twitter linkedin
facebook google+
Search:

Mortgage News

News by Subject
Complete list of specialty news sections.

Purchase Subscription
Subscribe to MortgageDaily.com and get immediate access to all news, statistics and archives.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage News Reprints
Put entire MortgageDaily.com stories in your online or printed newsletter or publication.

Mortgage Feedget RSS code
Condensed MortgageDaily.com stories free on your Web site or for your RSS reader.

News Archives
Archive of MortgageDaily.com stories by month going back to 1999.

Press Releases
Reports and announcements from MortgageDaily.com.

Mortgage Statistics
Data and statistics for real estate finance.

Mortgage Directories
Directories of lenders, branch operators and mortgage service providers.

Mortgage Graphs
Directories of lenders, branch operators and mortgage service providers.

home subscribe advertise reprints e-mail help RSS about us LOG IN

Mortgage News

 

Mortgage News

HOT Topics

production

servicing

compliance

legal

fraud

secondary

jobs

appraisal

site map

www.loan-academy.com/
Appraisal News | AMC Directory
Appraisal industry news coverage, including stories about independence requirements, AVMs and appraiser fraud.


AMC to Pay Some Appraisers Up Front

StreetLinks announces AppraiserPlus designation

May 23, 2013

By Mortgage Daily staff

A new program from a national appraisal management company will enable appraisers to be paid when they do the inspection -- eliminating liability for mortgage lenders.

The launch of the AppraiserPlus designation was announced Thursday by StreetLinks Lender Solutions. The program will go live in August.

According to the Indianapolis-based firm, AppraiserPlus removes the traditional hurdles of micromanagement for individual appraisers such as real or perceived nuisance calls, texts and e-mails during the appraisal fulfillment process.

But not all appraisers will qualify for the program, according. StreetLinks, a Mortgage Daily advertiser. Inclusion in the program will be "very regimented and very spelled out," StreetLinks President Tom Hurst said in a telephone interview.

"There's a group of professional appraisers out there that should be approached differently, and that's what we're trying to do here," Hurst told Mortgage Daily.

Appraisers that are accepted into the program will avoid most follow-up questions by completing a StreetLinks QX review prior to deliver.

Without such distractions, appraiser productivity is higher.

The new program, which was a year in the making, also avoids post-completion appraiser payment cycles -- paying the majority of appraisal fees at the point of inspection instead of weeks or months down the road. Payments are made through the Automated Clearing House, or ACH.

"This program allows appraisers to focus on running their businesses and brings back the days of 'COD' style payment," Hurst said in the statement.

Hurst explained in the interview that some appraisers have already stopped working for other AMCs, while other appraisers are expected to begin avoiding other AMCs as a result of the new offering.

"In addition, the program comes with consistent and fair service metrics and quality control requirements by the appraiser to maintain their inclusion in the program," Hurst stated.

Mortgage lenders that use the AMC will know which appraisers have received the designation and are assured that they will never be responsible for an AMC's failure to pay those appraisers.

That factor that has become more significant in the wake of recent AMC failures like that of Evaluation Solutions/ES Appraisal Services -- which declared bankruptcy in January, according to a story from WorkingRE. Appraisers who are among those collectively owed $9 million in fees are preparing to file a class action against JPMorgan Chase & Co., which ordered appraisals through ESA.

"With multiple AMCs recently closing their doors, some lenders have been put in a tough spot -- including being left to pay millions in situations where the AMC collected the funds, but failed to pay the appraiser," Hurst stated. "AppraiserPlus mitigates such risk, making it a win for both appraisers and lenders."

In the end, Hurst noted in the interview, lenders will get a consistent product more quickly.

Hurst said that the new designation will be a factor in the selection of the best appraisers for individual assignments. Other factors that determine which appraiser to use include historical quality and service, their proximity to the property and their fees.

Hurst called the unveiling of AppraiserPlus "the most exciting announcement of my career."

next story

back to current headlines


The Mortgage Graveyard
Failed, closed and a c q u i r e d mortgage-related entities.



Logout forgot
password?

SUBSCRIBERS: Edit Subscription | Subscription Help | or call 214.521.1300

Subscribe Contact Us Site Map

Copyright © 2017 Mortgage Daily, D a l l a s
Subsribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

p r i c i n g engine directory

wholesale lender directory

More Mortgage News Resources (full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan originator survey

LOS Newsletter

MBS

mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

mortgage fraud local news

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

real estate news

refinance news

reverse mortgage news

secondary marketing

social media

servicing news

subprime news

wholesale lenders