You must give your employees the tools they need to succeed and to be knowledgeable about this industry. Educating employees and coworkers on the “do’s and don’ts” of appraisal forms will help all of us in the long run.
Provide staff with a list that articulates what is appropriate or not when speaking with an AMC and what information is allowed to be passed along from the AMC to the appraiser.
Last week I received an order with a note asking if I could please send a particular appraiser. This is against the rules; you cannot request a certain appraiser.
You may not ask who is doing the appraisal, even after we sign off on it. The soonest you can receive this information is when we deliver the report.
Do not include your property estimate. If you put a value estimate on the form I cannot send the form into the appraiser.
I recently came across this article “Appraisers left high and dry as AMCs shut down” and felt compelled to blog about this because it is a very important subject that concerns all AMC, appraisers and lenders.
When I started my AMC branch there were a few other AMC’s that started up around the same time, and it seemed that they were growing faster than me. This made me feel that I might be doing something wrong and concerned that my business might never expand.
Two years later those same AMC’s began to close their doors and I realized that I was on the right track. Those branches were using their money to expand their operation instead of paying their appraisers on time and therefore losing quality of service. When reports needed revisions made, their appraisers were reluctant to do them because they hadn’t been paid for the original report. Thus the lenders they were servicing were not able to secure the requested revisions and were unable fund loans.