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Direct Lender? No AMC?

Discussion in 'General Appraisal Discussion' started by ValueArtist, Jul 1, 2013.

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  1. ValueArtist

    ValueArtist Junior Member
    Supporting Member

    5
    Dec 12, 2010
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    Hello Appraisers and Appraiserettes,

    I was contacted by a home owner requesting a valuation for refinance. Owner states that he was instructed by the lender to acquire an appraisal.

    Here's my issue: I've been stuck in this AMC bubble for so long now that I longer know what is allowed outside of them? I don't want to scare this potential client away with stupid questions(hahaa), so I'll ask you all instead lol.
    How can I be sure that this lender accepts appraisals outside of AMC's? What do I need to find out to assure that a directly engage appraisal is acceptable? I have the lenders information- but I thought I'd gather some knowledge from appraisers with direct lender experience before I call? I'm not even certain, at this time, that this is a direct lender.
     
  2. Lost Cause

    Lost Cause Senior Member

    16
    Sep 17, 2004
    Professional Status:
    Certified General Appraiser
    State:
    New York
    There is no requirement for an AMC or any other middleman to order an appraisal. Lenders are free to directly order an appraisal should they choose to. However, no federally insured lender is permitted to accept an appraisal brought in by a borrower (or even use an appraiser suggested by a borrower). If your lender is not federally-insured & regulated, then they can do whatever they please.

    **************************************

    Appraiserettes? Would that be a miniature appraiser?
     
  3. ctapraser

    ctapraser Senior Member

    0
    Feb 3, 2012
    Professional Status:
    Certified Residential Appraiser
    State:
    Connecticut
    You stated that this is for a refi,

    It is a Federal Government requirement that appraisals for lending purposes be engaged by the lender.
     
  4. ValueArtist

    ValueArtist Junior Member
    Supporting Member

    5
    Dec 12, 2010
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    Exactly as I understood it to be. I just wanted to confirm, as the homeowner was adamant that the lender instructed them to obtain an appraisal.

    Appraiserette in the sense of bachelorette but with more miles? lol
     
  5. ValueArtist

    ValueArtist Junior Member
    Supporting Member

    5
    Dec 12, 2010
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    Thank you ctapraser!

    I appreciate your response- exactly what I thought to be true.
     
  6. CANative

    CANative Elite Member

    249
    Jun 18, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    This isn't on you, the appraiserette. It's on the borrower and the lender.

    Tell the homeowner that you'd be happy to do the appraisal but there is a potential problem in that the lender may come back and say they can't use it because you, the borrower, engaged the appraiser.

    Suggest they have their lender call you direct.
     
  7. ValueArtist

    ValueArtist Junior Member
    Supporting Member

    5
    Dec 12, 2010
    Professional Status:
    Certified Residential Appraiser
    State:
    California

    Spoke with the lender "generally", and they stated that they are a Federally Insured lender and that they would engage an appraiser directly. I then spoke with the home owner and explained the current requirements for federally insured loans, however, he still emphatically asserts that his lender instructed him to secure an appraisal. So, I will provide this service with the home owner as the intended user- GP-form- (for use in a mortgage transaction); in the worse case scenario, I will refund the fee.
     
  8. ValueArtist

    ValueArtist Junior Member
    Supporting Member

    5
    Dec 12, 2010
    Professional Status:
    Certified Residential Appraiser
    State:
    California

    I take the whole "appraiserette" thing back! How dare you! Hahahaaa!
     
  9. leelansford

    leelansford Elite Member

    45
    Mar 29, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois

    Is the lender unregulated?
     
  10. leelansford

    leelansford Elite Member

    45
    Mar 29, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    You may want to make one last effort and ask the potential client to again talk to the lender.
     
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