AMC Appraisers--seriously?

[staceyuw]

Pursuant to the Interagency Regulations et al, Competency of an Appraiser falls on the shoulders of:

1. FIRSTLY, the Bank Lender who is tasked with the responsibility of Appraiser Selection (either direct or via an AMC),

2. Secondly, on the AMC Agent of the Lender, and

3. Thirdly, on the Appraiser selected.

TRIPLE BULLSEYES

In response to this Mike, I use 6 lenders and guess how they all require me to order the appraisal? Thru a AMC. I suppose the bank lender should use a AMC that hires competent appraisers. (Do you know of any??) But no good appraisers here want to work for any AMC because they are not paid enough. SOOOO, we end up with crappy appraisers who will work for less. NOT because of value like most everyone assumes. Silly me, but when the picture of the subject home isn't actually the subject home but their neighbor's house and they went outside normal FNMA guidelines for comps but didn't explain why and there are numerous typos in the report (and this is all one appraisal) you would call it a incompetent appraisal report as well. @@@ And no, I didn't blame the bank for the competecy of the report. I blame the AMC for allowing such awful work.

 

[Michael Tipton]

I thought I would share this funny... I just got an appraisal done thru a AMC and the appraiser they selected stated in his report (cut and pasted this):

"To use these as comparable would be like comparing apple to oranges and a baseball andcalling it fruit salad."​

Wow, how professional right?
And to top it off the appraiser they used is someone that my bank has not sent ANY business to since he is incompetent. But he has managed to wiggle his way onto every AMC we are forced to use. BOOOO.
m2:

If your firm as the end user of the appraisal hasn't filed a complaint with every AMC you use and also with the appraiser's regulatory board why are you posting this?

Until a complaint is filed, the incompetent among us are considered to be our peers in the minds of most lenders. After all, (s)he holds an appraisal license. :new_2gunsfiring_v1:

 

[staceyuw]

If your firm as the end user of the appraisal hasn't filed a complaint with every AMC you use and also with the appraiser's regulatory board why are you posting this?

Until a complaint is filed, the incompetent among us are considered to be our peers in the minds of most lenders. After all, (s)he holds an appraisal license. :new_2gunsfiring_v1:

Michael. I did complain to the AMC. I merely posted because I found it humorous.Here is the reply I got from the AMC:

Stacy,

I have forwarded this onto the supervisor of my team. He will channel this to the appraisal management department to honor your request. Thank you!

​

 

[Mike Kennedy]

In response to this Mike, I use 6 lenders and guess how they all require me to order the appraisal? Thru a AMC. I suppose the bank lender should use a AMC that hires competent appraisers. (Do you know of any??) But no good appraisers here want to work for any AMC because they are not paid enough. SOOOO, we end up with crappy appraisers who will work for less. NOT because of value like most everyone assumes. Silly me, but when the picture of the subject home isn't actually the subject home but their neighbor's house and they went outside normal FNMA guidelines for comps but didn't explain why and there are numerous typos in the report (and this is all one appraisal) you would call it a incompetent appraisal report as well. @@@ And no, I didn't blame the bank for the competecy of the report. I blame the AMC for allowing such awful work.

Stacey - therein lies the core problem - the buck starts and stops at the TOP. :icon_idea:

 

[Michael Tipton]

Michael. I did complain to the AMC. I merely posted because I found it humorous.Here is the reply I got from the AMC:

Stacy,​

I have forwarded this onto the supervisor of my team. He will channel this to the appraisal management department to honor your request. Thank you!​

Don't stop at the AMC--file a complaint against the appraiser with his licensing board.

 

[Carnivore]

Don't stop at the AMC--file a complaint against the appraiser with his licensing board.

Dont file because of that comment. Geez the guy finally did smoehting right.

File on other reports he has done if they were indeed lousy incompletently developed and reported.

My bet is the guy is a very good appraiser.

FTR, I am goind to use that apple, orange baseball thing , because it is cleaner then my "Chicken Sh_t into Chicken salad" comment!

 

[Pittsburgh Pete]

Dont file because of that comment. Geez the guy finally did smoehting right.

File on other reports he has done if they were indeed lousy incompletently developed and reported.

My bet is the guy is a very good appraiser.

FTR, I am goind to use that apple, orange baseball thing , because it is cleaner then my "Chicken Sh_t into Chicken salad" comment!

Agree with Carnie (perhaps a first).

The comment clearly was preemptive--he knew someone would come back with a request to consider the additional sales on the street. He knew they weren't comparable and handled the issue before it could be raised.

That's a course of action I try to follow--anticipate questions and answer them before they need to be asked!!!

Maybe he's a poor proofreader but sounds like a smart appraiser to me (based solely on that comment--may be wrong).

 

[Vegan702]

I like the comment, sometimes you have to talk to these idiots at the banks, mortgage brokers, etc like this.

I just sent in a report this morning and get a stip back from LandAm asking me to verify that there is indeed a pool/spa as they couldn't see the pool/spa from the aerial plat map I provided in the report. So now I have to make comments about every little friggin thing that differs or isn't shown from 4,000ft above from the aerial plat map and what I write in the report? These people get more pathetic everyday.

 

[Kevin Mc]

Maybe he's a poor proofreader but sounds like a smart appraiser to me (based solely on that comment--may be wrong).

Agreed. I'm using that comment in all of my reports from now on.

 

[Ken B]

Two words...hidden agendas.

Why do people believe without question whatever they read on anonymous internet forums?

Question everything unless the source has been deemed credible. Even then, a little skepticism is a good thing.

I'm just sayin'...