Coester Appraisal Group, Urges AMC's to deliver on promises

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) July 8, 2009 -- With the HVCC in full swing you are seeing a huge backlash from mainstream media, appraisers, realtors and mortgage industry on the negative impact the HVCC is having on the mortgage industry and US real estate as a whole. Obviously all of the alegations are not justified however some of them are and some are a legitimate concern for the lending world.

Bottomline is that most AMC are dropping the ball, and need to step up and preform.

1

Coester Appraisal Group, Urges AMC's to deliver on promises

Welcome visit Our WebSite:

http://www.coesterappraisals.com

Most National Appraisal Companies are not providing anywhere near the service that is expected by clients and that is reasonable for the industry. There are several large national AMC's that sprung up as off springs of other companies to capitalize on the HVCC. Through there high level connections and brand name they were able to capture some major clients and it has been an absolute disaster. This is first hand knowledge from the mortgage companies themselves and they are currently looking for my company to step in and take over operations.

Basically these companies hired inexperinced staff to try and handle the increased volume. This has not only caused confusion but extremely long delays. An appraisal is no easy task to complete and often needing an expert opinion to assist in the completion or addendum's which simply put most companies aren't equipped to do. This is something that is totally unacceptable and should be considered a discrace to the industry.

An AMC should be the lenders lifeline and should be the person they want to call to get there orders done the right way. Currently the industry is treating them as the exact opposite instead of a trusted advisor there more of person they regret having to call because its like calling to get tech support from AOL (alot of holding and no resolution.

The reality is that management copmanies need to be run by appraisers and mortgage professionals seasoned in the industry. Not by people who are just starting another business or are just trying to cash in on the HVCC.

The reason is simple there's no way anyone can have an idea of what's at stake and what needs to be done to get the appraisal is and approved without having first hand knowledge of the process.

From my personal experience, investing in experinced professional staff to deal directly with the appraisers and clients has been the best investment i have ever made. Someone with first hand experince on the front end can talk to someone differently then a someone who is just working in a call center. This business is not a call center business or an automated business and it never will be.

At the end of the day someone is still going to have to inspect the property, write up the report, select comparables, revise the report and finish it. Due to all the steps involved you are constantly going to need someone on the back end pushing the orders through. This is where an experinced staff is going to pay divendeds. They are organized, professional, understanding, demanding and simply more effective. Now i am all for automation however there is a difference between leveraging technology to have talented, experienced employees be more effect and using technology to try and make an unexperienced, lazy person effective. The second is exactly what most companies are attempting and falling to do.


As a mortgage lender you have every right to hold your appraisal company to a high standard.

So what should you expect?

1. You should expect the borrower to be contacted within 48 hours of the order being place.

2. You should expect a same day response from the management company and follow-up calls until you get what you need done.

3. The appraisal turnaround from initial order to receipt of final report to be in the 5 -10 day range. Anything significantly more should be questioned.

4. You should expect a goto person that you can be in constant contact with and that knows what's going on with your files. (Having notes in the file is not enough as there is no action being taken with the looking up the file)

5. You should expect your appraisals reviewed and checked for quality. A good AMC will ensure the value is not to low but also not to high. There aim should be market value and they should communicate that to you on the front end and explain how they do business.

If an AMC can provide that above for you. You are in good hands and stick with them.


Http://www.coesterappraisals.com

Brian C. Coester

Coester Appraisal Group

More information can be found online at http://www.coesterappraisals.com

AMC     appraisal     Appraisal Management Companies     HVCC Compliance