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  #1  
Old 01-12-2009, 06:25 PM
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Dave-Michigan Dave-Michigan is offline
 
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Default New HVCC Update 1/7/2009

HAS ANY ONE ELSE SEEN THE NEW HVCC UPDATE............. THE RESTRICTION OF BANKS AND MORTGAGE COMPANIES OWNING OR BEING AFFILATED WITH AMC's HAS BEEN LIFTED.

https://www.efanniemae.com/sf/guides.../2009/0901.pdf

NOW THE BANKS MAND MORTGAGE COMPANIES CAN HAVE THEIR OWN AMC's, CUT OUR FEE'S BY 30-40% AND POCKET THE DIFFERENCE,

WHAT A DEAL!!!!!!!!!!!!!
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  #2  
Old 01-12-2009, 09:09 PM
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Non Sequitur Non Sequitur is online now
 
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It's the Golden Rule......
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No White Flags! Team Gleason
  #3  
Old 01-12-2009, 10:53 PM
appraisal23 appraisal23 is offline
 
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Did anyone really think the HVCC would prohibit a bank from owning an AMC?. the appraisers are helping lower the costs of underwring the loan process and thus... increasing the big banks bottom line.
  #4  
Old 01-13-2009, 07:53 AM
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You know I wound not have a problem with banks owning AMCs, or even AMCs in general as long as they did not pressure or bug me. The problem I have is they meaning AMCs always believe it best to take their fee from the Appriaser.. Why can they not add there fee on top of the appraisal fee, if they are in fact giving the lender/client an added service show they not charge for that service on top of the Appraiser Fee, I the AMC thinks their service is worth $125--- lets say the normal fee for an appraisal that appraisers charge their direct clients is $350. Then let the AMC charge client $475 for the package. I would not mind working for many AMCs if they would only pay what I am getting on the street without them. Hey if they give me reasonable volume I will work for $25 discount. I believe most of us can agree our main problem with AMCs are they are taking their fee out of our pocket. --(pick Pockets)
  #5  
Old 01-13-2009, 11:18 AM
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Dave-Michigan Dave-Michigan is offline
 
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Dan, In theory I would agree with you, I would not mind working for AMC companies if they would not pressure or bug me, I just wanna do my job, and if the volume was good enough I would even give a decreased fee. But the reality is, with the hundreds of AMC’s out in the market they are going to be vying for the work of many lenders. Each of them a saying I can name that value for XX amount of dollars, and us appraisers in the end will suffer with lower fees. The crazy thing, one of the big concerns was lenders and brokers pressuring appraisers for values, and they wanted to insulate or put a buffer between those ordering the appraisal and us appraisers, and the HVCC was suppose eliminate that. Well in the end, it’s all but a bunch of lip service smoke and mirrors, because now they will allow lenders to be affiliated with or even own AMC Company’s, so what has changed, nothing, it’s just another onion the layer of bureaucratic red tape. The bankers and lending institutions saw another opportunity to grab another fee in the lending process and their lobbyists it Washington made sure it happened. If us appraisers had any representation in Washington things would not be so bad. I am required to pay NAR dues and MAR dues, but I don’t see them speaking about our behalf. While I don’t know what the solution is I can honestly say that this is not the solution, to let appraisers to work unfettered without any outside pressures. Unfortunately we are working in an industry of finance and money, and where there is money involved, people get greedy, lie, cheat and steal. Us appraisers just have to stick together and stickup for our fees and say, this is what my time, knowledge and expertise is worth. But unfortunately there are still many appraisers out in the market whoring themselves out for appraisal fees of $100 or $125, and if at AMC can get $325 for appraisal and pay the appraiser $100 or $125, it’s more money in their pocket, and those are the appraisers and they are going to go to. I don’t know how this is good shakeout in the end I just hope I can hang on long enough to be there.
  #6  
Old 01-13-2009, 11:34 AM
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Doug in NC Doug in NC is offline
 
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There is an appraisal sub-committee of the NAR. NAR has many appraiser members across the country and even some have designations through the NAR. Maybe NAR could use some of its influence to work for its appraiser members instead of the interests of agents only. It may be worth asking. The worst they can say is NO. Why not, we pay the same fees most real estate agents pay.
  #7  
Old 01-13-2009, 12:09 PM
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Dave-Michigan

I agree with you totally. Yes as long we have *****s (your word though said it many time myself) in our business who will work for those low fees. Because either A that is what they truly think that is all they are worth. Or B to lazy to get out and work getting full fee clients.. Then they say something like you have to do what you have to feed your family. Bull…. Anytime any appraiser accepts an exceptionally low fee they hurt themselves, and every appraiser in there area. They have to know that they are getting the assignment because the AMC wants Low price not quality. The people at the AMC has to be laughing at them, because the AMC makes more than the appraiser, when the appraiser who has to drive out there, spend time, driving to comps and paying for Data service, and E & O and if someone is sued is it the AMC which made the most on the assignment or the appraiser? I figured out a while back that is why AQB or some group want the appraiser to have at least 2 years of college, because they knew they ones accepting those low fees could not be that educated. What about that poor sap who only get a portion of that low fee since he is not the owner of the appraisal group. Yes I will admit my business is down, and down even lower because I will not accept those lower fees. But I know I will also be hurting ever appraiser I know if I accept them. I can not see how those whoring appraisers have any respect for themselves, I know I do not respect them as professionals (but that is only my opinion) It seems in this area at least the more successful appraiser have more respect for themselves and the profession to accept those low fees. The other well I believe they are just the bums on the street pan-handling.

But Dave my comments below were if AMCs had a service which had value. And they had respect for appraiser they would not pick our pockets.. But the AMC knows there service does not have value to the lender. and yes, they have no respect for appraisers, that is why they treat appraisers without respect because they have no respect fot the appraiser.
  #8  
Old 01-13-2009, 01:39 PM
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We can post on this forum about all of this until the end of time. However, until the day comes that residential appraisers are willing to group up and defend themselves there will be no improvement of our situations at all. As long as we all remain unrepresented in all the behind closed door meetings that go on that shape the outcomes of the things that affect us... we will remain the victims of our own apathy.
  #9  
Old 01-13-2009, 04:15 PM
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You guys might like to know that a reporter from Business Week just called me and is doing a story on the HVCC. I was able to give him my perspective on the problems with it. He said he has interviewed many appraisers, and seemed well informed about our grievances. My take is that he is going to do a story soon about the problems with the HVCC...Maybe it will help. Regarding your post Webbed, I put some plugs in for appraisers who ARE organizing alternatives to the AMC's. Same reporter recently wrote an article about FHA being the new sub-prime.

http://www.businessweek.com/magazine...0036448352.htm
  #10  
Old 01-14-2009, 08:56 AM
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Quote:
Originally Posted by JENIFFERW View Post
You guys might like to know that a reporter from Business Week just called me and is doing a story on the HVCC. I was able to give him my perspective on the problems with it. He said he has interviewed many appraisers, and seemed well informed about our grievances. My take is that he is going to do a story soon about the problems with the HVCC...Maybe it will help. Regarding your post Webbed, I put some plugs in for appraisers who ARE organizing alternatives to the AMC's. Same reporter recently wrote an article about FHA being the new sub-prime.

http://www.businessweek.com/magazine...0036448352.htm
If you have his number and he really wants to know what appraisers think, recommend he visit this Forum. He might get enoungh info to write a best selling book..
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