The Appraiser Shortage Myth Part 43

[Terrel L. Shields]

Understand, time for the chicken sh*t to cake up.

Nah, they have misters to spray water in summer keeps the humidity up.

 

[bnmappraisal]

How many of the AMCs tell the borrower that the appraisal has been assigned and that they need to make the property available at the drop of the hat because the appraiser has to set the appointment within 24 hours and get the report back to them 48 hours afterwards?

Many times with the larger AMCs (sometimes the smaller and even direct clients, to be fair) but majority of the time the larger - we're lucky to have a correct/working contact number, let alone a person on the other end of the line that knows why we're calling. Then IF that person knows why we're calling, it's hit/miss regarding setting an appointment.

The thing that bothers me is that the borrowers act as if we don't have "real" jobs and are at their beck and call. I don't think AMCs or lenders do anything to dissuade this line of thought.

(my bold) Definitely something I run into as well. Literally today, the borrower asked me "So, is this what you do?" I said "Yes, Ma'am, this is my full time job. I'm an appraiser."
Weekends are generally off the table for me except in certain circumstances. I'm generally very accommodating, but there are limits.

 

[JTip]

If the sun rises then it's a good day to work. I don't get paid to watch cartoons over a bowl of Lucky Charms on Saturday morning.

Get it while you can for as long as you can.

 

[Mr Rex]

And if you don't charge a premium for weekend work then you are as bad or worse than the low fee accepting POS Skippeys that are at the root of AMCs like CC et al ridiculous fees and requirements. Grow a set and have a life like 99% of other "professionals" have.

 

[Evincere]

The one AMC I am familiar with (a friend is the chief appraiser for the lender) bills the lender once a month, but is not paid in advance for assignments it is processing.

I guess I need let our accounting people know we have just been doing things incorrectly. . You seriously think that lenders pay AMCs in advance of receiving a report? Sorry, that is a credibility crusher.

By virtue of Gregs friends familiarity with the lender he may be comfortable billing the Lender directly or has an SLA with the Lender that guarantees payment.

But, make no mistake about it there are AMCs who upon receiving the order from the Lender will send the Borrower a link via email where the Borrower enters a secured site and pays for the Appraisal via credit card.

 

[Terrel L. Shields]

Sarcasm will get you nowhere, Rex.

 

[timd354]

But, make no mistake about it there are AMCs who upon receiving the order from the Lender will send the Borrower a link via email where the Borrower enters a secured site and pays for the Appraisal via credit card.

There are a few lender/AMC relationships that work that way, but it certainly is not the typical way it is done and the lenders that do that are typically lenders who do a lot of wholesale business in which brokers and correspondents are originating the loans that they purchase. Most lenders who originate mortgage loans retail pay the AMC via a periodic invoice (typically monthly)

 

[Evincere]

There are a few lender/AMC relationships that work that way, but it certainly is not the typical way it is done and the lenders that do that are typically lenders who do a lot of wholesale business in which brokers are originating the loans that they purchase. Most lenders who originate mortgage loans retail pay the AMC via a periodic invoice (typically monthly)

Brokers????? Lol. Please. Had one just last week where order was put on hold.. .notes said 1. Not enough fee was charged. Then ..go ahead. Proceed. Then...hold..Borrowers cc was declined.

 

[timd354]

Brokers????? Lol. Please. Had one just last week where order was put on hold.. .notes said 1. Not enough fee was charged. Then ..go ahead. Proceed. Then...hold..Borrowers cc was declined.

Yes, brokers are still around and still originating loans, but obviously do not have the market share that they once had. There are a few lenders do mostly broker/correspondent business - Flagstar is an example of a big lender that does a lot of broker and correspondent business and the top wholesale lenders (who buy broker loans) are United Wholesale Mortgage, Caliber Home Loans, Freedom Mortgage, and Plaza Home Mortgage per the latest numbers that I have seen.

 

[The Warrior Monk]

Yes, brokers are still around and still originating loans, but obviously do not have the market share that they once had. There are a few lenders do mostly broker/correspondent business - Flagstar is an example of a big lender that does a lot of broker and correspondent business and the top wholesale lenders (who buy broker loans) are United Wholesale Mortgage, Caliber Home Loans, Freedom Mortgage, and Plaza Home Mortgage per the latest numbers that I have seen.

I do work with some MBs who originate loans for some of the local banks. However, the appraisers are preapproved by the banks. The situation with MBs has dramatically changed over the past decade; the pressure that existed back then is gone (at least with the MBs I deal with).