Valligent

[JamesRockford]

I wonder what the lenders are paying Valligent for the fee, with $30 of it reaching the appraiser.

Between $60 and $90.

 

[Riick]

FYI ONLY - DEC 2009(poster has no personal knowledge about the interviewee or firm)

http://www.housingwire.com/2009/12/31/in-this-corner-valligent-ceo-jeremy-mccarty

FEB 2010 http://www.dsnews.com/articles/valligent-releases-new-appraiser-price-opinion-solution-2010-02-24

"Certified Senior Review Appraisers",
"trained in compliance with USPAP",
and hired at $30/hour (with no bennies, and no data sources),
on an at-will basis.
And our friends at Valligent consider them "our appraisers"

Need I go on, or is my disdain for them clear enough already?
.:new_multi:

 

[J Grant]

They say it is $30 an hour, it is $30 a report, and if it takes an appraiser 3 hours, that is $10 an hour. Any time I experimented with any of this volume cheapo stuff, it took twice as long as they said and uploading to a website, esp if it throws the report back repeatedly for not checking a box or filling in a field with a decimal point instead of a comma or whatever dumb proprietary software rule they have, that alone can take an additional half hour.

 

[J Grant]

I'll take a wild guess...the fact that it is propietary software that they control means it is not secure and they can change it after the appraiser sends it? Do they want shared access to digital signature?

 

[JamesRockford]

"The company explained that each DRiVE report includes detailed property information, local market trends, and a FORECLOSURE RISK ANALYSIS developed by one of Valligent’s certified senior review appraisers, who are trained and licensed in compliance with Uniform Standards of Professional Appraisal Practice (USPAP) and the regulations of their respective jurisdictions."

At $30 a pop? :laugh:

My signature doesn't go on any report for less than $100 and that's for a Final Inspection 1004D.

 

[HF Mudd]

"The company explained that each DRiVE report includes detailed property information, local market trends, and a FORECLOSURE RISK ANALYSIS developed by one of Valligent’s certified senior review appraisers, who are trained and licensed in compliance with Uniform Standards of Professional Appraisal Practice (USPAP) and the regulations of their respective jurisdictions."

At $30 a pop? :laugh:

My signature doesn't go on any report for less than $100 and that's for a Final Inspection 1004D.

I won't even get out of bed for $30.

 

[J Grant]

Can you imagine the libility if you get the foreclosure risk analysis wrong? Like, maybe every Valligent reviewer should put 100% risk on every property to CYA...

Would almost be funny to take one of these on as a joke and send back the most screwed up review they ever saw, (except it is computer driven and doubt a human even reads them) I guess their checklist reviews go straight from their website into the the client's compliance file...The checklist boxes could be checked any which way and nobody would notice, which I suppose is the only way a person can make money doing these (I am being sarcastic, not advising anyone to actually do this!)

 

[J Grant]

A foreclosure risk anaylsis...every home is at 100% foreclosure risk if the owner stops paying their mortgage. I'll give them a foreclosure risk when they give me the owner's credit score, earning history and tax return.

 

[J Grant]

Most of us are rejecting taking this work on as we know that to use due diligence to fill one out would take way more than an hour...

But I am wondering, are there appraisers out there so cynical, so used up by the system that they will just take on this kind of work, do a quick scan of the OA if that is the assignment, and then check every box in the most generic way, and practically the same way in every report?

Imo lenders and clients set themselves up for that kind of work by allowing third party vendors like this ( the head of company per resume is not even an appraiser), to develop propietery software and pay such a low fee etc.

 

[Dale Smalley]

I just spent 2 and a half days working on a review sooo bad it would make you head spin. It appears skippy is back. Pics show 3 kitchens but the sketch has 1 kitchen ad 2 (pantry) ???? That was just the start but even so slick as to manipulate the mc data. Even at $350 I lost money on this one. So I don't believe anyone with actual review experience would take these jobs.