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The AMCs Keep on Coming

Discussion in 'General Real Estate and Real Estate Finance' started by cworthy, May 18, 2009.

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  1. cworthy

    cworthy Sophomore Member

    0
    Jul 25, 2007
    Professional Status:
    Licensed Appraiser
    State:
    California
    The AMCs Keep on Coming



    http://www.housingwire.com/2009/05/15/the-amcs-keep-on-coming/

    By DIANA GOLOBAY
    May 15, 2009 2:02 PM CST




    Appraisal management company (AMC) DartAppraisal.com integrated with Mortgage Builder Software to bring Home Valuation Code of Conduct-compliant valuation services to mortgage banking clients. The integration ensures Mortgage Builder’s clients are covered for the new regulation, which went into effect May 1.
    “As [Mortgage Builder's] first AMC integration, DartAppraisal.com combines leading technology with stringent quality control measures for a comprehensive appraisal,” said DartAppraisal president Darton Case in a media statement.
    The Home Valuation Code of Conduct (HVCC) essentially requires that appraisers are selected and assigned on a blind basis via independent, third-party platforms to eliminate room for any faulty appraisals made around conflicts of interest.
    Independent appraisers have argued since before the original HVCC was introduced that the use of AMCs risks the quality of an appraisal by cutting into fees. The revised code has done little to quell such discontent, and if anything, has pushed this debate to the forefront of the settlement services industry as appraisers, originators and third-party service providers race to cover themselves under the new regulation.
     
  2. Randolph Kinney

    Randolph Kinney Elite Member
    Gold Supporting Member

    153
    Apr 7, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    There is no certification of HVCC compliance and no enforcement that conditions will be met.

    What is happening is that business relationships with appraisers are being diverted to AMCs in the name of HVCC.

    The net will be a lowering of fees to the appraiser and for those appraisers who now have to run the appraisal race with the cheap and fast crowd, it is all about volume to make ends meet.
     
  3. William K

    William K Senior Member

    0
    Sep 21, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois

    No it doesn't!
    However that is what AMCs are selling the HVCC requirements are to lenders!

    No where does the HVCC state- "appraisers are to be selected and assigned on a blind basis via , third party platforms to eliminate room for any faulty appraisals made around conflicts of interest."

    The whole HVCC issue still just amazes me as to what lenders are being told by AMCs it means and how appraisers have really been quite quiet in letting the AMCs get away with it.
     
  4. smackodu

    smackodu Senior Member

    0
    Aug 5, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    Maryland
    I agree. It is even more amazing that lenders believe AMC's. And what is even more amazing then lenders believing AMC's over appraisers is some appraisers believe educating a lender is telling them how to run their business.

    For God's sake please stop whining about AMC's taking your business and go educate a lender or 2. It doesn't violate the HVCC to talk to a lender! The AMC is selling fear. The problem as I see it is that lenders and appraisers are both buying into the scam.
     
  5. Workbox

    Workbox Elite Member

    2
    Mar 2, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    Colorado
    You get a prize, where do I sent the Stuffed Pink Monkey?
     
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