PCV Murcor request: would you comply?

[Truett Neathery]

Fee revisited

As it turned out, PCV admitted that the request for MLS and CMA was unusual. However, Citi required it and since I chose not to provide it the order was cancelled.

Side note:

fee was $235 for full appraisal, REO addendum, 3 additional listings, full MLS sheets on each sale and listing, and CMA report.

I guess I was wrong about their fee - it was $235, not $240. Yes, they cancelled your order because someone responded instantly from a cellphone notification (broadcast blast) and accepted the fee. But, furnishing MLS sheets may be a violation of the copywrite laws, it is not a violation of USPAP. Mr. Murcor told me once that one may know as much about USPAP as he, but no one knows more as he is a qualified USPAP instructor. I believe MURCOR is out of control because it has been taken over by technogeeks, no matter, though, the requests continue to pour in from Citibank et.al. I had one of their "Reviewers" dispute my estimate of marketing time because the "client" , the one that is losing its shirt, wants the marketing time to be less than the longest marketing time of the comparable sales, even though I explained several times in the report that the bottom had fallen out of the market in that town, the largest employer was laying off thousands of employees worldwide and the school district had sent layoff notices to hundreds of teachers! Some lenders should have stuck to loaning on Chevies and washing machines.

 

[ockyappraiser]

"Now one is accusing me of promoting violating MLS board rules by asking for the printouts. What balderdash!"

Maybe I missunderstood. You implied you ask appraisers to provide you with MLS printouts. For what purpose if you do not work for an AMC or a lender?

Earlier in the thread the comment was made that lenders can't afford to pay for MLS data. I'm sure poor CITI Mortgage is on their last dollar.

 

[Roy Courtney]

Come on now! This type of company knows best. Citigroup stock 52 week high was $54.49. Today it closed at $20.06. Is that a 63% loss? Doing something right! Should hire more AMCs.

Indymac Bancorp stock 52 week high was $37.50. Today is closed at $1.82. Is that a 95% loss? Should hire more AMCs. I could go on down the list of major lenders but I think you get my point!

 

[JonGalt]

Why do AMC's deserve more money then the appraiser? Makes absolutely no sense to me. AMC's run around, marketing to all the Lenders, promise them all kinds of things, including reduced fees for volume, corner that market for appraisals, then tell the appraiser, our fee for this work is 50% or less then what the going rate is. Oh and by the way, you can't go get your own work, cause we took it all, so sorry.

BTW, around here they broadcast orders for $200.00, you can earn an extra $30.00 if it's an REO.

 

[Jim Onderisin]

PCV/Murcor is an AMC, and I doubt that they would have requested this on their own.
It's probably a new Citibank requirement, since Citi is the lion's share of their business.

Don't be so sure of what an AMC will request "on their own". After having done work for BOTH the direct lender and the AMC placing orders for it, I've noticed the "requirements" sometimes change when the AMC places the order. They require things for their OWN convenience and "piece of mind", AKA to try to prevent "lender stips".

 

[Mile High Trout]

I've touched on this before Mark.

Not your specific issue, but of the issue with such a wide variety of ideas that AMC's have.

There should be at least a basic set of regulations, how to's, and must do's for AMC's. Not to mention their unbridled lust for your money.