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An open letter of suggestions to our new AMC friends

By
Real Estate Appraiser with Estimation Nation Corporation

No calls for value checks.... Ahhh.... That silence is most welcome.  But in return, appraisers have a new litany of issues with our new go-to-guys.  I'm not trying to burn bridges here, just sending a note out into the blogosphere which include some friendly ideas.   The following are suggestions to any AMC out there that may find these helpful ways to improve their business processes and ours.

Appraisals due within 2 business days (or in one case, 96 hours of accepting the assignment).  You wanted quality or quantity?  And so why then do I get questions on the appraisal nearly three weeks later?  Was this really so urgent that it might get stuck in your own pipeline? 

Get the appraisal request information correct before you send it to me.  Please don't send me a ‘condition' as if it's my fault that you had the wrong company address on the original request.

Status calls.  Please. Just. Stop.  I promise, I remember when the appointment was set.  I put it on my calendar.  I promise, I will keep the inspection date.   (What kind of appraisers are you used to dealing with?) I imagine I spend an additional 35 minutes on each file telling five different people that the appointment is still set for 3pm on Tuesday.  And for crying out loud, when I give you a status, update the system!

Fees.  The lower the fees the worse the companies to work with... trust me. Help me afford my rising phone bill from your constant status calls. 

One AMC employee per appraiser file.  This means when finding an appraiser for the file and when checking status and dealing with any issues.  You're wasting everybody's time by sending all your henchmen out to get me.  Seriously, hours have been lost with whatever system you're using.  Better yet, let the appraiser choose their favorite AMC employee since they've already spoken with every one of them within the first week of working with your company.

Please note where you're calling.  I live on the west coast.  When you think it's okay to start calling me from Pennsylvania at 8am, you're really calling me at 5am.  And while we're at it, why do you all work on Sundays? 

Pre-set appointments.  This annoys the customer to be called so many times and the appraiser who has to struggle to make the appointment by 5pm on a Saturday.  Half the time I find the borrower can't even make the ‘pre-set' appointment time, anyway.

Promptness of Desk Reviews.  I have done reviews from appraisals in January and even November.  I feel for these borrowers that are waiting six months to close a loan!  I realize this might not be a clog in your pipeline, but it makes me curious.

Please be as diligent about checking your emails, voice mails and web forms for information that your appraisers need.

Here are some of the urgent matters that have taken weeks to sort out:

  • House that is on the market for re-fi.  Who do I contact?  No one at the AMC bothers to answer and so I continue on with my inspection. 
  • The house is less than 500 square feet.  I know that some lenders will not accept smaller abodes. 
  • Waiting for purchase agreement... and waiting .... And waiting.... Believe me, loan officers had this to me yesterday.
  • Waiting for correct contact number.  It's usually not until I get a status call from an actual person that I can successfully rely the information about the lack of a correct contact number.  I'm not sure that they read their web forms. 

Have your appraiser's information on hand.  I do tire of answering the same AMC pre-qualifying questions about my appraisal license, what areas I cover, what type of appraisals I'm willing to do, etc.  I filled out a five-page form when I signed up for you.  Where did you put it?

When I tell you that I have all of the qualifications you are looking for and you say that you are sending an appraisal over, please send it over.  I would say about 10% of the time after I have verbally accepted your order; I never get the request.

Give your appraisers a heads up.  If you know the property is a manufactured home, on acreage, complex, a pre-construction etc. please don't keep that information a secret.

Why am I purchasing additional software to send a different format file for appraisals?  OK, this whole AI Ready/ENV format?  I'm sure it's for data mining purposes and I have to pay for the lousy upgrade to convert the files.  There goes $300.... That's like two appraisal fees these days.

I hope this has helped you as an AMC.  I don't mind taking your criticisms and so I assume that you would welcome mine with open arms.

Comments (15)

Jesse Skolkin
Independent New York State Certified Real Estate Appraiser - Fresh Meadows, NY

Sara:

Regarding status calls - I find that if you update the AMC's web site on a daily basis, even if to repeat the same information you have stated for the last day, week, or month (just copy and paste), it greatly cuts down on the number of calls.

Regarding purchase agreements - I usually try to track that down on my own from the borrower or real estate agent.  During the inspection, I stress that the appraisal cannot be completed without a complete, legible, fully executed copy of the contract of sale.

Sorry, I have no answers for the rest of your issues - I wish I did.

Jun 07, 2009 11:03 PM
Michael Zollo
Coral Springs, FL
Certified Residential Appraiser, South Florida, FH

Sara, Sounds like the Pipeline needs an Enema. What do you want from these people. I mean they're use to working the drive-thur window, at a fast food restaurant. We'll serve you in 1 minute, never mind the quality.

Jun 08, 2009 06:55 AM
Marti Winkler
North Coast Appraisal Service - Sequim, WA
Certified Residential Appraiser

Hi Sara -

I agree with most of your concerns, especially the 'I updated your website with my appointment time, so you don't need 3 people to confirm it with calls 10 minutes apart on the same day, and/or the call I get the day after the inspection confirming that it happened' scenarios that are pretty much none-stop all day long.

I have good relationships (at least I think I do) with 2 large AMCs: RELS and Quantrix, and right now for new orders I'm quoting them 3 weeks ARO, and they are cool with it. For some reason WA, OR, NJ and MN are swamped with work, and the rest of the country is just fairly busy.

At least I have more work than I can handle right now, and prices are really good for my area, so no complaints here. I get approximately 90 - 95% of market price from my AMCs, which is awesome.

I think that with the complete lack of sales data, due to the slow economy, and the 1004MC form and the spreadsheet with actual, relevant data that I'm including in all of my reports, the AMCs have been fairly understanding and nice about the fact that my report completion time after inspection is seriously like 1.5 - 2 weeks (I'm digging out of a really big hole, but I'm seeing light at the end of the tunnel, finally). I blocked myself out for a few weeks so I could catch up. I'm exhausted, as I'm sure many of you are as well.

It seems that things are easing up a bit, and I'm glad you made the pitch to the AMCs for a little understanding. Everything (meaning each assignment/report) it seems takes so much longer to complete now, but I think they would rather have correct appraisals that reflect true current market than fast appraisals that are sloppy and not as accurate.

OK, it's time for a little zinfandel I say... I'm done for the day.

Jun 08, 2009 01:44 PM
Sara Goodwin
Estimation Nation Corporation - Portland, OR
Portland, Oregon Appraiser

Hi Jesse - I've got a client that doesn't have a function on their web site for status updates... although you do upload files thru their web site.  This would be the one that encompasses my status call frustrations.  The others are nice and quiet.

Hehe Michael ... I was thinking the pipeline might need updated copper piping, but an enema will do ;-)

Hi Marti - I must admit, it's good to live in Oregon and have an Oregon/Washington license right now, but I foresee a slow down ahead as interest rates creep up. 

Oooh, I've got a whole separate blog to write up on the 1004MC form.  I'm convinced I could enter whatever I want on that form and no one would bat an eye.  As it stands, I do the work and write in a bunch of disclaimers about what information might be relevant and what is not.

Merlot for me, please!

Jun 09, 2009 03:49 AM
Michelle Tucci
LIRA Corp - East Islip, NY

Thanks for the laugh.  So true!  Some of the AMCs have a decent web system.....but there are a few (I wont mention names) that are seriously ANNOYING! 

One I work with has a call center outisde of the US and those people have no idea what you are talking about when they call for status. 

And I already said my share about the 1004MC form...I am confident you can put smiley faces in there with some verbage and all will be ok!!

Jun 15, 2009 11:03 AM
Sara Goodwin
Estimation Nation Corporation - Portland, OR
Portland, Oregon Appraiser

Ooooh, Michelle... I'm going to try that (smileys and nonsense notes) and see if anyone notices.

Jun 15, 2009 02:24 PM
Benjamin Smith
Apex Appraisals & Consulting - Powder Springs, GA
Atlanta Area Appraiser

Sara,

Don't forget the AMC's that send an email saying you have an order and when you log in just 10 minutes later, it has already been accepted by someone else.

I have gotten to where I don't even bother logging in anymore, especially if it has been more than an hour.

Jun 26, 2009 07:02 AM
Sara Goodwin
Estimation Nation Corporation - Portland, OR
Portland, Oregon Appraiser

Argh!  I believe we have the same client.  I was so frustrated the other day that I actually wrote them this letter:


"Thank you for the opportunity to work with [name withheld]. You're online system has been easy to work with and I appreciate that immensely.

I was curious, however, about the appraisal request email alert system. Although I will get 20 emails a day for appraisals in my coverage area, I cannot seem to get to the 'appraisal trough' before another appraiser has snapped up the order.

Every once in a while I will even sit at the sign in at [your web site] and refresh the page in hopes of snagging an order with no avail. I'm curious if there is a way to get an upper hand on my competition with this process. I'm not greedy, it's just that I see so many slip by and lately have not been able to catch one…"

I'm sure they'll be emailing me back anyday with the insider's guide to snagging orders ;-)

Jun 28, 2009 10:24 AM
Alix Pinzon
Open Mortgage, LLC NMLS # 2975 - Downey, CA
(562)743-6086

I hear that some AMC's are already looking into outsourcing appraisal reviews to China or India.  I hope that all you AMC loving appraisers speak jibberish.

Sep 29, 2009 03:32 PM
Sara Goodwin
Estimation Nation Corporation - Portland, OR
Portland, Oregon Appraiser

Ha... what timing that you responded to this today, Gregg - I had one that hassled me for nearly two weeks to schedule an appointment for an FHA appraisal when I was still waiting for the case number from them.  Their client pulled the order (mind you two weeks after not receiving the case #) and gave it to a new AMC (presumably because they would do the appraisal and give them value prior to the FHA case # being assigned).  The only thing I could think is that the lender strong-arms the lender to produce value prior to the FHA case # even being ordered to determined whether to go FHA or conventional.  In short, I really think HVCC solves nothing (this is just today's story... there are plenty more).

Sep 29, 2009 03:59 PM
Alix Pinzon
Open Mortgage, LLC NMLS # 2975 - Downey, CA
(562)743-6086

I've had that too, just last week.  First they tried sending me the assignment letter with another appraisers' info on it.  I insisted on the change letter.  The property needed major termite work, and the selling agent waived all of the buyers contingencies.  OH WELL.  Needless to say, they won't be calling me again.  Which means I did my job right.  I heard that Freddie Mac has finally set up a call center for HVCC complaints.  Now that there's someone to complain to, it's high time that we stand up to the AMC's who request comp checks, and other unfair practices.  I know that you'll probably want to delete this, since you rely on AMC's for work.  I refuse to work for anyone who pay less than $325.

Oct 03, 2009 06:23 AM
Sara Goodwin
Estimation Nation Corporation - Portland, OR
Portland, Oregon Appraiser

Gregg, if you find that call center complaint line number could you post it for us? 

Oct 05, 2009 03:35 AM
Alix Pinzon
Open Mortgage, LLC NMLS # 2975 - Downey, CA
(562)743-6086

Hi Sara, I'm on it!

Oct 06, 2009 05:21 AM
Alix Pinzon
Open Mortgage, LLC NMLS # 2975 - Downey, CA
(562)743-6086

Hi Sara, In regards to that hotline number, apparently the blog was wrong.  I went to Freddie's site, and it's still under construction.  Incredible.  I've been hounding my State license board, to see what they're going to do to assist in these cases, where comp checks are concerned.  Unfortunately I already know the answer to that.  They've understaffed, and overworked since the opened the doors.  Things picked up after FHA dropped the AL's from the panel, and things should be good for me until January.  I'm working on attracting commerical work, and making arrangements with AG's to learn the commercial business.  The AMC's aren't going to be in control of my life.   

Oct 12, 2009 10:47 PM