AMCs are done soon

[Zoe]

Fannie Mae has approved six service providers for its Value Acceptance + Property Data appraisal alternative announced at the start of March.

The six are: Accurate Group; Black Knight subsidiary Collateral Analytics; Class Valuation; Clear Capital; Mueller Services; and Solidifi. Each had participated in Fannie Mae's pilot program and offer field services, a handheld scanning map, application programming interface integration and/or hybrid appraisals.

Makes one feel all warm and fuzzy inside - Who knew... Appraisal modernization turned out to be a gift of appraisal business to 6 chosen AMC's !!! Looks like this group at least they are not going anywhere soon- who cares I dont' work for a single one of them -anyone who wants to -its a free country so go for it, guaranteed misery in low fees and draconian oversight wrt turn time harassment.

CFPB and FTC and other federal regulators ARE NO FINISHED. Yes, they have power.

 

[Zoe]

CFBP and FTC probably have more power than any organization.

 

[Zoe]

You go to CFP:B or FTC and say anything you want to say.

 

[Tiffany Gibbons]

VA don't use AMCs. VA has lowest loss ratio of any loan prrogram. Needed no bailout. Put that in pipe and smoke it. AMCs are useless.

VA should have stopped allowing VA borrowers to automatically be eligible for cash out refinances every six months with the hint of the first increase in interest rates. At the very least, a financial advisor through VA ought to be available for advice. know VA closing costs are lower, but there are companies that prey on elderly Veterans and first time borrowers. Some borrowers are aware they are getting into negative equity territory and do not care. Some lenders have their own "seasoning" guidelines. It worries me, because I remember all the VA liquidation appraisals I had to do in Memphis in 2004-2007.

 

[Tiffany Gibbons]

CFPB and FTC and other federal regulators ARE NO FINISHED. Yes, they have power.

I hope you're right, reinstating the FHA panel is also a good idea. I still cant believe the whole "Lender Select" deal. At some point if agencies do "lurk" on Appraiser Forum, maybe they'll do a little research on how FHA was deregulated before and the steps that brought about the last housing crisis. Everyone knows someone personally who was affected by 2008.

 

[ilsindaco2628]

I don't think they are going anywhere but some will disappear as the better ones gobble up all the lenders.

Though I do have one AMC I wouldn't mind going out of business... We get 3-4 orders per month from them... but every single one "this is a stat drive client, please accept order within 1 hour and schedule ASAP" "This is a stat driven client, please inspect property within 48 hours of accepting assignment" "This is a stat driven client... I know the report is due tomorrow, is there any way you can have it in today? The lender is anxious."

If I have to hear stat driven client one more f'ing time. Everything is a super rush.

 

[John Hassler]

If I have to hear stat driven client one more f'ing time. Everything is a super rush.

AMCs are high-maintenance low-quality clients. Smile and bill them accordingly.

 

[ilsindaco2628]

AMCs are high-maintenance low-quality clients. Smile and bill them accordingly.

For sure. It's nice when you get the super large check 45 days later but yeah high maintenance is an understatement. Waking up in the morning to find there was a revision sent at 2 am for a report and a follow up email at 6 am saying "revision overdue"

Sure to put you in a great mood to start the day!

 

[Surf Cat]

super AMC's

There's an oxymoron if there ever was one....

 

[Sandra Koutsopoulos]

For sure. It's nice when you get the super large check 45 days later but yeah high maintenance is an understatement. Waking up in the morning to find there was a revision sent at 2 am for a report and a follow up email at 6 am saying "revision overdue"

Sure to put you in a great mood to start the day!

Their 'reviewers' must be in India.