Perry Associates, LLC

Revdex.com: Complaint...

#[redacted].                                  ...⇄ August 1, 2017 First, I would like to share a little of my personal background.  I have been a Certified Residential Appraiser since 2007.  I am qualified to perform VA and FHA residential appraisals.  I have performed approximately 5,000 appraisals covering nine counties in Idaho during my appraiser career and have worked for approximately 200 Appraisal Management Companies (AMCs) and Lenders, as well as private parties.  In order to maintain my Certifications, I am required to take continuing education classes every year as specified by the State of Idaho.  This results in me accumulating over 1500 hours of appraisal-specific class time.  Most importantly, I have never before had a complaint filed against me or my company with the Revdex.com. Second, I would like to briefly explain the process involved when a residential appraisal is ordered. In most cases an AMC works with Lenders and appraisers to facilitate the ordering, tracking, quality control, and delivery of appraisal reports. The AMC places the order with the appraiser. During the appraisal process, the AMC may communicate with the appraiser and request updates on possible issues or discrepancies. After an appraiser completes an assignment, the appraisal is sent securely to the AMC. Dodd-Frank, and most state regulations, requires AMCs to have a system in place to assess appraisal quality. After the AMC assessment and approval, the appraisal is then made available to the Lender/Client by the AMC. It is very important to understand the “intended user” in an appraisal assignment.  Appraisals are written for the intended user who typically knows and can correctly understand the data in the report.  When the Lender/Client (AMC) is specifically designated as the ONLY “intended user,” the appraiser is prohibited by law to communicate with any and all outside parties.  The AMC which hired me to appraise the property in dispute rated the quality of my report and stated, “That it scored very high”.  The AMC approved and forwarded my report to their client (Lender).  (Note, the AMC has stated that they will be retracting the report (not use it) and will also be refunding their portion of the fee.) If a party disagrees or wishes to challenge the appraisal, most AMCs have a specified method by which this can be accomplished. Requests are made through the Lender where additional data/comparable or perceived errors in the report are supplied for reconsideration by the appraiser. After review, the appraiser may, or may not, revise the appraisal report and or value.  By law an appraiser cannot discuss the appraisal report and its findings with anyone other than the Lender/Client.  Because of this, I cannot discuss the specific complaints in this matter. I have returned my appraisal fee to the disappointed homeowner just as my client plans to do.   We believe the returned fees should allow the homeowner to pursue another opinion (appraisal) and we consider this matter closed. Third, thank you for the opportunity to address this complaint.  I appreciate that I can provide my side of this matter.