Ever notice how the only people who seem to be espousing outsourcing are those who gain financially? appraisal management companies themselves…
As a self-proclaimed technology maven, I wonder if technology is the answer to all our problems within the appraisal process? In many ways, it can dumb it down, causing the process to drift away from its original intention. The AMC process seems to be an automated paper handling compliance machine.
Another AMC took outsourcing abroad to perform appraisal reviews.
How is it humanly possible to perform a review appraisal from another country unless the report is nothing but a compliance document and not a basis of risk analysis?
AMC’s are here to stay. Where is there middle ground between form-filling compliance automation and hand done reviews?
[Webmaster Note: This post has the highest number of “?” in any posts in this blog ;-)]
Tags: Appraisal Management Companies, Soapbox Blog, Appraisal Process
From an appraiser I worked with in the past, I learned that a certain firm outsources their DCF’s to India. Apparently they overnight them and get them back pretty quickly.Â Essentially, the appraisers don’t do their own DCFs. Â
Outsourcing appraising to India. That is shocking!! Its truly bizarre if a property in NYC is being appraised by some clerk in India. How can the visual dimension of looking at a property or the local knowledge of the property market be ignored in this case.
I would like to see their disclaimer – it must be like a short story!
Having worked as a reviewer at a large national lender the thought of outsourcing the only real protection in making a sound lending decisions ie. the review, seems highly risky. I wonder if this move is more cost effectiive than cost efficient.
My experience with AMC’s is all that matters is fast turn time, low fees. Quality of the appraisal is not important. Its just a form. AMC’s should have some oversight or accountability placed on them. Their strategy is very short sighted.
Of course appraisals are vulnerable to automation — no matter what the country source or a label such as “outsourcing.” If the final value is based on simplistic factors such as square feet, number of baths/bedrooms…a machine can do a fine job of providing a comparable value. Value added is the key to retaining human input . Unless the customer understands the added value — then a machine (or off shore worker) can offer a better price.