Marlene: Hello it’s Marlene from AAA-AMC! It’s another amazing day at AAA and today we have our Chief Appraiser, Mark Liley. Thank you so much for joining me! Mark: Thank you. Marlene: Mark was the Chief Appraiser for 11 years for one of the biggest lenders in the industry, and we are so honored and happy to have him be on our team now. Thank you again, we appreciate everything you do for us Mark. So, hi Mark! Mark: Hi Marlene, thank you for having me. I really appreciate getting out of the cold winter of Michigan and coming out here to Southern California to spend some time in the offices. Marlene: Awesome. Mark: It’s great to be here with you today. Marlene: Thank you. Mark: So Marlene’s told you that I was a Chief Appraiser for one of the largest banks in the country, that’s a true statement I was. I spent about 11 years with one of the largest lenders in the country. Learned an awful lot about our industry during that time. I was there prior to the economic crisis, HVCC, appraiser independence were a requirements. Dodd Frank, TRID. All of those things. We were involved with heavily, and a great opportunity to learn and meet a lot of people within the industry. So prior to that, just so you folks may know a little background on me, I’ve been an appraiser for about 35 years. You can tell by the grey hair, I’ve earned every single one of them. And I’m just very happy to be with AAA right now as their Chief Appraiser and have had the opportunity to meet several of our clients and a lot of our appraisers and I think this is a great little company we’ve got right now. Marlene: Thank you, thank you so much Mark, that’s so sweet of you. So tell us a little more about that conference in San Diego. Mark: Collateral Risk Network is a group of industry leaders and insiders, whether it’s Chief Appraisers from Banks, AMC’s, Collateral Managers, Regulators, representatives from Fannie Mae, Freddie Mac, the Appraisal Sub-Committee. Truly leaders within our industry as appraisers gather and exchange information, work on various projects, update, we get updates on regulations. and that’s the scariest thing that we’re dealing with today, is the regulations of the AMC’s and most of our appraisers know that, the AMC’s are regulated at state level , but probably not thinking to what extent. Right now, there’s probably 30-35 states with regulations. But, by the time of July of this 2017, there will be 40 states at least with AMC regulations. Layered on top of that, the Appraisal Sub-Committee is coming out with AMC regulations and guidelines at the federal level. So it has grown into a huge problem for our AMC’s, not just AAA but all AMC’s, to stay compliant with 40 different states along with federal guidelines, and, it’s not so much being in compliance with them today, but each one of those states, tend to change their regulations. Update and revise them over the time. Marlene: Yeah Mark: and keeping track with that and keeping up to date and making sure that we’re in compliance with that, is a huge undertaking for all AMC’s. Marlene: It is. Mark: And that’s probably the most surprising piece of information that I gathered at that Collateral Risk Network. Marlene: I wish they can just do like one federal guidelines for all the States. Is there any, is anyone talking about it? Did somebody mention it, no, nothing like that? Mark: No, it’s mentioned! All of the AMC’s, well I shouldn’t speak for all of them, but a number of the AMC’s that were at the CRN event. Marlene: Ahuh Mark: All wish that there was one regulation that we can all comply with instead of having 40 different pieces of legislation. Marlene: Exactly. Mark: Each one with a idiosyncrasy that you have to have this particular statement within the appraisal for this state, but this state, they want something else stated at this particular spot within the report, and then having the AMC’s be audited on that, yah, pretty much across the board we would all like to have Marlene: Yah Mark: one regulation at the federal level that supersedes the States. Chances of that happening unfortunately for us on the AMC side Marlene: Ahmm Mark: probably not going to happen any time soon. Marlene: Thanks Mark, now I have another question. What do you think in your opinion, is the most important part of the AMC and appraisal process? Mark: Well, a lot of important facets that we have in our process but the number one is, the selection of the appraiser. If you select the most skilled, competent appraiser to do your work, you have a high probability of getting a credible appraisal the first time, on time, with limited or no revisions, it’s just a smoother process. If you engaged the best appraiser possible, you’re going to get a good quality report and that is paramount in our industry. Marlene: That does make a huge difference in our daily work. Well, I hope you guys enjoyed this video blog and thank you again for joining me today. It’s always nice to have someone here. I hope that was beneficial for you guys, thank you again for tuning in and until next time bye-bye. Mark: So long.