• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

Post from the TAVMA

Status
Not open for further replies.

jnordquist

Thread Starter
Member
Joined
Sep 10, 2007
Professional Status
Certified Residential Appraiser
State
Pennsylvania
This is off the Title Appraisal Vendor Management Association (The association all of the AMC's belong to)

http://www.tavma.org/index.php?option=com_content&task=view&id=131&Itemid=32

The last line of the article kills me, they weren't worried about all the appraisers that they put out of work

In the meantime, I will worry about all the people who work for captives and what they'll do now that they've been deemed untrustworthy by an agreement of convenience.
~ Jeff Schurman, executive director, TAVMA
 
Last edited:

Mike Kennedy

Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
3 Ways to Obtain an Appraisal
Essentially, vendor management is the engagement in and oversight of contractual relationships with independent settlement service providers and the procurement of services needed to underwrite loans to satisfy agency and investor requirements. There are three (3) ways for mortgage bankers who sell loans to Fannie Mae to order appraisals:

1. In-source the entire function to a staff of W-2 employees with the job title of Vendor Manager. These people, mostly non-appraisers, are responsible for engaging, qualifying, and recruiting independent fee appraisers to perform valuations on the mortgage bank's behalf. They contact the appraiser, place orders and track them, conduct an administrative review of the appraisal report, send the appraisal to the underwriter, and authorize payment of the appraiser.

2. Outsource the entire function to an independent third-party appraisal management company. The appraisal management company maintains an in-house staff of W-2 employees with the job title of Vendor Manager. These people, mostly non-appraisers, are responsible for engaging, qualifying, and recruiting independent fee appraisers to perform valuations on the mortgage bank's behalf. They contact the appraiser, place orders and track them, conduct an administrative review of the appraisal report, send the appraisal to the client, bill the client, and authorize payment of the appraiser.

3. Outsource the entire function to a captive appraisal management company. The captive appraisal management company maintains an in-house staff of W-2 employees with the job title of Vendor Manager. These people, mostly non-appraisers, are responsible for engaging, qualifying, and recruiting independent fee appraisers to perform valuations on the mortgage bank's behalf. They contact the appraiser, place orders and track them, conduct an administrative review of the appraisal report, send the appraisal to the client, bill the client, and authorize payment of the appraiser.

4. Insource the function to w2 Certified Appraisers actually located within the USA who ARE qualified to review Appraiser Credentials, Redacted "Sample" Appraisals, Reference check performance with their Certified Counterparts at other End users, and ONLY utilize Reviewers who actually ARE qualified to conduct USPAP & GSE Compliance Reviews on ENTIRE appraisal reports which are EXACTLY what the I.C. Appraisers ACTUALLY DELIVER.

Demand the Expertise your Customers and Shareholders rightly Expect - and NO LONGER settle for Less.

Pennywise and Pound Foolish HAS NOT WORKED. duh.

Contract with DIS-INTERESTED, Totally Independent, Forensic Review Appraisal Co-Operatives of Certified Appraisers amazingly LOCATED in each State who are screened and vetted with a Minimum of 5 years as a Certified, Geo-Competent, Appraiser IN specific LOCAL markets.

 

Frederick

Senior Member
Joined
Nov 2, 2005
Professional Status
Certified General Appraiser
State
New Jersey
The market is crying out for "quality" while AMCs still cut each others throats with "fast and cheap".

When one of them figures out the new paradigm and assembles a panel of appraisers with superior credentials and experience (appropriately compensated) they will have a marketing edge over their peers that will allow them to distinguish themselves from their competitiors and prevail over the dinosaurs stuck in the "fast and cheap" mode of business.
 

David Wimpelberg

Moderator
Staff member
Moderator
Joined
Mar 30, 2005
Professional Status
Certified General Appraiser
State
New York
When one of them figures out the new paradigm and assembles a panel of appraisers with superior credentials and experience (appropriately compensated) they will have a marketing edge over their peers that will allow them to distinguish themselves from their competitiors and prevail over the dinosaurs stuck in the "fast and cheap" mode of business.

You've pretty much summed it up in a nutshell.

That has always been my issue. When it comes to my profession, I am not interested in associating with anyone. This situation has been presented to me before, but I refused to even consider it because, while it sounded good in theory, I was not interested in associating myself with some person involved that walked on the ethical precipice.
 

Wendy

Senior Member
Joined
Feb 23, 2004
Professional Status
Certified Residential Appraiser
State
Florida
Sadly I think the paradigm is going to shift from "fast and cheap" to "good, fast and cheap". While I appreciate the shifting emphasis towards quality, I fail to see where reasonable compensation is going to re-enter the equation.

The past 4-5 years have reduced appraisals to commodities. Commodities are driven by price.

Look at the American consumer and you will see an echo of what is going to happen. They, the consumer, decry big box vendors as lacking customer service (the equivalent of quality in appraising) yet continue to flock to them. Why? Fast and cheaper rule.
 

Workbox

Elite Member
Joined
Mar 2, 2005
Professional Status
Certified Residential Appraiser
State
Colorado
Wendy, actually, I do think there is a swift back to quality even in the general consumer. There will always be a two markets, but believe that Americans are starting to wake up. Especially when it comes to their homes.
 

Mike Kennedy

Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
Frederick: The market is crying out for "quality" while AMCs still cut each others throats with "fast and cheap".

When one of them figures out the new paradigm and assembles a panel of appraisers with superior credentials and experience (appropriately compensated) they will have a marketing edge over their peers that will allow them to distinguish themselves from their competitiors and prevail over the dinosaurs stuck in the "fast and cheap" mode of business


BULLSEYE
 

Wendy

Senior Member
Joined
Feb 23, 2004
Professional Status
Certified Residential Appraiser
State
Florida
Workbox,

I hope that you are right and I am wrong.
 

RICHARD D. FRANK

Junior Member
Joined
Jul 21, 2006
Professional Status
Certified Residential Appraiser
State
Florida
http://www.landolakesinc.com/corporate/governance.asp

Frederick: The market is crying out for "quality" while AMCs still cut each others throats with "fast and cheap".

When one of them figures out the new paradigm and assembles a panel of appraisers with superior credentials and experience (appropriately compensated) they will have a marketing edge over their peers that will allow them to distinguish themselves from their competitiors and prevail over the dinosaurs stuck in the "fast and cheap" mode of business


BULLSEYE

http://www.landolakesinc.com/corporate/governance.asp

an example... And also the best outfit I ever worked with/for.
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks