Bob Murphy, appraisal management company pioneer, dies

Robert "Bob" Murphy Jr., considered to be a pioneer in the growth of appraisal management companies, died on July 8. He was 83 years old, according to an online obituary.

Murphy was the co-founder of Lenders Service Inc., a forerunner of today's ServiceLink, and a company which was considered to be the first AMC. Murphy sold LSI, which then went through several ownership changes including Prudential Home Mortgage and Merrill Lynch before being acquired by Fidelity National Financial in 2003.

The use of AMCs became more common following the adoption of the Home Valuation Code of Conduct, created in a legal settlement between then-New York Attorney General Andrew Cuomo and the government-sponsored enterprises in a case involving Washington Mutual on how appraisals were to be ordered by lenders.

Murphy later founded ValuAmerica, in 1996, which was acquired by Radian in October 2015 through its Clayton Holdings subsidiary. It was subsequently rebranded as Radian Settlement Services.

(Radian is in the process of divesting all of its real estate services companies as part of a business shift with its acquisition of Inigo, a specialty insurance company.)

"Bob was a true pioneer in the title industry and a mentor whose guidance shaped my career," Steve Stipetich, senior vice president, title at Radian, said. "Like so many others, I owe my start in this field to him and will forever be grateful for his wisdom, integrity, sharp intellect, and humor. Ever since the Lenders Service Inc. days, we have shared a connection and memories I will always value deeply."

Murphy received the March Fong Eu Achievement Award in 2018 from the National Notary Association for an innovation in this industry.

In the 60s, he was a loan officer for a consumer finance company, whose clients were unable for various reasons, could not come into the office for the closing, according to an article accompanying the award.

So Murphy sent the notary to their homes. It is why he is largely credited with creating the mobile notary industry, the obit said.

A LinkedIn post from his son Shawn so far has received 74 replies, many of which noted Bob Murphy's impact on their careers and lives.

Murphy "was such a wonderful influence on our industry," a post from Cristy Ward, chief strategy officer and executive vice president at Mortgage Connect, said. "His influence will be a legacy most could only hope for."

"I had a group text chain going when we heard the news and the sentiment from all of us was 'where would we be without Bob Murphy?'" wrote Melissa Schiller, national sales manager at Priority Title & Escrow. "He shaped the careers of so many of us in ways we didn't know where possible."

Survivors include his wife, Diane, children Tracee, Shawn (Carla), Kathryn Smith and Kaitlyn Murphy (Ray Kang), 11 grandchildren and six great-children, as well as his sister Nancy Murphy and niece Kelley Coleman, the online obituary said.