official at the state board says" we are looking real hard at this stack of papers". And adds, we are serious about fraud, that is why we have disciplined about 30 appraisers over the last 6 years....
 

Kevin Mc

Elite Member
Joined
Jun 7, 2004
Professional Status
Certified Residential Appraiser
State
New York
A bit off topic but...how many of you have dealt with this scenario...you spend twice as much time on the review than the original appr did on his report, which is garbage, you then spend a few more hours detailing your complaint to your state board....

I foward it all to my representative with a brief explanation, the problems are typically glaringly obvious.
 
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