AMC vs Appraisal software system?

[paulstl]

Is this really a thing? LenderX/Xome will not let me submit my reports until I agree to not put them as the AMC on the Name field of the client info on page 6?
They state they are an "appraisal software system and NOT a lender, client or appraisal management company (AMC)"

I basically work with only one local lender, been working with them for years, now out of the blue lenderX demands this?
LenderX/Xome will occasionally send me orders from other clients, but I never accept them, I only accept the work from this one particular client, and 90% of the time it is on my terms(I ask for a fee increase because their standard fee is only $400, increased turn time because their standard turn time is only 7 days).

I don't want to get banned from the LenderX/Xome because this local lender is the dream client... pays whatever I ask, they let me take as long as I want, I never get request for stips and I decline more work a week than I can accept... but Fannie clearly states that AMC name is supposed to go there...

Should I die on this hill? Should I just put No AMC in the field? Are they really not an AMC?

Does fannie have a catagory for "appraisal software systems" that are "not" AMC's?
I am not finding anything that shows there is an option of an entity that is not the lender but also not an AMC?

I have no problem if I am wrong, but man, if walks like an AMC and quacks like an AMC...arent they an AMC?

 

[Terrel L. Shields]

I believe Xome is a portal not an AMC. The easy answer is to check and see if Xome is an AMC. I believe MO regulates AMCs right? So they would be regulated by them. Same with RIMSCentral, Mercury, etc.

 

[paulstl]

Oh ok, I wasnt aware that there was a Portal and an AMC definition, I was always under the assumption that whoever is engaging the appraiser and assigning the order is the AMC. So the lender is the one who is deciding who gets what orders and just uses Xome to facilitate the delivery? All these years and I didn't know that was a thing! So I guess I can say I am AMC free, my conscious feel so much better!

And yes, Mo does regulate AMC's, I will check into that just to make sure, thanks for pointing me in the right direction!

 

[glenn walker]

Yes I do work for lenders that are not an-AMC and fannies portal accepts them. As long as you have the clients name in the report : Example Insert No AMC and in the Client Field-Insert - Big-Bank USA Etc. As far as only one client I have been in that position years ago and at some point you will die on that hill because, management changes, some auditor notices you are doing all there work in a certain area, there are a multitude of things that can happen.. So YES insert NO AMC and be done - A lender does not have to use an-AMC and some use there own software platform- Finally its not on you anyway you only insert what your engagement letter tells you who the cleint is .

 

[Meandering]

If Xome is not your client,
they can't tell you what you can and can not put into a report.

Only Lender X can suggest what you should not put into the report, beyond influencing your report.

Lender X could tell you that all possible and potential agents of the lender are to be confidential, yes, you can put that in the report, so you are covered if Xome also decides to act as an AMC.

Xome Retail | Real Estate & Homes For Sale​

https://www.xome.com
Xome real estate services brings you an exclusive inventory of homes you can only buy at Xome Auction. This includes standard/MLS listings, luxury real estate, real estate owned (REO) properties, short sales and foreclosures. Your next home, investment or rental is just a bid away. LEARN MORE ABOUT AUCTION

Xome.com​

https://www.xome.com/auctions/search
Now you can search for, bid on, and buy properties easily and from anywhere with the new Xome Auctions Mobile App.

Xome Solutions | Real Estate and Mortgage Solutions for ...​

https://www.xomesolutions.com
Xome provides the next generation of Mortgage and Real Estate Business Solutions to simplify the complex world of mortgage servicing, lending, and banking.

Vendor Portal | Xome.com​

https://vendor.xomevaluations.com
Xome offers technology and data-driven services focused on creating an excellent customer experience for demanding mortgage lenders and servicers. Xome delivers a competitive suite of valuation products through a national network of professionals designed to exceed state and federal regulatory compliance standards.

 

[andrew81]

Never heard of Xome LenderX. It reads as an online portal not an AMC.
https://app.lenderx.com/register

 

[Tom D]

well, so much for this thread.
both are portas: lender talks thru it to yous, portal say nothing, is neutral. yes. you write 'no AMC'
an AMC is an agent of satan who rules that world. just their instruction sheets are a trip into hell reading.

 

[sputnam]

I know there are two ways to approach it and still be USPAP compliant. Personally, I always comment that the AMC is the Client and the Lender is an additional Intended User. That's going to be on an text addendum (along with a bunch of other stuff). There's no problem with having the fields on the form filled out in accordance with the AMC/Lender guidelines. IMO, it is misleading, and therefore a violation of USPAP, to simply not report that there was an AMC involved in the assignment.

 

[Joe Flacco]

Xome is AMC. Lender X is a portal. Xome owns Lender X.

 

[Cob]

Xome/Lender X is a portal like Appraisal Port and Mercury Network, look at your orders from Xome/Lender X, none of them will have Xome/Lender X listed as the client or lender, Xome/Lender X also DOESN'T determine the fee for the appraisal OR the fee to upload, that is 100% from the client/lender.