Union Time?

[DWiley]

Funny that it wasn't an issue for them for the 4-5 years before TRID existed, yet they did not move to cost plus.

.

I cannot speak to that as I was not working in AMC land during that time. I can tell you that I would LOVE everyone to go to cost plus, and some have. Frankly, other than that little FTC thing, it would not bother me if states just dictated fees. It would save me a LOT of money.

 

[J Grant]

You may recall reading somewhere that the FTC frowns on people setting fees for appraisers

As I recall, you have expressed displeasure with the fees that others in your market currently set. Given that, how would you expect to accept fees that others in your market accept?

Seems the direct lenders I work with have no problems with FTC- I presume the fees they offer are based on VA and non AMC surveys. If an appraiser agrees to a fee, it has not been set for the appraiser. I'd rather make a $400 fee offered direct than offer "my" fee to an AMC and get no work unless "my fee" is $275-...An appraiser is free of course to reject a fee in an area of a direct lender or ask for more.

 

[djd09]

Wiley, they let you out of the Val Expo? Why is that front so quiet. Did you get to pitch Exos?

 

[Eli]

I cannot speak to that as I was not working in AMC land during that time. I can tell you that I would LOVE everyone to go to cost plus, and some have. Frankly, other than that little FTC thing, it would not bother me if states just dictated fees. It would save me a LOT of money.

I have posted many times the fact that when VA and FHA had set fees, which was for the most part before AMC’s and the drastic change in market structure and market power on price and fees from AMC’s ...,,,

that base fees pretty much revolved around FHA and VA fees. Many appraisers would even absorb the impact of most complexity for the base FHA fee....for a good client for sure.

I wouldn’t be surprised if employee/independent contractor law comes into play more soon. I really think situations like occurring in LA will bring to surface other issues besides what the FTC has brought up so far. These issues will revolve around market structure as it relates to the public first and then the appraiser.

State business tax could also become more of a separate issue in some states. Liability will stay and become more of a focus especially with desktops.

 

[DonRico]

Why do we need 80,000. The top 25% will do. Back log the staffers. I have been on AMC vacation for five years. Come join me.

You're new to this Supply & Demand thing, aren't you ??

I moved away from AMC's when it became obvious they were stealing from us on a grand scale -- and some of my local competitors were rolling over for a paltry Fee. I found good Direct Lender work to be refreshing. And then, the VA added me to their Panel. The difference in pay rate and treatment of Appraisers was astounding. Even the worst AMC treats VA Appraisers with respect (I'm looking at you TSI).

If you think 25% of the Appraiser Community can have an impact on the AMC Back Log.......you should re-read your High School Economics book. Good Luck getting 20,000 Appraisers to agree on anything beyond what day of the week it is.

 

[djd09]

My first time drinking alcohol it was RonRico 151. Never Again.

The supply is controlled by the lenders. The demand is controlled by the AMCs. Welcome to the free market.

There is no changing stupid. I know it. But there's many a slips from a cup to the lips.

 

[George Hatch]

You're confused. "Supply" refers to goods or services, not to appraisal orders. In appraising parlance the appraisals are the supply and the appraisers are the suppliers. "Demand" refers to the use and consumption of those goods and services, so in the mortgage appraising business the demand for services is coming from the lenders.

The AMCs are just purchasing agents for the lenders. They aren't actually part of the supply/demand except to the extent they are designated to act for the buyers on the demand side.

Some appraisers can and do operate completely outside of the AMC loop, thus demonstrating the point that the AMCs aren't part of the overall supply/demand equation.

 

[djd09]

How do you calculate supply and demand for the blacklisted? Is that supply or demand.

Spin it away.

 

[George Hatch]

The suppliers's services were no longer required. Same as if they had been employees and got fired.

I don't know how you came to think of the lenders as the vendors and the appraisers as their customers.

 

[djd09]

No longer required or did not do what they said. Either way they are not licensed for public trust.