Allegations of Appraiser racism

[Mejappz]

Tell me about the time FNMA ever punished a lender for AMC's picking turn time and fee...(crickets I bet.)

Why would you want to punish the hand that feeds you?

 

[Mejappz]

I have four orders in my inbox from ProTeck all are 400 miles away.

Yeah, the Lender and AMC are doing there due diligence. If you believe that I have a piece of property I’d like to sell you in the Everglades—gators included included.

 

[Terrel L. Shields]

Why would you want to punish the hand that feeds you?

Fortunately I've not done a secondary market report in about 6 or 7 years and that wasn't for an AMC.

 

[Meandering]

IAEG 2010 page 10
IX. Appraisal Development

While an appraiser must comply with USPAP and establish the scope of work in an appraisal assignment, an institution is responsible for obtaining an appraisal that contains sufficient information and analysis to support its decision to engage in the transaction. Therefore, to ensure that an appraisal is appropriate for the intended use, an institution should discuss its needs and expectations for the appraisal with the appraiser. Such discussions should assist the appraiser in establishing the scope of work and form the basis of the institution’s engagement letter, as appropriate. These communications should adhere to the institution’s policies and procedures on independence of the appraiser and not unduly influence the appraiser. An institution should not allow lower cost or the speed of delivery time to inappropriately influence its appraisal ordering procedures or the appraiser’s determination of the scope of work for an appraisal supporting a federally related transaction.
As required by USPAP, the appraisal must include any

https://www.FDIC.gov/news/financial-institution-letters/2010/fil10082a.pdf

 

[Carnivore]

IAEG 2010 page 10
IX. Appraisal Development

While an appraiser must comply with USPAP and establish the scope of work in an appraisal assignment, an institution is responsible for obtaining an appraisal that contains sufficient information and analysis to support its decision to engage in the transaction. Therefore, to ensure that an appraisal is appropriate for the intended use, an institution should discuss its needs and expectations for the appraisal with the appraiser. Such discussions should assist the appraiser in establishing the scope of work and form the basis of the institution’s engagement letter, as appropriate. These communications should adhere to the institution’s policies and procedures on independence of the appraiser and not unduly influence the appraiser. An institution should not allow lower cost or the speed of delivery time to inappropriately influence its appraisal ordering procedures or the appraiser’s determination of the scope of work for an appraisal supporting a federally related transaction.
As required by USPAP, the appraisal must include any

https://www.FDIC.gov/news/financial-institution-letters/2010/fil10082a.pdf

That makes sense above. I know that Direct Assignment lenders engagement letters make sense to the appraiser and are consistently the same for each property type. Fee's are good and appropriate for each assignment. During and after report submission Communications are usually just between the Appraiser and UW of the lender for things/items that matter. Some Direct Lender Clients randomly(QC) select Appraisal Reports and send them out to be reviewed by an actual Appraiser. blah blah blah blah blah

Insert AMC Phone Monkey Dot Com into the communication line is where it gets screwed up. The AMC's provide a one-stop shopping for Lender Clients. The AMC is charged with securing the Appraisal, Title Search, Flood Certs from Flood Cert Companies(sore point with me) closing agents one and on. This is efficient for lenders who make loans nationwide. This keeps the Loan Sharks busy getting Applications and once the hook is set they hand all other functions off internally and go back to creating loan applications via High Pressure sales telemarketing. Volume is the most profitable way for a Lender to operate. Rocket Mortgage has got this down to a finely tuned maximally productive loan origination stream. They are equivalent to Henry Fords Motor Company model.

Oh well it is what it is...there is no going back.

 

[Meandering]

Insert AMC Phone Monkey Dot Com into the communication line is where it gets screwed up.
Oh well it is what it is...there is no going back.

Many of the issues are a direct result of the QM patch to the GSEs, which ends July 1st.

If it gets extended, it won't get any better. If it ends, well, keep up with your receivables.


.

 

[DTB]

Again, don’t pretend that is something new or something created by AMCs

Nor limited to the appraisal industry.

 

[Terrel L. Shields]

send them out to be reviewed by an actual Appraiser. blah blah blah blah blah

I'd rather deal with a real review appraiser working for the bank than an AMCs computer scan ran by a foreign national - untrained in appraising - then pestering you for additional information. Only to have that results then sent to the client bank to only have an administrative review from a loan secretary turned "reviewer" vet it again weeks later.

 

[ucbruin]

I just finished watching The Great Escape again....
Don't know how many times I've watched since '63 and especially since the invention of cable....

As the AF's unofficial Cooler King....
I began to wonder about fellow AF members....
And which side they root for when they watch the movie....

 

[Peter LeQuire]

I just finished watching The Great Escape again....
Don't know how many times I've watched since '63 and especially since the invention of cable....

As the AF's unofficial Cooler King....
I began to wonder about fellow AF members....
And which side they root for when they watch the movie....

OH, man! I so wanted Steve McQueen to make that jump and escape!

Another favorite WWII themed movie that clearly shows ambivalence about POW work is "Bridge on the River Kwai".