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An AMC wants part of my work file

Hello appraisers -

I have a new AMC that I'm working with (call me a sucker, but the fee split is nearly decent) that is requesting that I send them my MLS information that I had used for the comparable properties and listings in my report. I saw this as a requirement on their appraisal request but it states 'These listings must be on a grid OR you may include the full detailed color MLS data sheet in the PDF report'. I chose to grid the properties (a little more work, but more accurate, right?).

So, I'm trying to think of:

Why they want this information (no good and pure reasons have come to mind) and
Whether this is some sort of violation... an AMC asking for a part of my work file?

I've never run into this before.

Posted by Sara Goodwin - Portland, Oregon Appraiser on 04/16/2009 11:58 AM

Comments (9)

amc issues, ethics, work file, appraisal issues

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9 Comments on An AMC wants part of my work file

APR

So, I found out that Flagstar is big on this policy (I have only worked with Flagstar thru brokers, so I had not encountered it). A co-worker told me that I can send just the list or 'client version' of the MLS sheets, however what they are requested is 'the full detailed color MLS data sheet'. Hmmmmmm...

APR

Sara,

I have had to send in the MLS listing sheet also. I did so and didn't think anything of it (hope that was ok). I guess they just don't trust us and need all the info. they can to verifty we are not trying to get one over on them ha,ha.

Maybe they want to call and confirm the seller's concessions, on the comparables, Just my 2 cents.

There were some discussion in the past that the mls data that is being requested has been used to compile a data base of comps which in turn has been sold to outside entities such as AVMs and providers of AVM type products. I don't about different areas, but in my area of operation the local MLS service frowns on providing their data to non-subscribers or second parties that are not members or have a membership with a local real estate association other than buyers and/or seller clients. Much to the point of possible termination of subscription and possible cancellation of association membership. All the associations in AZ collectively own the MLS data systems within the state and providing such data to other such entities may be considered copywright infrindgements and/or breech of contract by the subscriber/association member.

Hi Tom - I believe it's ok as long as it is the 'client' version of the MLS data.

Michael - I submitted a version that does not have agent info on it. It's not included in our 'client' copy. But boy, if that were the case, I would have submitted it to them ahead of time so that they could do a bit of work for me for a change.

David - That was my first thought - At least the version that I found for compiled 'client information' does not include pictures or contact information or private remarks (like lock box combos, etc)... It's pretty much the information that you could get from tax data and so I didn't feel too uncomfortable providing it. I know that MLSs guard their information with vigor. I certainly don't want to anger them.

This is yet another AMC that tries to comp everything out ahead of time. What the heck are we bothering with this whole HVCC thing for, again?

APR

Sara - I have run into this on reviews also. They want MLS sheets for all of the original comps as well as replacement comps if available. In some cases, the originals were builder sales (from 2006) - but other times, I have to put in MLS for everything.

I also just use the "Client" or "Customer" view ones - and I only copy a portion of the MLS at that - it looks like this:

mls1

So I add that as an image to the report - it only really gives them information that already have (sold date, MLS #, sold price, days on market) - but doesn't show much else. Sometimes there will be comments which prove that the home had major upgrades which were no accounted for.

I actually have ONLY been asked to provide these for reviews and not on my actual report.

APR

Richard - That's perfect. Have you ever asked what they use that information for? I'm curious. I can just see another Zaio fiasco in the works.

JUL

Sara,

I've started a small campaign against providing MLS data sheets with appraisers in Northern Michigan I work with. My firm conviction is that the only viable rationale is to build a court case against the original appraiser. They are ordered as "Enhanced Reviews" requesting MLS sheets on the original comparables, three additional comparables with MLS sheets along with public data on all comps and the subject. I know fo a fact that some AMC's are specializing in these products. I have contacted various MLS boards and have generally received the decision that MLS information is for the use of the subscriber only, not the end consumer. I outwardly refuse these assignments on the basis of:

1) Distributing MLS data is against board policy

and

2) The purpose of these reports is to once again prosecute the appraisal industry as the culprits behind the banking woes as we were forced to become licensed after the S & L crisis.

It hurts to turn away work, but if we band together, we can eliminate these requests. I'll detail what I believe to be a major secretive plan being undertaken by the lending industry in a separate blog.

JUL

That's a great idea, Richard! Let me know how it progresses.

I don't seem to get orders (or payment) from that AMC anymore. I believe they got tired of conditioning me for the MLS sheets everytime and having me put their request in verbatum into each addendum. They kept rejecting it the addendum stating that I should strike the quotation from their requests. That sounds shadyx2 to me.

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