Registered AMC's

[Bob Ipock]

I am sincerely sorry that you are having trouble collecting. I had a student in a USPAP class last week that was out $5,000 to one client and knew of another appraiser that out $15,000 to the same client. I don't know if these were AMCs or brokers. I would not think they were banks.

What part of the NC AMC law would..............

a) Prevent this from happening?

b) Play any part in helping you collect your fee?

c) Keep an AMC (or appraiser) from going out of business, filing bankruptcy or just not paying their creditors.


I find it so very important that appraisers understand what the NCAB can and can't do with the law and rules in place and what they likely will or won't do based on 20 years of history.

If you look at the rules you will see that the AMCs are actually given a PROCEDURE for not paying the appraiser.


21 NCAB 57D .0310 Payment of Fees to Appraisers
If an appraisal management company decides that it will not pay a fee to an appraiser for
an appraisal, the appraisal management company shall notify the appraiser in writing of the reason for nonpayment. Such notice shall be sent to the appraiser within thirty days after the date the appraiser transmits the appraisal to the appraisal management company. The notice shall be sent by registered mail, return receipt requested, to the appraiser’s business address contained in the records of the Appraisal Board. The notice shall state the address of the subject property of the appraisal, the name of the appraiser(s) signing the report, and the reason why the fee shall not be paid. The notice shall also notify the appraiser of any dispute resolution process that the appraisal management company may have in place.

 

[EddieB]

I find it so very important that appraisers understand what the NCAB can and can't do with the law and rules in place and what they likely will or won't do based on 20 years of history.

Amen, the NCAB mission is to be the watchdog for the public so I will take a wait and see approach to any benefits for us on the front line.

It was disturbing to read the procedure for non payment but no details on any bite for non payment except suspension.

I am trying to be optimistic that by shining some light in a very dark and unregulated business model that the industry will recognize the possible benefits and pitfalls of the AMC world.

In the short run, I hope that the AMC's that took the time and money to register will at least have a substainable business plan in place because unfortunately we are a forced business "partner" to a degree of our chosing.

 

[Kim Whiting]

From Michigan....I'll say it again.....just be eternally thankful you have a pro-active Board. Michigan is in the dark ages....we have no recourse against AMCs for anything. I was blacklisted by PNC Bank. per Mr. Archibald Williams if this happened in your state your Board would at least act as a mediator...and if PNC was found to be in violation in any way....boom....that'll be $10,000 please.
I kinda like that.

 

[WNC Valuator]

I don't know how this law will prevent "fly by night" AMCs. There are about 80 registered now and they are now fine up standing REGISTERED AMCs. They are OFFICIAL and have been blessed and approved to engage in the AMC business.

I remember 20 years ago when the USPAP and state by state licensure and certification was going to put an end to "fly by night appraisers". That plan has been a dismal failure.


In your specific case was the AMC "fly by night" when you agreed to prepare appraisals for them....or only after you could not get your money from them?

There is very little meat left on the bone after the AMC proposed bills were finally sliced, diced and pared down in the legislature. The resulting law does little more than legitimize a business that most appraisers believe was invented by Satan and maintains headquarters in Hell. A good exercise for appraisers is to put the original AMC bills side by side with what became law and see what got cut out.

Of course there will now be an AMC representative (or banking representative) sitting on the NCAB. These folks will be nothing more than un-registered lobbyists for the AMC industry. Gov. Perdue will now have 5 appointments on the 9 member board. It will be interesting to see who buys that seat.

Sometimes you don't get exactly what you had hoped for and this is going to be one of those times.

Then why don't you get off your *ss (and the message board) and make an effort to improve the situation like many others have?

What's that? You'll only participate if everyone refers to you as "all-knowing" and "all-seeing" and steps aside to give you full credit for saving the appraisal industry?

It's awfully easy to be an armchair QB and criticize others from the cheap seats. It also makes you look like an *sshole. We've got more than enough people around here that think they're the "Appraisers' Messiah" that are all talk/no action and only want to question others' actions without rolling their sleeves up when the time comes to do the heavy lifting.

 

[Bob Ipock]

That is not even close to what the law or rules say.


21 NCAC 57D. 0311 Removal of an Appraiser from an Appraisal Panel

If an appraisal management company decides to remove an appraiser from its list of
qualified appraisers, the appraisal management company shall notify the appraiser in writing of
the reason for removal. Such notice shall be sent to the appraiser by registered mail, return
receipt requested, to the appraiser’s address business address contained in the records of the
Appraisal Board. The notice shall include a description of the appraiser's illegal conduct,
substandard performance, or otherwise improper or unprofessional behavior, or of any violation
of the Uniform Standards of Professional Appraisal Practice or state licensing standards. It shall also notify the appraiser of any dispute resolution process that the appraisal management company may have in place through which the appraiser may dispute the removal.


If an AMC or other client just does not want to use you any more ...they won't. Blacklisting someone (and getting written proof) is going to be a rare thing. The common thing is an AMC or other client will simply stop using appraiser x. No reason or notice needed.

You still a reason that an AMC removed you from their list and was stupid enough to tell you they had removed you? How about

1) your fees are too high
2) you have been unable to give 24-48 hour turn-time
3) You were rude to their employees
4) Too many corrections needed
5) you have trainees
6)you don't have E & O
7) they are reducing the size of their list of appraisers.........
and on and on

If they need a reason.......they will find a reason.


As far as the $10,000 ...boom..... That is simply not the case.


There is no guarantee of a $10,000 fine or even a $1.00 fine. The statute allows UP TO a $10,000 fine for violation of the AMC ACT.

 

[NC Appraising]

AMCs are hear to stay. Period. Like it or not.

Therefore it is a damn good thing that they are regulated. They now have someone to answer too, and that "fear" is a good thing, no matter how your look at it. Are the big 5 AMCs worried? No. They could care less. But the other 77 AMCs that want to do biz in this state better do it on the straight and narrow. I have already called the board on several un-registered AMCs and for other purposes concerning AMCs and they have been a great help. One AMC even called to apologize and said that I will be their number one guy when they do finally get registered.


AMCs are in the biz to please their clients, which are lenders. Can you imagine what it would be like if they were not regulated? E-appraise-it and Larry Holzer come to mind. At least now if they mess up, they will not do business in this state.

 

[Bob Ipock]

AMCs are hear to stay. Period. Like it or not.

Therefore it is a damn good thing that they are regulated. They now have someone to answer too, and that "fear" is a good thing, no matter how your look at it. Are the big 5 AMCs worried? No. They could care less. But the other 77 AMCs that want to do biz in this state better do it on the straight and narrow. I have already called the board on several un-registered AMCs and for other purposes concerning AMCs and they have been a great help. One AMC even called to apologize and said that I will be their number one guy when they do finally get registered."


AMCs are in the biz to please their clients, which are lenders. Can you imagine what it would be like if they were not regulated? E-appraise-it and Larry Holzer come to mind. At least now if they mess up, they will not do business in this state.

Sorry, I just don't agree....but not enough to get in a big cussin' match.

Read what you said and then read the following that was probably said back in 1989.


"Appraisers are here to stay. Period. Like it or not.

Therefore it is a damn good thing that they are regulated. They now have someone to answer too, and that "fear" is a good thing, no matter how your look at it. Are the big appraiser organizations worried? No. They could care less. But throngs of appraisers that want to do biz in this state better do it on the straight and narrow. I have already called the board on several un-registered appraisers and for other purposes concerning appraisers and they have been a great help. One appraiser even even called to apologize and said they were just coming into compliance and getting their appraiser certification and hoped to be our number one guy when they do finally get registered.


Appraisers are in the biz to please their clients, which are lenders. Can you imagine what it would be like if they were not regulated? Crooked appraisers by the dozens come to mind. At least now if they mess up, they will not do business in this state.


Evidently the NC Appraisers Act failed to put much fear into appraisers. In 20+ years the ASC revocation count for NC is 15 and voluntary surrenders stand at 42. Not much fear factor.

The requirements of the AMC Act are so minimal that it will simply make little to no difference for appraisers....or to the AMCs that do register.

The AMC Act is not evil...it is simply not what was advertised and promised by Brubacker, Baldy, NCPAC and others. It is another lukewarm "feel good" law that will not really do much of anything for anyone.



If appraisers were more concerned about enforcement of APPRAISER regulations they would not have to worry at all about the AMCs. For all the talk about Skippy, runners, incompetents and crooked appraisers.......there are so very, very few complaints filed by the appraisers doing the talking.

Once all of the AMC that need to register...do register....I don't believe there will be enough valid complaints against AMCs to justify all of the commotion.

The law has been passed, the rules will be finalized 02/15/2011 and hundreds of appraisers will celebrate.....and most will have no idea what the law and rules say. They will only know that some very important people told them they should celebrate and they will.


Please don't give us more laws.....just enforce the ones we have.

 

[WNC Valuator]

Sorry, I just don't agree....but not enough to get in a big cussin' match.

Read what you said and then read the following that was probably said back in 1989.


"Appraisers are here to stay. Period. Like it or not.

Therefore it is a damn good thing that they are regulated. They now have someone to answer too, and that "fear" is a good thing, no matter how your look at it. Are the big appraiser organizations worried? No. They could care less. But throngs of appraisers that want to do biz in this state better do it on the straight and narrow. I have already called the board on several un-registered appraisers and for other purposes concerning appraisers and they have been a great help. One appraiser even even called to apologize and said they were just coming into compliance and getting their appraiser certification and hoped to be our number one guy when they do finally get registered.


Appraisers are in the biz to please their clients, which are lenders. Can you imagine what it would be like if they were not regulated? Crooked appraisers by the dozens come to mind. At least now if they mess up, they will not do business in this state.


Evidently the NC Appraisers Act failed to put much fear into appraisers. In 20+ years the ASC revocation count for NC is 15 and voluntary surrenders stand at 42. Not much fear factor.

The requirements of the AMC Act are so minimal that it will simply make little to no difference for appraisers....or to the AMCs that do register.

The AMC Act is not evil...it is simply not what was advertised and promised by Brubacker, Baldy, NCPAC and others. It is another lukewarm "feel good" law that will not really do much of anything for anyone.



If appraisers were more concerned about enforcement of APPRAISER regulations they would not have to worry at all about the AMCs. For all the talk about Skippy, runners, incompetents and crooked appraisers.......there are so very, very few complaints filed by the appraisers doing the talking.

Once all of the AMC that need to register...do register....I don't believe there will be enough valid complaints against AMCs to justify all of the commotion.

The law has been passed, the rules will be finalized 02/15/2011 and hundreds of appraisers will celebrate.....and most will have no idea what the law and rules say. They will only know that some very important people told them they should celebrate and they will.


Please don't give us more laws.....just enforce the ones we have.

Mainly because people like you simply try to shout louder, and yes, in response to your PM, I do "kiss my Mama with that mouth".

All you espouse around here is your opinion, and you do so as if it were fact. I see a lot of "I think" and "I believe" and "I know" and "was probably said" in your posts, but I seldom see facts behind those statements. This is absolutely the forum to express your opinion - it has been a great place for many to exchange ideas and learn new information about the profession - but get off your high horse and understand that you're simply voicing an opinion. Unfortunately for you, you don't realize that it's one that many don't share.

Some of us want the profession to change for the good of all, and could care less about who gets the "credit" for that change. You seem to want to make things personal - as if anyone other than you cares what names are on the tips of people's tongues when talking about the bill. Your personal disdain for Baldy and NCPAC oozes out every time you post. At some point you'll realize that those of us that worked just as hard as the names you're so against on the bill didn't do so because we care if anyone knows our names or not.

One of the biggest problems we face as a profession is that people aren't willing to understand that the "race" that is meaningful change is a marathon, not a sprint. Is the bill "perfect" as written? Of course not. Is it a start and something that is better than what existed prior to January 1, 2011? Absolutely. And you know what? Neither Baldy Williams nor Harold Brubaker's names are on it - it's NC Senate Bill 829. If you have ideas that will make it better, why whine on a message board? Come to any of the Chapter meetings and explain any ideas you have. I promise you'll be given the floor at the Land Of Sky Chapter meeting and that the people will listen with much more open minds than you seem to.

Spend your time here complaining - the rest of us have AMCs to report and work to do.

 

[Bob Ipock]

Please correct me when my facts are incorrect. My opinions and beliefs are mine and mine alone and I have no desire to sway other people.

For the record, Brubaker and Howard (the only 2 appraisers in the NCLEG) were the primary sponsors of the ORIGINAL AMC ACT. They introduced it on 03/19/2009 as H716. It was sent the the NC Senate on 3/25/2009 (as it had to do) where it was then sliced and diced and eventually passed. For the record, Brubaker was also the primary author of the NC Appraisers Act 93E back in 1993.

Again, any correction of "facts" I may use are welcome.

I look forward to seeing the volume of AMC complaints as well as what the complaints concern. All of these complaints of course have to be signed per NCAB Rules.

 

[Kim Whiting]

If PNC Bank can lie to the Office of the Comptroller of the Currency and say they DID notify me of my transgressions....(they didn't)....then God help your Board.