Back in May, 2009, Appraiser Active posted about the need to regulate Appraisal Management Companies. The failure to regulate Appraisal Management Companies provides way too many opportunities for abuse of the system, scant protection for property owners, borrowers and lenders, and limited means to assure wrongdoers meet justice. The post included a link to an article in by Susan Taylor Martin, Senior Correspondent for the St. Petersburg Times.
From: firstname.lastname@example.org [mailto:email@example.com]Sent: Tuesday, October 06, 2009 12:50 PMSubject: Important Update: Global Appraisal Solutions
October 6, 2009
Approximately five days ago, I wrote to advise you that a dispute has arisen between Global Appraisal Solutions and one of the lenders that the company serves.
The dispute involves various areas of alleged lender misconduct, including, but not limited to a large outstanding balance for completed appraisals as well as lender practices that Global alleges violate banking regulations.
It is important that during this time, we remind you that any outstanding appraisal that was requested by you from Global Appraisal Solutions that you do the following things to help us to quickly resolve the dispute:
1. Complete the appraisals with professionalism and speed.
2. Ship the appraisals and the conditions ONLY to your client: Global Appraisal Solutions
2. Report by email to Global Appraisal Solutions any attempt by the lender to seek the appraisals or conditions from you directly, or any other thing that the lender may do or attempt to do, that would otherwise compel you to violate USPAP, HVCC, or state law.
Global is communicating with the appropriate parties and we do anticipate settling this matter in the coming days.
President, Global Appraisal Solutions, LLC.
Appraisal Mediation Solutions is one of the most trusted providers of real estate valuations in the Nation. Our philosophy is to provide fast and accurate real estate valuations to assist our clients in making informed real estate decisions. Our reports are prepared with the precision that the industry demands with all major property types included.
More than likely, there are thousands of businesses operating with a UPS box as their principal office, but I'm just sayin'.......
It looks like fly-by-night Appraisal Management Companies will be all the rage in the 2010's. Be careful of the companies you work with.