Inspection

[Evincere]

I think it's quite possible that we can talk our way out of this market niche entirely, at which point our users will take the "appraisal" component of these assignments to our non-licensed competition.

Fannie will need a Bull dozer and really good wrecking ball.

https://en.m.wikipedia.org/wiki/Financial_Institutions_Reform,_Recovery,_and_Enforcement_Act_of_1989

 

[Evincere]

LOL. I assume you are referring to the VaCAP story post at ApprBlogs, yes?? The story that is just as accurate as their story about VA rates being required in Virginia I suppose it does not matter how many times they post something that is egregiously false as long as they keep saying stuff a certain segment wants to hear.

Wait. Are you saying VaCap is exaggerating, and/or posting fictitious narrative about home inspectors class action lawsuits over wages and compensation? . Because credible links and sources to lawsuits, other than VaCap are available for posting.

I hear certain people repeatedly squeaking that it’s all about the fee the “Appraisers” are being paid.

How is it different for "home inspectors" who are being classified as independent contractors and their complaints? Apparently, fees being paid for for inspection services are questionable as well to the point of initiating a class action.

Are / Should Appraisers not be concerned about the quality and thoroughness of an inspection report as it relates to the fee being paid to an inspector?

Note to moderator. This IS a topic relative to the topic of this thread which is INSPECTION. Those who question credibility of “inspectors” services should not be silenced or have posts removed to protect the identity of parties being sued. And if its being done, why?

 

[Evincere]

Apparently NAIFA instructors I had believed that learning to physically inspect property was "required". And getting a measurement of the GLA was never as important as a lot of other things like defects, dated colors, identifying simple items like older wiring, materials, surfacing septic, exposed wires, etc.

But, butt, real estate agents (depending on which AMC press release one reads) are going to do all this now.

If we know anything about agents it’s that they are trained on how to market, take listing and write contracts for which they are paid handsomely. These activities are the focus of their business. For the most part they do terrible BPOs which thankfully, have not been used for new origination loans.

Disclose of defects because of liability concerns is otherwise left to owners. Agents have never focused on issues you mention and AMCs just presuming they are qualified to do inspections or anything beyond what they’ve been trained to do is a disingenuous quick fix to satisfy an immediate demand

 

[Eli]

But, butt, real estate agents (depending on which AMC press release one reads) are going to do all this now.

If we know anything about agents it’s that they are trained on how to market, take listing and write contracts for which they are paid handsomely. These activities are the focus of their business. For the most part they do terrible BPOs which thankfully, have not been used for new origination loans.

Disclose of defects because of liability concerns is otherwise left to owners. Agents have never focused on issues you mention and AMCs just presuming they are qualified to do inspections or anything beyond what they’ve been trained to do is a disingenuous quick fix to satisfy an immediate demand

The CFPB will likely get involved. I thought the FTC would handle it. State coalitions are definitely in the mix.

IRS may be the kicker on employee/independent contractor law.
Sometimes I think that is what AMC's want. That's scary too.
It could get real serious if the IRS were to get deep in it.

But there may be some serious back pay if the IRS gets deep in it too.

 

[DWiley]

Wait. Are you saying VaCap is exaggerating, and/or posting fictitious narrative ...

Are / Should Appraisers not be concerned about the quality and thoroughness of an inspection report as it relates to the fee being paid to an inspector?

Yes, absolutely appraisers being asked to perform (or actually performing) "hybrid" work should be concerned about the nature of the inspection. I have never said otherwise. That information should be examined and, to the extent possible, verified - just like comp data. But, in this case, the headline says "AMC being sued for Bifurcation! ." No, that is not an exaggeration. It is 100% false - It is a lie (to be very clear)

It is pretty apparent that whoever wrote that understands nothing about field services and either did not actually read the filing, or read it and chose to ignore facts that did not fit the pre-ordained narrative. The field services group does things like, making sure grass is mowed on REO properties, changing locks, etc etc. They have nothing to do with bifurcated appraisals. But, never let facts get in the way of a juicy headline. The mainstream media does it all the time, so I suppose we should expect no less from the "appraisal media."

 

[Meandering]

And why leave out the "news" stories of the "premier", latest and greatest media publications from AMCs?

But I digress.

The links were valid, and if there is an issue with the inspectors, being nor not being available as subcontractors or as employees, that then impacts the entire bi-f process and appraisers can not verify the interior condition, and must accept the information from an interested party, which, by definition is bias, and, is the reason Fannie says it's up to appraisers to make the SOW decision, not the AMCs.

.

 

[Meandering]

Screen printed.

 

[Evincere]

Appraisers, intended users and borrowers are told “inspectors” - be they home, field “agents” will be used to complete the property inspections for hybrids. Nevertheless they can be considered third party.

The sources for the lawsuits are in black and white and clearly refer to “home inspectors” For the purpose of describing the hybrid process the use of the term “inspectors is also applicable . Other than generic references to “inspectors” full disclosure as to identity of who is actually hired to do the inspecting for hybrids is rightly left to speculation.

It is not unreasonable to think otherwise when considering that many AMCs advertising hybrids are already rostered up with armies of staff/employees performing REO field inspection services. Lock changing, winterizing, etc. Regardless of the marketing hype It’s just not feasible or reasonable to believe they’re going to build new inspector panels and not consider existing resources. Who are as evidenced by the SL suit already complaining and suing over wages/fees and employment status.

https://news.bloomberglaw.com/class-action/home-inspectors-wage-claims-sent-back-to-state-court

ServiceLink Field Services LLC failed to convince a federal court April 9 that wage claims by its residential “inspectors” meet the requirements for federal jurisdiction.

**********

Maybe, these hybrid inspectors should just be called home “visitors” ....we could really have some fun with that terminology.

Otherwise, SL , Clear Capital, Mueller, Corelogc et al need to get together again and have another Summit meeting?

 

[Meandering]

Appraisers, intended users and borrowers are told “inspectors” - be they home, field “agents” will be used to complete the property inspections for hybrids. Nevertheless they can be considered third party.

The sources for the lawsuits are in black and white and clearly refer to “home inspectors” For the purpose of describing the hybrid process the use of the term “inspectors is also applicable . Other than generic references to “inspectors” full disclosure as to identity of who is actually hired to do the inspecting for hybrids is rightly left to speculation.

It is not unreasonable to think otherwise when considering that many AMCs advertising hybrids are already rostered up with armies of staff/employees performing REO field inspection services. Lock changing, winterizing, etc. Regardless of the marketing hype It’s just not feasible or reasonable to believe they’re going to build new inspector panels and not consider existing resources. Who are as evidenced by the SL suit already complying and suing over wages/fees and employment status.

https://news.bloomberglaw.com/class-action/home-inspectors-wage-claims-sent-back-to-state-court

ServiceLink Field Services LLC failed to convince a federal court April 9 that wage claims by its residential “inspectors” meet the requirements for federal jurisdiction.

**********

Maybe, these hybrid inspectors should just be called home “visitors” ....we could really have some fun with that terminology.

Otherwise, SL , Clear Capital, Mueller, Corelogc et al need to get together again and have another Summit meeting.

That or just open gymnasiums.

.

 

[Meandering]

The amount in controversy calculated by the company is “greatly inflated and unsupported by any reasonable grounds,” Judge M. James Lorenz wrote for the U.S. District Court for the Southern District of California.

https://news.bloomberglaw.com/class-action/home-inspectors-wage-claims-sent-back-to-state-court

Don't worry.
Their underpaid inspectors tell the truth to appraisers.


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