What the general public does not understand is that Appraisal Management Companies (AMC's) like Class Valuations receive their appraisal orders from lending institutions, the lender you went to for your loan. Once the order is received, they shop the appraisal order out to their appraisal panel, mostly fee appraisers from the local areas they operate in. During this process, it is not uncommon that the AMC shops for the cheapest appraiser. In fact, this shopping around process actually slows down the process assignment process, thus the extended turn times for the actual appraisal. In my experience, I've seen appraisal orders float around for as many as two weeks because the good appraisers won't work for peanuts. I've seen comments in here regarding appraisal fees and I'm here to tell you, appraiser's operating costs have skyrocketed over the years, just as everything else has. So, yes, appraisers cannot do business today and survive on fees from 10 or 20 years ago.Back to the AMC's. Once the order is finally place, the appraiser may already be a couple weeks out. Sometimes, agents don't get back to the appraiser for access in a timely fashion. However, once the appointment is set, most appraisers show up on time, complete the inspection, and get a report out within a day or two. As for the appraisal fee reported in the loan closing documents; appraisers do not control that, and the fee reported is quite likely higher than the appraiser actually received for the appraisal. Why? Because the AMC tacks on their fees for processing the order. And I can attest that some AMC's charge more as much or more than the appraiser actually received.I hope this helps anyone that thinks this is on us appraisers.
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Class Appraisal, Inc. is a nationwide Appraisal Management Company located in Birmingham, Michigan. The company has earned a reputation for delivering outstanding customer service to some of the nation’s largest lenders and are ranked top AMC by the nat...
