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  #1  
Old 06-21-2010, 02:28 PM
tbliss86 tbliss86 is offline
 
Join Date: Oct 2009
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Default Do all large lenders use AMC's

Will be starting a a small company as a trainee next month. Before starting I need to put together a business plan on how I can bring new business in the office. The appraiser currently does no advertising and all the work is referral business. From what I have read on the forum regarding the larger lending institutions, BOA, AIG, Citigroup, Quicken Loans, they all use AMC's. I would like to get on a few of their vendor lists but I have not read a single positive post regarding AMC's. Would I be missing an opportunity to get addittional business or be better off creating other avenues of new clients?
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Old 06-21-2010, 02:57 PM
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Michigan CG Michigan CG is offline
 
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Sounds like the appraiser you will be working for has a good business model. I am guessing he/she is a CG appraiser?

I Worked for two AMCs, a total of four reports and fired them both even though they paid $350 per report.

I have so much referral work right now they could offer $600 and I would turn them down. It is simply not profitable for me to work for them.
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  #3  
Old 06-21-2010, 02:59 PM
tbliss86 tbliss86 is offline
 
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At $350.00 a report why did you fire them?
  #4  
Old 06-21-2010, 03:07 PM
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Michigan CG Michigan CG is offline
 
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Because of the BS you have to go through with them. Rewriting to what they want, answering dumb questions that are already answered in the report.

Some dumba** asking for another comp within a mile and 3 months when there are only 6 houses within a mile.

One had a website that I was supposed to update every time I ate an oreo. If no update then they send an e-mail or call. I am a professional and expect to be treated as such. I told you when you get your report, leave me alone.

I make a lot more on commercial and two regular residential clients that don't use AMCs.
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  #5  
Old 06-21-2010, 03:12 PM
tbliss86 tbliss86 is offline
 
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Thanks for the advice.
  #6  
Old 06-21-2010, 04:42 PM
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DMZwerg DMZwerg is offline
 
Join Date: Mar 2009
State: Wisconsin
Professional Status: Certified Residential Appraiser
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Quote:
Originally Posted by tbliss86 View Post
Before starting I need to put together a business plan on how I can bring new business in the office. The appraiser currently does no advertising and all the work is referral business.
<snip>
Would I be missing an opportunity to get addittional business or be better off creating other avenues of new clients?
Maybe yes and maybe no.
If the chief appraiser is a CG, and particularly if a designated CG, then you may want to work and get licensed 1st then try to start bringing in additional business/clients. Most AMCs take part of the appraisal fee and as trainees are often split-fee you would likely end up with a split of a split (which would likely amount to "spit" ) thus are generally not the best clients.
If the chief appraiser is a very good mentor and you end up working there for years and build up to getting a CG yourself then you will probably see yourself specializing slightly different from your mentor more and more as time goes on and may actually look towards joining a different professional association and getting a different designation, unless there is enough diversity amongst the hopefully growing clientele to support multiple appraisers.

Good luck!
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  #7  
Old 06-21-2010, 04:58 PM
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David Wimpelberg David Wimpelberg is offline
 
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Location: Hamptons, NY
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Quote:
Originally Posted by tbliss86 View Post
Will be starting a a small company as a trainee next month. Before starting I need to put together a business plan on how I can bring new business in the office. The appraiser currently does no advertising and all the work is referral business. From what I have read on the forum regarding the larger lending institutions, BOA, AIG, Citigroup, Quicken Loans, they all use AMC's. I would like to get on a few of their vendor lists but I have not read a single positive post regarding AMC's. Would I be missing an opportunity to get addittional business or be better off creating other avenues of new clients?
As a trainee, you won't be able to sell your services to the clients you mentioned. You have to sell the services of you mentor to the client.

I personally avoid AMCs like the plague. In general, they are the most annoying, most demanding, most unreasonable, most unloyal, and cheapest paying clients on the planet. Many are also having issues with paying at this point, as noted daily on the forum.
  #8  
Old 06-21-2010, 05:02 PM
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Michigan CG Michigan CG is offline
 
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Quote:
Originally Posted by David Wimpelberg View Post
............they are the most annoying, most demanding, most unreasonable, most unloyal, and cheapest paying clients on the planet......
And that is their good points.
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  #9  
Old 06-21-2010, 10:50 PM
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Lobo Fan Lobo Fan is offline
 
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70% of all mortgages are processed by JP Morgan, Wells Fargo, or Bank of America. All require appraisals be performed by someone on their approved list. Even local banks that sell to one of these three are required to use their appraisers. The rest of the AMCs are fighting over the scraps left behind by promising lower fees and faster turn times. The appraisal business will soon be dominated by the big three AMCs.

If you have the chance it would be advised to stay away from residential mortgage appraising. Unless something dramtic happens soon, it will get very very ugly.
  #10  
Old 06-22-2010, 11:21 AM
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Pittsburgh Pete Pittsburgh Pete is offline
 
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Quote:
Originally Posted by Lobo Fan View Post
70% of all mortgages are processed by JP Morgan, Wells Fargo, or Bank of America. All require appraisals be performed by someone on their approved list. Even local banks that sell to one of these three are required to use their appraisers. The rest of the AMCs are fighting over the scraps left behind by promising lower fees and faster turn times. The appraisal business will soon be dominated by the big three AMCs.

If you have the chance it would be advised to stay away from residential mortgage appraising. Unless something dramtic happens soon, it will get very very ugly.
Don't you mean "uglier!"
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