Verifying the Appraiser's Credentials

Yes, The lender engages an Appraisal Management Company. The Appraisal Management Company recruits and vets the credentials of licensed appraisers across the country based upon the lowest fee and the fastest turn around time. The appraiser, to meet turn time requirements, and make money under the reduced fee structure employs "runners", unlicensed individuals who do the inspections.

The licensed appraiser then assists a number of "runners" in writing the appraisals and signs the appraisal as if he inspected the property and did the whole appraisal. This of course, is illegal. This way he can pay "runners" a low hourly wage but complete multiple appraisals each day.

The Appraisal Management Company then receives the appraisal and transfers it to the financial institution with no one being the wiser. Obviously appraisals completed under such circumstances will likely encounter problems. 

Prior to HVCC the local financial institution often engaged the appraiser directly and they often met face to face with the appraiser regularly so this scenario was much less likely to occur.

-Frederick

Here is an example of how appraisers in response HVCC and the fee cutting and ridiculous turn times are adapting. This is an advertisement on Craigslist today. It is not for a runner but it is for someone to write appraisals based upon pictures and phone calls. Later on in the ad they mention having a driver's license which may indicate that this position may lead to a "runner" position.

Your pay check and all your work  marketing a property should not be put in jeopardy by these types of shenanigans. One day a guy is flipping pizza and the next day he is pretending to be an appraiser and you are losing a deal because of this sort of nonsense. The intention of my blog is to warn agents and homeowners of what is going on out there so they can better defend themselves. -Frederick

Part-Time Report Completor for Property Appraiser (Cherry Hill, NJ)

Date: 2010-03-07, 6:53AM EST
Reply to: see below

http://southjersey.craigslist.org/ofc/1632423970.html

I am a one man show business owner locally in South Jersey. I am do home assessments and appraisals for finance companies.

Things have got busy and I need ONE person to fill out my assessment reports. You will NOT come out with me in the field and you can do this at your residence. I will know several days in advance when and where I will be doing the assessments. I will call you on the phone and tell you what I see as I walk through the property. Afterwards, I will send you the pictures. You take the information from the pictures and what I described while on-site and draw up a report and E-Mail it to me. Reports must be done within 24 hours of assessment.

Must have the knowledge to understand structural and mold problems in a home. Must have intermediate level computers skills where you can type fast, know how to use Word, and know your way around the internet. Experience in anything related to this field is a plus but not required. Must be available Sunrise to Sunset, 7 days a week. Work is not assigned everyday. I am flexible on when I can go do these assessments so I can be flexible with your family and home life. A drivers license, driving record (anything other than pending suspensions or DUI will be considered), and background check (any issues in your background, you may still be considered as long as it does not involve dishonesty or theft). This is per my business insurance and my discretion.

Telephone, Computer, and Active Internet Connection Required.

Compensation is $14 per report or $7.25 an hour, your choice, paid monthly.

If interested please call:
Ph: 877-482-7890 - Press 1