Tuesday, August 11, 2009

Who Do You Trust?

UPDATE!! - StreetLinks Quality Control Reviewer Opportunity!!

Since the May 1st implementation of the Home Valuation Code of Conduct (HVCC), there has been quite a bit written about Appraisal Management Companies (AMCs), their method of appraiser selection and retention and the quality and credibility of appraisal reports. The AMCs have been under fire from professional appraiser associations, individual appraisers and the National Association of Realtors (NAR).

Some of the AMCs have started to fire back. Yesterday, this was released:

INDIANAPOLIS, Aug. 10 /PRNewswire-FirstCall/ -- StreetLinks National Appraisal Services addressed the anti-HVCC rhetoric dominating the media in recent weeks in a newsletter distributed to its national appraiser network.

"A number of groups with self-serving opposition to the HVCC have flooded the media with distorted claims about appraisers and appraisal management companies to win sympathy toward reversing or placing a moratorium on the code," explained StreetLinks CEO Steve Haslam. "In their lobbying efforts, these groups have crossed the line and impugned the integrity of the thousands of highly professional and experienced appraisers we have the opportunity to work with every day. On behalf of reputable appraisers and lenders, I felt compelled to confront these errant claims and set the facts straight."
Mr. Haslam's message to "Our Valued Appraisers" is right HERE.

If the name Steve Haslam sounds familiar, he is NovaStar's former chief of retail lending. NovaStar Financial, a large subprime lender during the housing boom, was disciplined by three states — Massachusetts, Nevada and Washington — for such infractions as employing unlicensed brokers and charging unlawful fees. Although admitting no wrongdoing, the company paid $5.1 million in 2007 to settle allegations in a class action brought on behalf of borrowers. After its mortgage business collapsed, NovaStar morphed into an AMC last year by acquiring another company and renaming it StreetLinks National Appraisal Services.

Back in February, 2009 BusinessWeek offered their TAKE on subprime players getting into the AMC game.

Regardless of what folks say, StreetLinks has this nifty, self-awarded seal.

How can we argue with that? But who do you trust?

UPDATE!! - StreetLinks Quality Control Reviewer Opportunity!!

Here's your chance to become a StreetLinks Quality Control Reviewer.
UPDATE 8/25/2009: The link to the job is no longer active. Someone must have been a wee bit embarrassed.

Job Description:
Execute, within a service center, a defined review process for all types of mortgage related appraisal products with the objective to verify their compliancy [sic] with StreetLinks service terms and USPAP, Fannie Mae, Freddie Mac and Underwriter guidelines. Communicate directly with appraisers to coordinate report revisions and completion deadlines for the expedient deliver [sic] of a compliant product to the client. Handle inbound lender underwriting stipulations by interpreting and communicating those stipulations to the appraiser for consideration and execution. Perform transaction review and billing audit prior to every product delivery. Serve as a resource to industry and product knowledge for customers and the StreetLinks team.

Specific Job Skills:
  • Must be an excellent verbal and written communicator and demonstrate success and experience operating multiple software applications.
  • Candidate must have the ability to process confidential information and consistently perform with a high level of customer service.
  • The ability to “multi-task”, operate a multi-line telephone system and strictly adhere to operational protocol is a keystone to the quality control reviewer position.
  • Candidate must have at least two years of real estate industry experience in the field of mortgage origination, underwriting, mortgage insurance, appraisal and/or other mortgage related position.

Education Requirements:

  • High School Diploma
  • Proficient in Microsoft Word, Excel, Outlook, Data-Entry, and Internet Explorer Preferred
  • Strong Verbal & Written Communication Skills
  • Typing Skills 40 plus WPM Preferred
  • Appraisal Coursework Preferred

NOTE FROM APPRAISER ACTIVE: It does not appear as though a Seal is awarded for this position.


Anonymous said...

I would Like to add that Street Links also had another AMC (Trace Corp) strictly for one Lender Ace Mortgage. Hmm... Can anyone tell me where Ace Mortgage is today???? Gone and the Fee's that were associated to Appraisals that fell in the middle of the collapse were paid out at 25%. Once I realized they were essentially the same company(employees with same names), I took myself off Streetlinks and no longer do any work for them.

Anonymous said...

Iyr iffuce worked with StreetLinks until they became impossible to work with. After turning in our last assignment to their office we spent 2 additional days writing addenda and repeating countless paragraphs that we had included within the original report. They insisted that we all review countless sales that they submitted to us after our report was submitted. We were paid $175 for the original report. By the time it was all over they insisted that we review their sales or they would not pay us. This was nothing short of a form of coercion. We had 3 full days in the assignment for $175 and we're still not sure that we will be paid for it since we refused to review their sales and alter our value. Shortly afterwards we began to decline ALL AMC orders.

Anyone who accepts work from AMCs are fools. We learned our lesson.
Hmmm...why are they angry about people fighting HVCC. Could it be that they have something to lose? Possibly millions of dollars...haha.

Anonymous said...

Oooooo nice seal. I feel so much better now. NOT. I can't believe losers like them can and do "manage" appraisers.