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Old 05-18-2009, 11:14 AM
cworthy's Avatar
cworthy cworthy is offline
 
Join Date: Jul 2007
Location: Ocean Beach. SD
State: California
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Default The AMCs Keep on Coming

The AMCs Keep on Coming



http://www.housingwire.com/2009/05/1...eep-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.
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Old 05-18-2009, 11:30 AM
Randolph Kinney Randolph Kinney is offline
 
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Location: SoCal
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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  
Old 05-18-2009, 11:35 AM
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William K William K is offline
 
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Location: Cook county
State: Illinois
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Quote:
Originally Posted by cworthy View Post
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.

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.
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Old 05-18-2009, 05:59 PM
smackodu smackodu is offline
 
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Quote:
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.
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  
Old 05-18-2009, 07:15 PM
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Workbox Workbox is offline
 
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Quote:
Originally Posted by smackodu View Post
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.
You get a prize, where do I sent the Stuffed Pink Monkey?
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