James S. Graner

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Many Mortgage Lenders are Seeking Appraiser Coordinators!

We have another sign that the current plan for reorginization of the appraisal process is coming our way is the help wanted ads. I noticed numerous jobs available for an "Appraiser Coordinator." These jobs are being offered by major lending institutions.

Many Mortgage Bankers and Banks are seeking a clerical person to handle vendor relations with appraisers. Some of the help wanted ads request a person mortgage experience, some with customer service experience and others none at all. I have not found one that seeks a Certified or Licensed appraiser to handle relations with his/her peers. I have not found one ad that requests the applicant to list real estate experience. I would love to see a large local mortgage banker seek an Appraiser in Missouri for this position.

I fear many of these lending institutions will have what many appraisers know as "Phone Monkeys." People that follow up on appraisal orders and have no idea what we do and cannot relate or understand when there is a problem being explained. Many Mortgage Professionals do not really understand our explanations, as appraisers, either. While the current system does not have an appraiser's contacts with him/her on the field, there is a relationship and trust. In most cases, the Mortgage Professional selected an appraiser that they trust and work with, not just a name off a list.

The HVCC appears to be a reality, several changes will need to happen in how it is executed over the next few years.

James S. Graner
Real Estate Appraiser
ph  (636)916-4325
cell (314)277-3336
fax (636)949-2637
Website http://appraisalmo.com
Blog       http://jimgraner.activerain.com 

 

 

Comment balloon 13 commentsJames Graner • January 28 2009 11:50PM

Comments

The appraiser coordinator position has been around for a while but I am seeing more job openings for them.  I have also seen a few ads for appraisal reviewers and those do require experience.  I wouldn't have a problem with the coordinator having little experience as long as I could have access to a reviewer if there's a problem with the appraisal itself.  From what I understand though, access is often difficult to obtain particularly with appraisal management companies.

Posted by Rita Bradley, Valuation Consultant in Orange County California 949-916-3263 almost 9 years ago

I had a discussion with an owner of an AMC yesterday and we were both trying to determine whether or not she could carry an appraiser's license and be the owner of an AMC while following the HVCC guidelines.  We were both stumped.  She had done a lot of homework on it... calling AI, Lending and Securities in DC... and anyone who might be an expert.  No one had answers for her.  It makes it clear that things are still very clear with HVCC ... and if this 'simple' question can't be answered, these lenders will not be looking for licensed appraisal professionals for these positions.

Posted by Sara Goodwin, Portland, Oregon Appraiser (Ashcroft & Associates) almost 9 years ago

I don't see any reason she couldn't be an owner, however on each individual appraisal she would have to adhere to USPAP particularly with regard to reviewing appraisals.   Obviously she shouldn't review any appraisals in states she isn't licensed in and that's just the tip of the iceberg. 

As far as following HVCC. she shouldn't be performing any appraisals for any business that comes into the AMC.  It seems obvious to me-if she performed appraisals, there would be no "protective layer" which is the whole purpose of HVCC.  With all due respect, I think the owner of the AMC needs to think about the intent of USPAP and HVCC and not look for ways around it.  

Sadly, it does seem like every change that comes along provides opportunity to everyone except the licensed appraiser.  It's a difficult part of being an appraiser but it's necessary to maintain objectivity.

Posted by Rita Bradley, Valuation Consultant in Orange County California 949-916-3263 almost 9 years ago

I guess lenders and mortgage companies hiring appraiser coordinators is better than AMC's hiring them.  I did not think of it that way until now.

Posted by James Graner (Residential Services: http://appraisalmo.com) almost 9 years ago


We shall see-something tells me that some mortgage brokers will still be trying to control the process.  Supposedly a call center of some sort will be set up (as part of HVCC agreement) to report violations like value pressure etc.  I'm not holding my breath on that one though. 

Posted by Rita Bradley, Valuation Consultant in Orange County California 949-916-3263 almost 9 years ago

James, my guess is that they do not want to pay the kind of salary that would attract a real appraiser.  They are viewing it as clerical - something that can be done by a kid making a bit more than minimum wage.

Posted by Patricia Kennedy, For Your Home in the Capital (Evers & Company Real Estate, Inc.) almost 9 years ago

Rita, For the first time, companies are acting like it will happen.

 

Patricia, We will see how well they are served by this clerical staff, perhaps some will eventually have at one one appraiser on their staff for vendor relations.

 

Posted by James Graner (Residential Services: http://appraisalmo.com) almost 9 years ago

Dear James,

I had a transaction this fall that was filtered through a coordinating company. The appraiser was paid $195. The charge on the HUD-1 was $350. Wonder who got the balance?

James, please let other appraisers know that agents can be their biggest allies!

Barbara

Posted by Barbara Delaney (Park Place REALTORS, Inc.) almost 9 years ago

Most AMCs have an review appraiser on staff.  That doesn't mean an appraiser will have the opportunity to speak with them though. 

If mortgage brokers want to help get rid of HVCC they can refuse to use bank lenders that insist on using AMCs. 

Bank lenders are not required to use a third party (only morgage brokers) and yet they have already adopted this practice and EARLY at that.  I wonder why this is?  Follow the dollar signs....

 

 

Posted by Rita Bradley, Valuation Consultant in Orange County California 949-916-3263 almost 9 years ago

The larger banks have all been moving to AMC's because it is easier.  They pay the same fees they normally would and they do not have to have any reviewers on staff (most of them dont, I think WAMU still does though) because they work out their guidelines and due dates prior to and the AMCs handle the rest....

I am curious as to what will happen in this industry now the HVCC is a reality and the deadline is approaching fast.  Will there be more appraisers entering the field, or less....

I cant see sustaining this pace and these fees for high quality work.  But I dont know.  When the market comes back and appraisers arent scrambling for work, maybe we will all demand to get a higher cut of the fee.  I certainly hope so! 

Posted by Michelle Tucci (LIRA Corp) almost 9 years ago

Lord help us, I see a layer of 'coordinators' much like the asset managers we have to deal with now to get anything done on REO. I have a mental picture of a bunch of cubicles overflowing with paper & with some poor overworked clerks at the bottom of the pile.

Posted by Chris Oliver (Century 21, Preferred Properties) almost 9 years ago

I had a brief stint as an asset manager a couple of years ago.  Sounds about right!

Posted by Rita Bradley, Valuation Consultant in Orange County California 949-916-3263 almost 9 years ago

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