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Bill Cobb

Valuation 2009 New Orleans Photos and Commentary - Extra Perk For LSI Appraisers

Valuation 2009 Photos and Commentary

Wow! I arrived back last night and need to hit the ground running this morning to meet client appraisal deadlines but wanted to share these photos and some commentary about the event.

Thanks To Joan Trice & Staff.

First, Give Credit Where Credit Is Due! I sent this to Karen Connolly and Joan Trice with Appraisal Buzz, facilitators of the annual Valuation event: I wish to thank you and Mike and Joan for a tremendous Val 2009 Conference. I honestly didn't want to leave last night around 7pm. The most valuable part of the conference was being around other appraisers and just listening.....to their struggles and successes and marketing ideas. One appraiser said that he always takes his CE out of town so he can listen and get great ideas from other appraisers outside of his market. Their were some sharp appraisers in that conference.

This was my first Val conference to attend, so I don't a reference of comparison. At lunch yesterday, it was said by the appraisers at the table that attendance was around 425. All I can say is that my personal experience at Val 2009 was phenomenal, blown away by the quality of the conference hotel, the service of the AlTerra staff and the quality of the presenters at the conference! My head is definitely out of the sand now and I'm awake and embracing the new valuation changes within our industry! I just wanted to say thank you for a tremendous experience! Bill Cobb

High Ranking Brass Was There and Open To Listen.

There were some extradordinary leaders attending this event, far too many to list all of them here. A few names: Alan Hummel & John Forsythe with Forsythe Appraisal, Mark Johnson COO LSI, Jeff Bradford Bradford Software, Rachel Dollar with www.mortgagefraudblog.com , Chuck Mereddu with Quality Valuation Services, Jim Park with ASC, Alfed Pollard with FHFA, and Robert Murphy with Fannie Mae. The impressive aspect of their attendance was that they made themselves available for comments and questions from the everday appraisers in the field. During the "State Of The AMC Industry" talk, Appraisers peppered the 4 member panel on topics and questions on Appraisal Fees (what is the definition of the "standard market FHA fee" to an AMC), Their Livlihood as Appraisers and AMC regulation. At times, the discussions turned pretty heated. Many Appraisers Traveled All The Way From Massachussetts, Minnesota, etc.. For Answers!

Ann O'Rourke carried a notepad throughout the conference talking to appraisers and getting their ideas (taking notes). I saw her walk up to appraisers and ask, "What's your best tip for working with AMCs?" Be sure to subscribe to her paid $8.25 month Appraisal Today newsletter (in the mail type) for a complete article on tips from appraisers across the U.S. on how to work best with AMCs. Subscribe at www.appraisaltoday.com Bob Ensmingers, PA Appraiser, has some especially good tips on this subject.

LSI Road Show!
I've been working with LSI since 1996 and remain a satisfied appraiser with them. It was stated that the average LSI appraiser has been on their panel for 13 years, so appraisers with LSI must be satisfied appraisers to have remained so long. Do I turn down LSI work from time to time because of fee or complexity? Absolutely and they have respected that business decision I make monthly.

What I'm about to say is not brown-nosing...I have no reason to do so. LSI is emerging as THE leading AMC in the U.S. with BIG plans for the future of appraisers. When Mark Johnson, COO of LSI, introduced himself to Ann O'Rourke, she said, "Oh, you're the mother-ship of AMCs!" LSI, by far, was THE most impressive AMC at the event. LSI now has 20,000 appraisers working with them with LPS having a total combined staff of 64,000 (including the 20,000 appraisers). With that sheer number, LPS announced www.ecpurchasing.com where they have discounted rates for mobile phone plans, Dell Computer, Office Max, etc.. Mark Johnson spoke of his efforts to raise appraiser fees with the lenders they servce.

LSI Road Show Event. The actual event was lead by George Vann, Chief Appraiser, and John Holbrook, developer of S.M.A.R.T. Appraiser Software, now with LSI/LPS over Collateral Risk Management. This lasted from approx. 9am til 2pm and was a time to outline what LSI expects from their appraisers AND a Q & A time for appraisers to ask their questions and get a clear understanding from the "Chief" on appraisal issues. I'm certainly glad I attended and gained much insight into the Valuation Industry and HOW CLIENT NEEDS ARE CHANGING!

THE VALUE IN ATTENDING!

In my opinion, the value in attending was to be around other appraisers from around the U.S. and just listen to them and their marketing ideas, finding out the true state of the REOs in the U.S., which is not what's being reported in the glossly news headlines about a stablizing Real Estate Market, and where the near future of appraisal orders will be generated from and why.

THE RECURRING THEME THROUGHOUT THE EVENT!

It seems like the recurring theme was that with the current REO inventories being so high in certain areas of the U.S. and will get higher as the Option ARMs reset each year, Client Needs Are Changing. And, appraisers and the appraisal industry has not embraced AVMs or a form of Appraiser Assisted AVMs, which, in the right form, are USPAP compliant and do meet non-lender client needs for portfolio analysis. This is why such vendors as "Bradford Software's Compcruncher" and "Live Valuation" had booths at the conference. According to Jeff Bradford, Compcruncher is meant for non-lending work, anything that doesn't require a 1004. Because appraisers aren't serving this side of the market, this is part of the reason I have a Real Estate Agent in my church that been working 6 days a week for the past 2.5 years doing BPOs and making a killing doing so with his advanced BPO templates. And, no, this agent isn't an agent to list many properties but rather to perform BPOs. And, Yes, I understand that up to this point, appraisers have understood that it's against USPAP to perform BPOs. The alternatives coming out for appraisers are not BPO products, but are USPAP compliant form driven electronically filled in products that take far less time to complete....from their desk. Whether you like this direction or not, it's a reality that's here for those that take advantage of the changing client needs in 2009. Today's Entrepreneurs make money by discovering a problem and then monetizing on their solution to that problem.


PERSONAL NOTE:
Here's the deal! It was said that in early 2000s, there were 40,000 real estate appraisers registered. In 2009, there are 105,000, 65,000 or 163% more appraisers than there were just 8 years ago. It's supply and demand, same as housing right now. I heard appraisers at the conference that admitted they under bid other local appraisers just to secure work, which is also undermining fees. One appraiser went from $200 down to 165.00 for full 1004s with MC. Sometimes it's the other appraisers in your own City to point the finger at, not just the AMCs themselves.

There's 3 sides to this situation:
1.) It's Appraiser versus Industry Change!
2.) It's Appraiser Versus AMCs!
3.) It's Appraiser vs. Other Local Appraisers That Are The Ones Accepting Lower Fees And Lowering Local Fees Across The Board!


I'm not an AMC advocate and frankly, I'm not for all of these changes either. But, I'm not sticking my head in the sand either and ignoring the changes within the industry. I work for some that I respect and have a good working relationship with and have fired others because I could. But I don't work for a single AMC that pays me low fees for full FNMA 1004s with MC. Working RE Magazine has a recent article on Appraiser AMC Shopping.....shopping for the best and highest paying AMCs, see: http://www.orep.org/wordpress-2.7/wordpress/?p=275

THE END!

Sorry, I need to get to work! Please forgive me if my grammar above is not 100% perfect. Also, the photos below were taken with my iPhone and are a little dark because the Trade Show Arena was a bit dark.

APPEND ON 11/12/09:
I'M ONLY REPORTING ON A CONFERENCE THAT TOOK PLACE.....IT'S UP TO "YOU" TO MAKE CHANGE HAPPEN! RESPECTFULLY, IF YOU HAVE GRIPES AND WANT TO WHINE ABOUT THE AMCS THEMSELVES, THEN TAKE THAT TO THEM....NOT TO ME THE BYSTANDER THAT WAS AT THE CONFERENCE TO HEAR THE APPRAISAL INDUSTRY HASH OUT 2009 APPRAISAL ISSUES OF THE DAY. I'M SIMPLY REPORTING ON AN APPRAISAL CONFERENCE!I'M DONE ANSWERING THE GRIPES! SEND YOUR AMC GRIPES AND QUESTIONS TO THE AMCS THAT CAN ACTUALLY PROVIDE AN ANSWER. AND, IF THOSE ANSWERS DON'T SATISFY, AND RECRUITING NON-LENDER CLIENTS ISN'T WORKING OUT FOR YOU, THEN I WOULD LOOK FOR ANOTHER PROFESSION! WHEN DID A.W.C. CHANGE FROM BEING A FORUM WHERE WE TALKED ABOUT SOLUTIONS VERSUS JUST GRIPING! GOOD GRIEF!




Valuation 2009 Real Estate Appraiser Photos (1)

Elegant Hallway In The Roosevelt!

Valuation 2009 Real Estate Appraiser Photos

Ann O'Rourke With Appraisal Today With Harrisburg PA Appraiser, Robert Ensmingers www.appraisaltoday.com and www.ensmingers.net

Valuation 2009 Real Estate Appraiser Photos (14)

Carla Blouin With SFREP's Appraise-It Software Booth www.sfrep.com

Valuation 2009 Real Estate Appraiser Photos (5)

Bradford Clickforms Appraisal Software Booth www.bradfordsoftware.com

Valuation 2009 Real Estate Appraiser Photos (12)

Alamode Appraisal Software Booth - From Left To Right: Paul Stansberry, Matt Krodel & Brain Hedges www.alamode.com

Valuation 2009 Real Estate Appraiser Photos (11)

Kirchmeyer & Associates, Inc. Booth www.kirchmeyer.com

Valuation 2009 Real Estate Appraiser Photos (13)

First American Core Logic Booth - Left To Right: Nicole & David Dennin www.facorelogic.com

Valuation 2009 Real Estate Appraiser Photos (9)

Marty Chapman - SouthEastern Evaluation AMC - Greenville SC www.see-amc.com

Valuation 2009 Real Estate Appraiser Photos (8)

Scott Wilkinson with Solidifi www.solidifi.com

Valuation 2009 Real Estate Appraiser Photos (6)

JVI - www.jvisolutions.com

Valuation 2009 Real Estate Appraiser Photos (3)

PCV Murcor AMC - www.pcvmurcor.com

Valuation 2009 Real Estate Appraiser Photos (7)

Metro-West Appraisal AMC - www.metrowestappr.com

Valuation 2009 Real Estate Appraiser Photos (4)

Live Valuation www.livevaluation.com & FNC www.fncinc.com

Valuation 2009 Real Estate Appraiser Photos (2)

Property Sciences Appraisal Reviews www.propsci.com

Real Estate Appraiser Tips Bill Cobb Appraiser and Family

And....the IHOP Supper With The Family Tuesday Night Upon Arriving Back In Baton Rouge - Bill Cobb with Daughter, Anna! Anna had just found a "4 Leaf Clover" that day!

Appraiser Tips Bill Cobb Appraiser Baton Rouge

And....the IHOP Supper With The Family Tuesday Night Upon Arriving Back In Baton Rouge - Lisa Cobb with Daughter, Adinah!

Bill and Lisa Cobb

Same Restaurant One Month Earlier

Tags: 2009, appraisal, appraisers, estate, industry, real, valuation

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Back to those bottom feeders LSI. Just recv'd order from them for $250 due Friday. I told rep I could not do any work for that fee and declined. When I quoted a competitive fee her exact words in a not so pleasant tone was " ? fee for a 1004". Does not even bother to ask if it is complex. None of the reps I have spoken to are pleasant at all.
I have a call into them now to change my profile for fees so I do not have to be bothered by those morons.

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Bill

Your post defies logic. Many appraisers have "been with LSI for 13 years" ah so you audited their records? You'v listened to their marketing and buy into the garbage. Many have been "listed with them" for a long time, how many have been accepting their garbage work and fees is another side of the equation and I can tell you few of the appraisers that have been on their panel for a long time still accept work from them. Demanding the report in 24hrs from inspection does not allow for a professional report in many or most cases. Have you seen the files and files of complaints against them? Your post is so one sided it laughable. I'v been to several appraisal events such as this and understand coming home excited but this? They are the worst, lowest form of AMC, leader? definately not but you bought their story. Hope you enjoy your swamp land.

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Thank You for your time, Cynthia!

LSI doesn't demanded a report from me within 24 hours, they give me 5 days from order date. This must be a different market-by-market experience with appraisers across the country. I'm satisfied!

Bill

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In Calif it's 5 days from order time BUT once you inspect it's 24hrs. Yes most of their folks have been on the list for 13 years because that it the last time they paid decent fees. Makes sense they have few signups since then because the fees they pay here plumeted. 13years ago they paid $350 for a urar now they pay $125 to $225 in California which now includes the 1004MC and much harder market and more information required. I'v read advertisements from them that are almost word for word what your wrote, so it's clear you bought their marketing without taking a look at the other side. Other appraisers need to understand that what you wrote is extreamly one sided and not accurate in the California market at all.

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Cynthia, I can only speak for my market and the conference held in New Orleans, not held in CA. I'm not an appraiser in CA. I've been an appraiser for almost 20 years now, so I've been on the other side. I've reported what was said at the conference and I remain a satisfied LSI appraiser. Again, take your gripes to your AMCs, not me! Bill

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LOL!!! Nailed it!

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Just tell them no. All AMCs. Until they pay a fair fee for a good job.

And don't support those who purport to be advocates of appraisers. If they have their hand out, they probably aren't.

And why would a trade show for appraisers be about AMCs? Why not come clean and just have an AMC trade show? You know, like when you had trade shows for appraisers but it was really for AVMs. Why not have an AVM trade show?

Look behind the curtain, fellow appraisers. Sell out or don't. If you sell out good luck with a new career in a few years. FWIW...

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Thank you for your time, eBob! The AMCs were there because HVCC mandated 3rd Party appraisal ordering, which in some cases are AMCs - not totally. Again, thank you for your time!

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The AMCs have been there every year, well before the HVCC. Maybe this year they renamed the Kool-Aid--probably a EXCITING NEW FLAVOR! You seem like a nice man, but your version has a flush like that seen on ladies departing a Mary Kay convention.

Now how many ways can the AMCs devise to make the appraiser's workproduct so uniform that they won't even have to employ human checklisters--there is a topic for Happy Hour. How to further automate til all that is left is our E&O and some servers on their side. Can they get the carefully crafted text addenda written in such a way that their first-tier "QA" checklisters can more easily inspect that widget? They do now dictate the exact phrases they want the independent, objective and impartial professional to use. That was all that was left us. So tell me what do they do for you that you should be so impressed. At least tell me you are not grateful.

(Bye George)

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I read this again and am convinced it has to a practical joke. All the compliments for Trice, Buzz, LSI and PCV Murc? I read last week that in some areas of California LSI was down to 125-150 for a URAR. I wonder if they people who do work for them put them on their resume. Imagine going to court for a complex assignment and your opponent having a pedigree from AI and seeing that his opponent has LSI on a resume. Ouch!

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I don't work for AMC PCV, their fees are too low and many appraisers at Val 2009 mumbled about them. There were a few AMCs in the Trade Show I don't work for and/or have fired in the past because of low fees or unrealistic turn-times or too many hassle underwriting call backs. I wasn't there for the AMC dog and pony show either. It was an appraiser's conference on current appraiser issues. It's hard to believe I'm getting this much flack for reporting on an appraiser's conference where 2009 appraiser issues were being hashed out. Don't shoot the bystander.....go get the answers you're seeking directly from the AMCs in question.

Have you moved a portion of your concentration of appraisal clients to non-lender work, such as Attorney's, CPAs and the Public? If not, why not? If you'd cut 25% of lender work and add 25% more of the above, then you wouldn't have as much time to comment on App Water Cooler! Many appraisers at Val 2009 had done that and I received some great tips from them for just being there!

I do Thank you for your time! Bill

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Ive been to valuation 3 years in a row.
It has always been the same.
Didnt make it this year, went to
Vegas instead, took some classes, watched some great shows and
had some great meals. We made our own conference sort of.LOL
They should have stayed in Vegas this year.

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