Regular Due Date, But 24 Hours After Inspection?

[chad hampton]

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.

I agree with the endless addendum that some appraisers put in reports. I probably do one report a year where I have to add an additional addendum page. Everything goes on page one and the comment section on page 3.

And most of the **** on page 3 are required disclosure commentary that the lender wants.

I think it’s just human nature to be long-winded. But when you write professional reports, you’re not paid by the word.

 

[Fernando]

I read the first couple of pages of the long engagement letter since different clients have different demands. When I understood what they want then I can accept or put my conditions for acceptance.

 

[Surf Cat]

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.... the order should have informed the would be appraiser bidders that the assignment is a 24-hour turn time after date of inspection. Not accept the assignment and then find out it's a 24-hour turn time. That's bait and switch.

 

[chad hampton]

We’ve come a long way from an address, contact name/number and a note to collect at the door

I prefer to the old way. Much better process.

 

[glenn walker]

No.... the order should have informed the would be appraiser bidders that the assignment is a 24-hour turn time after date of inspection. Not accept the assignment and then find out it's a 24-hour turn time. That's bait and switch.

Nobody's arguing the Should be but if you all know AMCs are slime balls it's like letting a butcher babysit your pet pig. You assume your gunna get something slipped in so you take the extra 5 minutes to read each engagement letter with a fine tooth comb.

 

[glenn walker]

No.... the order should have informed the would be appraiser bidders that the assignment is a 24-hour turn time after date of inspection. Not accept the assignment and then find out it's a 24-hour turn time. That's bait and switch.

Once again "Should Have " but they didn't- but once she read the conditions they had included it so once again your talking to the hand and if AMCs are slimy then you trust nothing and read everything or don't work for them.

 

[glenn walker]

No.... the order should have informed the would be appraiser bidders that the assignment is a 24-hour turn time after date of inspection. Not accept the assignment and then find out it's a 24-hour turn time. That's bait and switch.

Once again "Should Have " but they didn't- but once she read the conditions they had included it so once again your talking to the hand and if AMCs are slimy you trust nothing and read everything or don't work for them.

 

[Surf Cat]

Once again "Should Have " but they didn't- but once she read the conditions they had included it so once again your talking to the hand and if AMCs are slimy you trust nothing and read everything or don't work for them.

I agree with this. Maybe I'm reading the op wrong.

If the op received the engagement letter along with the order, I stand corrected. I took it as two separate communications.

 

[Tom D]

From taking to one of my long time order giver outers, i was told that when it was busy some appraisers would take up to 7 days to complete it, or days to answer a correction. The order givers knew who the laters were, it was always the same ones. Now when the market got quieter those laters were the first to be cut off the list.

Everything we answer to, is mostly because someone did something stupid.

 

[Tom4value]

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?

This is why I am done with AMCs but for the sake of argument, here is how I would respond.

“AMCs were created to ensure quality appraisals for the lending industry. By putting turn time over quality, please explain how your commitment to quality is being accomplished.”

They will come back with, “That is a client’s requirement, not ours.”

You come back with, “Client’s requirements are fine unless they clash with your stated goal. If you disagree, I can arrange to have the CFPB help decide the question.”