HVCC

August 27th, 2008 10:15 PM

Attached is a small section from a publication put out to Appraisers who are using Alamode Software. The topic is the new legistlation which will not allow direct contact with an appraiser, and the forced use of Appraisal Management Companies. This portion of the extensive article indicates that the Mercury Network may be a solution. The article refers to a website which has articles on this subject. www.appraisalpress.com/mercury. If I understand correctly, effective Jan 1, mortgage brokers and banks will be forced to use Appraisal Management Companies and have no control over who is selected as your appraiser. I have had the chance to review hundreds of appraisals which were ordered from these companies in doing BPO's and Final Draw Inspections over the past 3 years. Many are the worst quality work I have ever seen. AMC's put turn around time before quality. They expect the appraiser to submit reports within 24-48 hrs and bump any who take the time to do the work correctly to the bottom of their list. They do reviews by running AVM's somewhere else in the country where the reviewer knows nothing about our area. Many are actually owned by major banks who have found a way to profit from appraisals.

 

If this article is correct, then there may be a solution where you can still control who does your appraisals and keep the fees down. AMC's have already resulted in higher cost appraisal, yet less to the appraiser. I hope all my customers will consider the Mercury Network as their solution to this absurd legislation. There are some in Congress trying to amend this bill, however as we all know, Congress doesn't act on anything revelent.

 

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