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Turn Around Times, Direct Vs. AMCs

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peturner

Member
Joined
Nov 28, 2006
Professional Status
Certified Residential Appraiser
State
Virginia
Turnaround times continue to be a thorn in everyone’s backsides. Who is making the demands, AMCs or lenders?

VaCap conducted a survey during December and January in order to study turnaround times. It has just been completed. Many Appraisers, some even from outside of Virginia shared their information. Over one thousand individual reports were analyzed.
The basis of the study was “When was the contract finalized by both parties and when was the appraisal order actually received and accepted “?

We were surprised with the results!
Direct lenders took 9 days to order the appraisal.
AMCs took 18 days to place the order.
These are averages.
The question is why is there such a significant difference and why are there so many RUSH appraisals?
 

jay trotta

Elite Member
Joined
Feb 8, 2004
Professional Status
Certified Residential Appraiser
State
Connecticut
AMC every SEL is a RUSH, IMO everybody missed the memo in 2010.....Is there a C&R for a RUSH order on every assignment ?? If Yes, can someone provide the study and result
 

Michigan CG

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Staff member
Moderator
Joined
Nov 1, 2006
Professional Status
Certified General Appraiser
State
Michigan
My direct lender clients typically are happy with two week turn times. AMCs want 3-7 days. I have gotten rid of almost all AMC work.
 

Non Sequitur

Elite Member
Supporting Member
Joined
Feb 14, 2002
Professional Status
Certified Residential Appraiser
State
Louisiana
The question is why is there such a significant difference and why are there so many RUSH appraisals?
Can’t even speculate until the paper is published.
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
Suspect the primary delay is to get a credit check and income verifications prior to ordering the appraisal. Perhaps even a title opinion or insurance binder. Wait until last minute to order.
 

jay trotta

Elite Member
Joined
Feb 8, 2004
Professional Status
Certified Residential Appraiser
State
Connecticut
recently sat in on a few RE lunch ins and the pre-qualification & insurance go hand in hand from the initial start up with new Client/Customer interviews. Therefore, credit checks would appear to be in place prior to the Offer, for a smoother transaction and easier ride to closing.
 

Non Sequitur

Elite Member
Supporting Member
Joined
Feb 14, 2002
Professional Status
Certified Residential Appraiser
State
Louisiana
Without a link the OP means nothing, just testing the waters. Reminds me of the bill introduced into the Virginia Senate (Bill 655) limiting AMC fees to 20% of the overall appraisal fee that no one wanted to claim after its leak didn't get the support expected.

Maybe this is a real poll, maybe not. At this point it's a mystery.
 

peturner

Member
Joined
Nov 28, 2006
Professional Status
Certified Residential Appraiser
State
Virginia
It was not “a real poll” as some would want. No survey monkey, no standardized reporting form.
We asked Appraisers, through our website, to volunteer their data.
Names were disclosed, which we felt improper to release.
Scientific enough for many? Nope!
An indicator? Yep!
 

Non Sequitur

Elite Member
Supporting Member
Joined
Feb 14, 2002
Professional Status
Certified Residential Appraiser
State
Louisiana
It was not “a real poll” as some would want. No survey monkey, no standardized reporting form.
We asked Appraisers, through our website, to volunteer their data.
Names were disclosed, which we felt improper to release.
Scientific enough for many? Nope!
An indicator? Yep!
Not an indicator, but likely to turn into an embarrassment when appraisers cite it as "proof" when arguing (as they will) against anything AMC.

Still waiting on someone to claim that lead balloon floated in the VA Senate.
 
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