The personal computer and the Internet exists today, didn't exist 25 years ago. I'm sitting in my hotel room overlooking the city of Las Vegas, composing this column on a machine which is in my lap, and a bell rings every few minutes announcing the arrival of another email message.
I'm connected to the Internet through a wireless hookup in the hotel. All day long each day I stay in touch with my office, with the folks around the country with whom I'm working....Florida, California, Chicago, Boston, Arizona, Washington, have all been the source and destinations of emails, not to mention the messages exchanged with the Global HQ of Acorn back in Houston. In short, it's as if I never left my Galactic HQ in Cypress, Texas...I've done everything from Vegas that I would have done from Cypress in my own office. Everything!
Everything except play golf....
Valuation 2007 was impressive. Quality speakers, timely topics. Fannie Mae, Freddie Mac, VA, FHA, all made presentations on the state of their business, the future directions. Appraisal Fraud was discussed by Fannie Mae, Rachel Dollar of the Mortgage Fraud Blog, the FBI, and Richard Barefoot of Morgan Stanley.
The Chief Appraiser Panel, represented by Bank United, Indy Mac, ING Direct, Wachovia, opened with Brad Ellis of Indy Mac. Brad Ellis' topic was Black Lists and Do Not Use Lists.
He has been working with a committee within the Mortgage Bankers Association (I hope I'm connecting this correctly; I don't have the exact committee and its relationship within the MBA in front of me.) The purpose of the committee was/is to study the exclusionary practices in the industry and recommend a common policy.
Remember the Black List Series that Appraisal Scoop began this summer? Your comments and the cases that you reported were read by members of that committee and influenced their thinking. Brad was even kind enough to open the presentation by noting to the Appraisal Scoop series. Thanks Brad.
Thanks readers! Your involvement here had an impact. Brad had sent me a copy of the Exclusionary List report and the committee's recommendations a few weeks ago. I've kept it confidential, not having been given permission to discuss it publicly.
After the presentation Brad released me from that self imposed restriction, and Appraisal Scoop will have more to say about that report later in a separate column. Much of what our Black List series suggested as remedies are contained in that report's recommendations.
Click here to continue reading . .
As for the immediate benefits of Valuation 2007 to me and to my appraisal company, the trip was paid for within the first 2 hours of my arrival.
Remember my Illegal Appraiser Problem earlier in the year? The only one of our Cherished Clients to Blacklist Acorn as a result of that problem was at Valuation 2007 as an exhibitor. They were a good, profitable and growing relationship prior to the Illegal Appraiser.
When I contacted them about the problem and what we were doing to make things right, they were complimentary of Acorn's quick action in informing them and offering solutions. But orders immediately stopped. My subsequent phone calls, emails were never returned. Acorn had been Blacklisted and I knew it. The Client never told me they had done that (that's the definition of a Black List...remember?), but their actions told me they had.
Fast forward to Valuation 2007. I walked up to the former Client's booth and introduced myself. I told them I was the firm with the illegal appraiser, they had blacklisted me, and since they were good folks and Acorn was good folks, didn't it make sense to renew the relationship? I had no problem if they refused to do business with me, after all, I had made a mistake and put my client in jeopardy. They had every right to not do business with me, and I would support their decision if they chose to forever sever ties.
Instead, they called their HQ, checked out my story, and within hours had put the wheels in motion to un Black List my company and renew the relationship. A Cherished Client with a four figure monthly order volume, growing into five figure monthly volume had been restored!
How's that for a return on investment for attending Valuation 2007?
The author is the owner of Acorn Appraisal Associates, a 22 year old firm offering a wide range of quality appraisal services to the Financial and Business Communities. [email protected]
I have the right to remain silent. Anything I say will be misquoted and used against me
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