In honor of my nephew, Jon, this a repeat of a post from March 15, 2010. We think of you every day. It's a sad day in the Appraiser Active family. My nephew, Jonathan Porto, a Marine, was killed yesterday in a non-combat accident in Afghanistan, near Marjah...
The start of 2014 has been very interesting for Appraiser Active. The assignments are challenging and interesting, The opportunity to work with some awesome appraisers from around the country has been a real treat. Unfortunately, the nature of the assignmen...
Yes, I know it looks like I've forgotten you all, and this blog. Nothing could be more distant from the truth. Business has been overwhelming, and the nature of the business (litigation) limits the subject matter appropriate to discuss. When that settles do...
During their regular monthly board meeting on March 20, 2014 the National Credit Union Administration proposed an interagency rule to implement minimum requirements for state oversight of appraisal management companies. Six other federal agencies are expect...
I see some states have rules that AMCs must pay appraisers within 30 days, and others even require the appraiser to Disclose their fee In the Report, which would be Really cool.
I mean, if there is nothing Wrong with them squeezing us and skimming our fees, and if what they pay is Really Reasonable and Customary, then Why should the borrower, lender and everyone not Know what that amount is?
A few things really bother most appraisers, and I don't think it's enough to say "just don't do their work." The thing is We've been regulated to Death, while AMCs have carte blanche, as the lender subsidiaries and other cronies they are.
Most of us don't like being Gagged about the fee structure. Homeowner says to the appraiser, "Wow, you're charging $500 for this?" and the appraiser Should be able to say that about half the fee goes to an AMC. It's wrong, and that's why they make us promise not to talk about it.
The Board requiring fee Disclosure would fix that.
Also, I've received a couple of requests that say by Accepting the work, you Agree that the fee is "Reasonable and Customary." No, I did not agree to That, I just took it because it was about the same fee other AMCs pay. A Few pay better, but it's still the fees from the late 1990's or early 2000's and we are a decade and a half past that time. Gas is Triple the cost it was then, and Food, Utilities, Most of Life has likewise increased in cost.... So not remotely reasonable.
The supposed Intent of HVCC and Dodd-Frank, Both, was to protect the Public, but They pay More now, while we're paid Less for More work.
Of course you know all this, just wanted to ask if we have any rules that really Work, or they're just required to sign up, pay a fee and give their info to the Board.
Is there a process I've not been able to find, where a person can send information about this and make suggestions? I think we need some teeth in the law before anything changes much.
- Gregoire & Gregoire, Inc.Residential Appraiser, Consultant, Expert Witness, present
Licensed in Real Estate since 1976, Frank is a second generation REALTOR®, Broker and Appraiser. In addition to his Real Estate Brokers License, he is a State-Certified Residential Appraiser and Appraisal Instructor.
As a member of the Board of Directors of the Florida Association of REALTORS and the National Association of REALTORS, he has been involved in FAR and NAR Appraisal and Public Policy related committees since 1992. Frank is past Chairman and a current member of the National Association of REALTORS® Appraisal Committee.
Frank was appointed by Governor Jeb Bush to the Florida Real Estate Appraisal Board in February, 2000 and served eight years, four as Chairman. During his service as a member of the Florida Real Estate Appraisal Board, he represented Florida on the Appraisal Foundation State Regulator Advisory Group and as a member of the Board of Directors of the Association of Appraiser Regulatory Officials.
In addition to providing Expert Witness services in Administrative Hearings, Florida and Federal Courts, Frank is often quoted by local and nationally syndicated real estate columnists and appears as a speaker on appraisal and mortgage related topics. Articles by Frank have been published in the REALTOR® Magazine, the Journal of Property Economics and his blog, Appraiser Active.
As president of Gregoire & Gregoire, Inc., a Residential Real Estate Appraisal firm based in St. Petersburg, Frank is active valuation and consulting for a wide variety of clients.