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More "Employee" type 'instructions'?:

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Pamela Crowley (Florida)

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Elite Member
Joined
Jan 13, 2002
Professional Status
Retired Appraiser
State
Florida
More "Employee" type 'instructions'?:
From: Appraiser Management [mailto:[email protected]]
Sent: Tuesday, January 29, 2008
Subject: Important Appraiser Information from First American eAppraiseIT

Dear Appraiser,

Please read the following which includes important information regarding appraisal assignments.

Topic: Bank of America HomeFocus Desktop Form Revision

Bank of America has released a revised BofA HomeFocus Desktop Appraisal form. The new form includes check boxes to indicate if the subject neighborhood one unit property value trends are stable, increasing, or declining and also includes a reminder that value trends and sales concessions must be considered in the final value estimate. The revised form can be identified as "HFDV4 01-2008". Software companies ACI and Alamode released the revised form on January 14th, 2008. Day One software released the revised form on January 15tth, 2008. Bradford Technologies and Software for Real Estate Professionals (SFREP) have agreed to release the revised form by end of January. Please begin utilizing the revised Desktop form as soon as possible. Bank of America will accept both forms until February 1st, 2008.

Topic: New Bank of America Appraisal Requirements

Effective with assignments received as of February 1, 2008, all Bank of America orders must include the following:

1. Each appraisal, including desktop valuations, drive-by appraisals and walk-in appraisals of all property types, will have to include at least one listing or pending sale.

2. This listing or pending sale must be displayed on a sales comparison grid, such as the additional grid page that all software companies provide for the use of additional comparable sales.

3. The listing or pending sale must be adjusted for differences between it and the subject property, just as the comparable sales were adjusted.

4. The listing or pending sale should also be adjusted for the typical sale to listing ratio, if appropriate to that market.

Questions on Bank of America assignments should be e-mailed to [email protected] or, if the assignment is a retail order (see product description on order), [email protected].

Topic: Default Appraisals

Did you know? The intended use/purpose of REO and pre-foreclosure reports should always be “For Asset Valuation Purposes”.

Topic: Real Estate Professionals

Just a reminder, because our appraisers represent First American eAppraiseIT and our Lenders, please maintain a professional demeanor during inspections and visits to town services.

Topic: Happy New Year!

The coming of the New Year also brings with it the most common mistake found on appraisal reports which is updating the year to reflect 2008. This simple mistake is easy to make. It is helpful to take the time to ensure your reports reflect the correct year. This will avoid the report being sent back for corrections. And remember, as always, if you have any questions, just check the order guidelines or e-mail [email protected] for assistance.

Thank you,

Appraiser Management

Does the SEC and BofA know about all those law suits???
 

Non Sequitur

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Feb 14, 2002
Professional Status
Certified Residential Appraiser
State
Louisiana
Just a reminder, because our appraisers represent First American eAppraiseIT and our Lenders, please maintain a professional demeanor during inspections and visits to town services.
If you pay peanuts, you get monkeys.
 

Mr Rex

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Joined
Jan 12, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
Did they ever send out an e-mail letting the appraisers know that they were no longer going to open their reports?:new_smile-l:
 

Caligirl

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Joined
Jan 27, 2006
Professional Status
Certified General Appraiser
State
California
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Last edited:

hastalavista

Elite Member
Joined
May 16, 2005
Professional Status
Certified General Appraiser
State
California
More "Employee" type 'instructions'?:

Pam-

I think this is a very interesting question and I don't know the legal technicalities to make an informed decision if such actions are "right" or "wrong"? (I don't need to know the legal technicalities to determine if I like or would accept it, however! :) ).

On the one hand, I think an AMC has the ability to pass along engagement instructions and client expectations to their contract appraisers without creating an employer-employee relationship.

On the other hand, I don't know (in practice) when passing along instructions turns into actively managing the appraiser. AMCs are appraisal management companies, of course. But appraisal-assignment vending, contractor-business management and appraisal supervision seem to be losing their identities as independent and distinct functions and seem to be blending into something that is easier to describe as "employment" rather than "independent contracting".

The problem may be unresolvable based on the current AMC business model. And when I say unresolvable, that doesn't mean it shouldn't change, I just mean it cannot change and continue to operate "as is/as usual".

If I were a compliance officer for the AMCs, I'd be concerned on a lot of fronts right now, not the least of which would be the entanglement of independent contracting objective with supervisor/employer-like behavior. The two should be mutually exclusive but they appear to coexist such that it is hard to tell one from the other.

The bottom-line is this: If I need to describe an AMCs independent-contracting process and behavior with terms that are used to describe employer process and behavior, then what I'm really describing is employment and not contracting.

But, what do I know? :laugh:
 

Mr Rex

Elite Member
Joined
Jan 12, 2004
Professional Status
Certified Residential Appraiser
State
North Carolina
I think the additional listing is a client dictated Supplemental Standard or whatever we call that now, I haven't taken USPAP 08 yet. If you don't like adding a listing, don't accept the assignment. As far as telling me how to act....

I don't personally see anything offensive in the e-mail except the words e-AppraiseIT, and thats a result of second hand knowledge.
 

Karl

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Arizona
Nothing about a increase in Fees???
 

Mike Kennedy

Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
SCOPE OF WORK - suggest the I.R.S. may be VERY interested.......
 

USPAP Compliant

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
The whole employee/sub-contractor/independent contractor issue is one for the IRS.

This is not an issue for appraisal boards to be concerned with. Quibbling over who is an employee and who is an independent takes is just another red herring that takes the spotlight off of inadequate enforcement for appraisal standards and state rules.

I don't work for Eappraiseit either an employee or 10099 contractor. If I did I would still be required to adhere to USPAP regardless of what they wanted me to do.

Eappraiseit seems to have many other issues that should be looked into....this one is no where near the top of the list.

Along the same line is fees. There is no law that says how much you can or cannot charge for an appraisal report. If you think a fee is too low....turn down the assignment. I did that very thing twice today.
 
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