The problem with large AMC’s for lenders and clients

Our friend Jay Vorhees at JVM Lending wrote a blog recently about Apprisal Management Companies (AMC’s) that I found really interesting. Jay wrote about the mess that usually comes out of a broker-lender relationship due to appraisal issues.

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After the mortgage melt down the laws changed that required lenders to use AMCs instead of cherry picking their appraisers directly.  This past practice created an opportunity for dishonest practices.  However, creation of AMC’s created a separate list of issues and caused the cost of appraisals to increase.  The AMC’s usually paid the appraisers too little and decreased motivation by appraisers to do a good job or they hired inexperienced appraisers because the seasoned appraisers got out of the business as their salary decreased. Initially there was no parameters in place for the appraiser you got.  Many times, I got an appraiser from Sacramento appraising a property in the Walnut Creek School District and would get a low value because the comps they pulled were parts of Walnut Creek not in the school district.  As you can imagine, this led to some huge problems

As time passed, mortgage brokers such as JVM have moved to a “mortgage banking channel” to avoid using AMC’s and now utilize their own internal AMC that is still compliant but staffed by competent, local, highly-skilled appraisers of JVM’s choosing.  The lender still can’t talk to the appraiser, but at least they have control of the quality of appraisers and know the area they are appraising.

For more information about this topic, see this Washington Post article Jay quoted in his blog. You can visit JVM Lending here.

Art Town: Sparks

Tucked away in front of a building on Cole Ave. (off N. California Blvd. by The Counter), is a cool sculpture called “Sparks.” I never would have noticed it if not for looking up while I was walking by.

The sculptor is Linda Fleming, a longtime sculpture professor at California College of the Arts. She has three major pieces at the Oakland Museum, which you can see HERE, HERE and HERE.

Lesson learned: always pay attention to your surroundings so you don’t miss anything!

Broderick doesn’t live up to the legend of Hubcaps

My son Jackson and I tried Broderick recently. And as much as I loved Hubcaps, which formerly occupied the space there, I have to say Broderick was slightly disappointing.

I used to go to Hubcaps for burgers before movies, and it was a Walnut Creek classic. But it definitely needed a remodel, so when the owners shut it down with the intent of rebranding as Broderick, I was pretty excited.

There’s a definite decor and lighting change, and a better bar-sitting situation if you want to watch a game while eating. The casual atmosphere is nice, and updated compared to its predecessor. Unfortunately, that’s about as far as the positives went.

Jackson ordered a burger and I ordered a fried chicken sandwich. I had visions of the fried chicken you get at Tender Greens, however, I got a thickly, breaded, heavily-seasoned coating that separated from my chicken. Jackson’s burger was ordered medium but only had a tiny bit of pink in the middle – and was dry.

This may sound like a funny complaint, but we also had so many fries on our plates that there was no room to put ketchup. Speaking of the fries, they had weird seasoning on them. The sriracha-mayo doused my chicken sandwich and made the whole situation sloppy and hard to eat.

The huge pickles on the sandwiches were good, and the artisan buns were great. They do have brunch there and the wait staff was attentive, but did not ask us about our meal. The food just wasn’t special and it cost $38 for two burgers, fries and a beer.

Overall, I give it 2 Mt. Diablo’s out of 5.

April events to mark on your calendar!

Believe it or not, it’s already almost April! As the calendar turns from winter to spring, Diablo Magazine has provided a few awesome ideas for local events in the Bay Area next month.

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Here are four of the best ones that I’m personally interested in going to:

The Naked Magicians: April 3rd at Livermore’s Bankhead Theater

An Australian duo who put on “the world’s naughtiest magic show,” complete with illusions and comedy. Adults only!

Bay Area Craft Beer Festival: April 22nd at Martinez waterfront

More than 50 local breweries, live music and food trucks from all over the East Bay? Yes, please!

Diablo Trails Challenge: April 15th at Mt. Diablo

You can choose from a 5K, 10K, 1/2 marathon and a 50K. Partial proceeds go to Save Mount Diablo!

Monet: The Early Years: Through May 29th at Legion of Honor (San Francisco)

You can get a cool perspective on Claude Monet’s early period of work, covering his evolution to Impressionism at the SF Legion of Honor.

Leave a comment if you know any other fun things to do next month!

Inspiration Saturday: Jerry Garcia shrine

On my trip to Aspen a couple weeks ago, we stumbled upon a Jerry Garcia shrine in the powder between the trees. On one tree was Grateful Dead lyrics to the song “Scarlet Begonias.” It’s the following line – I love it:

“Once in a while you get shown the light in the strangest of places if you look at it right.”

 

More change coming to downtown WC

The ever-evolving landscape of downtown Walnut Creek is about to change again. Soon enough, there will be another new restaurant and Amazon’s new brick-and-mortar location.

Citra Grill, which has held a corner location by the movie theater for a few years now, is already out. In its place goes KoJa, which is a food truck-turned-restaurant that serves up a Korean-Japanese sandwich fusion with crispy garlic rice buns instead of bread.

Additionally, there is a physical Amazon location coming to Walnut Creek. The new bookstore, which will go in Broadway Plaza, will infuse a little literature into a town that lacks it. I find it ironic that Amazon’s business model literally (pun intended) closed most of the brick and mortar stores because it was much cheaper to order books via Prime. How I have missed browsing a book store before a movie, but isn’t that the problem? We as consumers browsed and then bought online and now with Audibles, I just download a book. I am curious to see how and why this fits their warehouse-style business model that ships to your door.

The last update is one recommended to me by a team member. Apparently, there’s a new sushi joint next to Crepes Ooh La La called Kurumi Sushi that gives gigantic portions for fair prices and which he says is above average in taste! I personally don’t think you can have both (great food and large portions), especially with Walnut Creek real estate rents, so you decide and let us know.

Is my real estate “on fleek?”

I recently had a beer with my son at Ol and on the menu, one was named “On Fleek.” I asked him what it meant and later mentioned this to my team. That discussion turned to funny, popular words and phrases, like “on fleek” so we decided to blog about it and my freelance writer Jeremy wrote this witty piece…

I asked my team what “on fleek” meant, and they said it basically is when something is good, or looks good. I believe the example they used was “her eyebrows are on FLEEK!” So, I asked them: Is my real estate on fleek?

We got a good laugh out of that. I can’t believe how many new words there are with younger generations! For example, I recently learned what the “dab” was, and by the time I learned what it was and how to properly “dab on ’em,” the fad was already over.

There’s “sus,” which is short for “suspect,” and “extra” which means you’re doing too much or going over the top. There’s every Bruno Mars lyric (“hashtag blessed”) and “bae” for “babe” to describe your significant other. You can be “basic,” or have “no chill” or just straight up say “TBH” for “to be honest.”

Upon doing a little research, guess what I found out? “On fleek” has already been replaced by “snatched.” So, for example, “her eyebrows are snatched!” That makes absolutely no sense, but I can roll with it!

Maybe my new business tagline should be “TBH, I’m hashtag blessed to be your agent because we are so snatched!” On second thought, maybe not.

Art Town: Whaat?

Here’s another fun utility box project on the corner of N. Main St. and Duncan, right near Tomatina, kitty corner from the head fountain!

The painting here is a little more simple than others we’ve showcased, but still grabs your eye with the bright orange background and strange design in blue. It almost looks like a person with spiky hair listening to music, doesn’t it?

I can’t find much information on the piece itself or on the artist, James Woods Marshall, but it’s hard to miss this one when you’re walking down N. Main! Just another cool piece in a town chock full of hidden art.