PCV Murcor

PCV Murcor mainly manages appraisal orders for Citi.
The typical fee paid to an appraiser in Southern California is $ 200+/-, although PCV Murcor likely bills the borrower $ 500 for the appraisal.
An appraisal requires researching the data, inspecting and measuring the property, photographing the comps and typing the report. If an appraiser wants to do a good job, this is a full day of work.
$ 200 per report /​8 hours = $ 25 per hour. Minus licensing, education, gas, software… the appraiser is probably making closer to $ 20 per hour. And the appraisers get NO benefits, as they are all independent contractors.
This is not a wage for a professional. Particularly the professional that is the bank’s only eyes on the asset that is securing their loans.
To get an appraisal license in California it requires schooling, exams, and 2,000 hours of on the job training — about 2 years! Nobody that intended to make $ 20 per hour would suffer through this…
The appraisal industry has been destroyed by Dodd/​Frank and the appraisal management companies.
PCV Murcor is among the worst in the industry along with ServiceLink (AKA: LSI/​LPS/​Black Knight).
Jerry Brown is raising minimum wage to $ 15 in the next 5 years, despite the fact that by his own admission it makes ‘no economic sense’. The reality now is that appraisers are making minimum wage when they take orders from PCV Murcor.
This economy is going down again.

I’m a mortgage broker and my lender uses this company as one of their appraisal management companies… They provide the worse service I’ve ever seen. To make a simple change on an appraisal, that they did incorrectly takes like a week. The appraiser made the change but the file goes back to them and through their QC process and it takes forever… My client is now closing an extra week late because PCV is soooo slow at doing their job… I will never, never use them again and if a lender uses them, I’ll use a different lender… terrible customer service…

Several years ago I was an independent appraiser contractor for PCV Murcor. My published fees on their website was higher, yet they still sent me appraisal offers usually around $ 200.00 (the majority of which I ignored). I only accepted appraisals from them that were in my immediate area with limited travel.
The rate ($ 200.00) they pay to appraisers does not attract quality appraisers. Their staff review appraisers were also not very knowledgeable or helpful. One time they called to see if I would do a final inspection on a property. I told them that my typical fee for a final inspection is $ 75.00. They told me to go ahead with the inspection and they would try to get an approval from their management. After the inspection, they cut my fee down to $ 24.17 by saying they would only pay $ 4.17 for gasoline /​travel (they calculated travel time by Google maps) and compensation for my time at $ 20.00 per hour. I’m sorry, I didn’t pay for 4 years of college and 15 years of appraisal experience to be paid $ 20.00 per hour. The market rate to pay appraisers for these assignments is $ 75.00, and I can only imagine how much they are charging the homeowners.
Illinois law requires appraisal fee disclosure to be placed within the appraisal reports so homeowners can see how much is going to the appraiser and how much is being paid to PCV Murcor. Once I started putting the fee (complying with Illinois Law) in the report, they stopped sending orders over because I am sure that many of their under paid appraisers were not aware of the Illinois Law and they didn’t want this information getting out to homeowners.
It is also a potential liability for quality appraisers to work there because sometimes when 2 appraisals for a property are ordered and 1 good appraiser and 1 bad appraiser values the property more than 10% different than each other, the appraisals are sent to State of Illinois as a complaint.

PCV Murcor is the best appraiser company. I have used them when I was refinancing my property. They have completed the report two days before the due time and very accurate report. I have used them because my lender refer me. Same time I have ordered a appraiser with some else it came back with same price but it took them more time to complete the report.

I have to agree with most of the reviews I read… I was trying to get rid of PMI from GMAC and had to pay down my loan to 20% LTV of my original home purchase (435k). GMAC forced me to use PCV Murcor which came out to do a BPO. It was full of inaccuracies, mispellings, and miststatements. My propoerty got appraised at 410K so GMAC would not remove PM I. Each on these 2 com pn aies put the blame on each other and wanted me to go do my own BPO and MLS searches on properties. I had this house for 2 years and remodeled the garage and backyard and many other things to the tunbe of about 40k. I knew there was no way my property went fropm 435k with 40k worth of enhancements down to 410k.
I just refinanced my loan w another lender and they did an appraisal (this is 2 weeks after the PCV one happened) and they appraised the house at 450k.
I am taking PCV to small claims court to get my $ 140 back plus the cost of the 200 extra PMI I had to pay because of their sub par BPO appraisal. Wish me luck.
Thx,

Independent contractor who did work for PCV Murcor appraised my property at 610K, when two weeks later it was appraised at 800K, and one year earlier, it was also appraised at 800K.
Appraisal report included inaccurate information. For example, one of the comparables was listed in the report as being in good condition, but it turned out he got the address wrong, and when I checked the building at the correct address, I discovered the comp was a fixer.
PCV Murcor’s review process is terrible. All they did was send PART of my comments, not all of them, back to the appraiser, who did NOT correct his mistakes. That took a week and a half, which anyone who’s refinancing knows is too much time.
Terrible. I will never do business with this company unless I have to.

I am in the process of refinancing my mortgage and had a appraisal done through PCV Murcor which was selected by the lender. PCV Murcor is not a reputable company as they sent out a 3^rd party independent contractor to appraise my property. The appraisal value they came back with was ridiculously lower than what I expected. I had a separate appraisal done a month ago with another lender and the difference between my 1^st appraisal and PCV Murcor appraisal was 40k. That is questionable as my property value cannot drop that much within 1month.
Additionally, a property closed escrow a month ago across from my property. My property is twice the living sq ft of the property across but yet the price difference between my property and the property across the street is almost the same price.
I would have to agree PCV Murcor is not an accurate and reputable appraisal company. I would not suggest to anybody.

We had a terrible experience with this company. Our appraiser did not take time to understand the neighborhood and compared our property with homes built 20 years later than ours. Nevermind that this newer section has shottier materials, tiny trees, and sells for far less per square foot.
Their «appeal» process was a joke. We explained the neightborhood make-​up, submitted the 3 additional sold properties (you have to give them the full MLS sales listings — not easy to do unless you know a real estate agent!) as they asked, and their response was to send us back our appraisal with the new properties added as comps (much higher price per square foot) and no change to the value.
When I asked to speak with a manager, they basically tell you that they defer to the appraiser and the amount stands. End of story. I told them I thought they’d like to know that their appraisers weren’t doing a good job, but they don’t really care.

This has to be one of the most inaccurate appraisal companies out there. It leads me to question if they actually had an appraiser come out and physically look at the property I intended to purchase.
Due to the inaccuracy of the appraisal report, the underwriter of my loan questioned my intent to occupy the property as a primary residence and consequently nearly halt the funding of my loan.
I had to call and argue my way with the appraiser to have him correct his inaccuracies within the report. In addition, the appraisal report was NOT DELIVERED on the date promised, but a week later.
I can’t believe I had to pay an Appraisal Cost of $ 704 to deal with this kind of bullsh*t.
BOTTOM LINE: If you lender suggests to use this appraisal company; fight them every step of the way to suggest a more reputable Appraisal Company. PCV will screw you.

Not happy.
I had my appraisal done by them as requrested by my lender.
They mispelled my LAST NAME.
This report goes to the bank!
the Email listed in the report in which they sent via email was also not accurate.
email bounces.
careless…