Regular Due Date, But 24 Hours After Inspection?

[gorillakimchi]

Had something interesting come up today and wanted to see what other appraisers are experiencing.

I accepted a conventional 1004 purchase assignment for PennyMac/PennyBroker. The order showed a normal due date several days out, so I accepted it based on that timeframe.

After going through the engagement letter, I noticed a special instruction requiring the report to be uploaded within 24 hours after the inspection.

I asked the AMC about it because that's basically a rush assignment regardless of the due date shown on the order. They confirmed that the 24-hour post-inspection turnaround is part of their SLA with PennyMac.

Maybe I've just never noticed this before, but I found it pretty strange. What's the point of showing a regular due date several days out if the actual deadline becomes 24 hours from the moment you inspect the property?

There was no rush fee either.

Anyone else seeing this with PennyMac/PennyBroker? Are you guys treating these as rush orders and charging accordingly?

 

[OSU Beavers]

Tell the AMC that the inspection day and time is 24 hours before the due date that they offered you.

 

[chad hampton]

Tell the AMC that the inspection day and time is 24 hours before the due date that they offered you.

^^^^This^^^^ they play games, you can play games too

 

[Fernando]

I had one client who expects like 48 or was it 72 hour after inspection. Knowing this, you extend the appointment date to your convenience.

 

[glenn walker]

^^^^This^^^^ they play games, you can play games too

If you don't need the client then yes but she admits after fully reading the Assignment Conditions it's there in writing.

Sneaky yes but that's how they roll so Rule #1 is learn always to read assignment conditions line by line and the same with contracts.

 

[Dublin ohio]

Had something interesting come up today and wanted to see what other appraisers are experiencing.

I accepted a conventional 1004 purchase assignment for PennyMac/PennyBroker. The order showed a normal due date several days out, so I accepted it based on that timeframe.

After going through the engagement letter, I noticed a special instruction requiring the report to be uploaded within 24 hours after the inspection.

I asked the AMC about it because that's basically a rush assignment regardless of the due date shown on the order. They confirmed that the 24-hour post-inspection turnaround is part of their SLA with PennyMac.

Maybe I've just never noticed this before, but I found it pretty strange. What's the point of showing a regular due date several days out if the actual deadline becomes 24 hours from the moment you inspect the property?

There was no rush fee either.

Anyone else seeing this with PennyMac/PennyBroker? Are you guys treating these as rush orders and charging accordingly?

Just did one for Penny Mac last week and it had no such requirement

 

[chad hampton]

If you don't need the client then yes but she admits after fully reading the Assignment Conditions it's there in writing.

Sneaky yes but that's how they roll so Rule #1 is learn always to read assignment conditions line by line and the same with contracts.

No one reads more than 3-4 things on an engagement letter. It’s comical that some lenders waste their time creating a 2,3,7 page engagement letter. Too many VPs and middle managers.

How much reading do you think is going on for a $290 class valuation assignment? When you work for those types of mills, doing 3 a day is the name of the game.

 

[OSU Beavers]

This is the same AMC BS as their hidden tech or upload fees that are subtracted after you have won the bid.

 

[Surf Cat]

The order showed a normal due date several days out, so I accepted it based on that timeframe.

^^^

After going through the engagement letter, I noticed a special instruction requiring the report to be uploaded within 24 hours after the inspection.

Dear Slipshod AMC,

The appraiser accepted the assignment based on the due date shown in the original order. Upon reviewing the engagement letter and assignment requirements, the appraiser noted a special instruction requiring a 24-hour turnaround.

Because the original order did not disclose this expedited turn time, the appraiser can accommodate the requirement for an additional $100 rush fee.

Scheduling of the inspection is pending approval of the additional fee. Please confirm whether the rush fee is approved so the appraiser may proceed.

Thank you for your prompt attention to this matter.

Signed,

Don't work for free gorillakimchi

 

[glenn walker]

No one reads more than 3-4 things on an engagement letter. It’s comical that some lenders waste their time creating a 2,3,7 page engagement letter. Too many VPs and middle managers.

How much reading do you think is going on for a $290 class valuation assignment? When you work for those types of mills, doing 3 a day is the name of the game.

That's true but like appraisers that add tons of addenda-disclosures that nobody reads. The difference is when push comes to shove the AMC or lender wins if a dispute arises because the weak defence that you didn't read it won't work and your not getting paid extra for your lack of attention.