I then provided a cropped image showing only the insured name and policy dates, indicating coverage yet no amounts, policy # or agency.ĭespite the assignment passing through review in 10/2017 and paid, I have recently been receiving a barrage of flack from the AMC’s review dept, chief appraiser, lender and now AMC legal department counsel stating the letter of engagement is under review. Last year at a moment of weakness, in an effort to satisfy the letter of engagement’s request for a copy of EO coverage be included, attempted to provide the `on file’ comment only to find out a week post delivery both review and lender found it unacceptable. I work on ocassion for an AMC that suggests this very statememt and use it when necessary Although a different AMC thinks otherwise and gratefully I will no longer be on their roster, once the drama subsides – this experience involves an Idaho mid century single level waterfront property perched high above the river, originally a 2/1.0 converted to a 1/2.0 and an undisclosed additional/adjoining parcel – reverse mortgage, fun stuff! In an unrelated but quite interesting note CO technical rules on lending and MJ. The barriers to entry into this industry remain absurdly low for the emerging group of possibly the most influential people, the unlicensed amc managers. My new anti amc tag line is that regardless of what college educated expert in non related fields an amc may hire, they will never make acceptable substitutes for people whom actively maintain real estate sales, brokerage, or appraisal licensing. The repeated requests from amc’s to include this information is perhaps the most apparent illustration of their lack of relevant experience and expertise related to real property valuation development. So if I appraise a million dollar home and error in 5%, that’s what EO covers, nothing more, nothing less.
It does not indemnify a loss, cover private owner or lenders claims for most considerations, and does not act like any form of normal homeowners insurance substitute. All borrowers now get a copy of your report prior to closing their loan.Įrrors & Omissions only covers just that, the amount of financial impact that an appraisers error of data or omission of data might have caused. There’s actually a FIFTH reason you should not include your E&O info in reports: borrowers have no need to know who your insurance provider is.
It’s a simple enough fix, I just need to get involved to get rid of it. I took care of it Dave, that revision request should be dead and buried. Within a few minutes, I received an email back from the AMC person: It really ticks me off that (AMC) won’t stand up to this nonsense with lender clients.” Therefore, there is no real reason for an appraiser to include such docs in the actual report. If they want to sue me, they can send the appropriate docs, which I will then give to my E&O provider. Third, E&O coverage has nothing at all to do with underwriting mortgage loans.įourth, if a lender has issues with my reports on other respects, they can work back through (AMC) for resolution, or contact me directly. Secondly, when a lender engages the use of an AMC to ‘manage’ the appraiser panel, it is the AMC’s responsibility under federal lending regulations to monitor, vet and approve appraisers, which includes requiring appraisers to supply necessary documents (such as E&O binders) to the AMC in ADVANCE OF RECEIVING ASSIGNMENTS. There is notice of this in the report Supplemental Addendum, which of course, nobody bothers to read. If not, the lender may not like my response in the report, because I don’t do that for any client, lender, AMC, or whomever – EVER. Is there any way you can get this ‘correction notice’ rescinded? My response to the AMC directly via email, not in the report, was this: “ Per lender requirements, evidence of E&O coverage must be included in the report.” A while ago, I received a “correction notice” via a prominent AMC for a report I submitted:
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