AMCs are done soon

[John Hassler]

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!

Completely understand. But there is a renumeration you can ask for to mitigate the mood it puts you in.

Back in the 2000s, my base pricing for a URAR-type products was $400 for lender/MBs (I avoided AMCs) and $450 for private parties. The extra $50 covered the extra time needed to deal with an unsophisticated user including additional comments in the report to cover common questions.

Then the HVCC came along so I kept my pricing at $450 for private but raised it to $500 for AMCs. When I gave that pricing to a caller he became irate. He was from an AMC and expected wholesale pricing. I responded that I priced according to effort required and that AMCs require higher levels of effort.

If you can’t walk away from an appraisal order that you find distasteful then you need to remodel your business to where you can. That may mean having a plan B that doesn’t involve doing appraisal. Just to be clear, I’m not criticizing you or anyone for having parts of the job they don’t like. All jobs have that. But if you’re also a business owner you have options an employee doesn’t so take advantage of that.

 

[glenn walker]

This thread may be fun for some but there is nothing in the works to eliminate AMCs.
If there is I would sure like to see it and the source.

No the CFPB is not working on anything but the Presidents task force to eliminate biases in appraisals. The FTC case in Federal Courts years ago won their case that AMCs are legal and there is nobody to enforce C & R on self employed vendors and fee appraisers.

The only thing in the works is 14 Federal agencies who are remaking how appraisers will be trained and how valuations will also factor in why valuations in White communities have been higher than in ones of color. Now if you just want to vent in this thread fine but the facts are that-there is no Pending Legislation or even talk among the 14 Federal agencies about eliminating the AMC model.

 

[Surf Cat]

Now if you just want to vent in this thread fine

I thought that's what we doing in all the threads.....with the occasional appraisal problem...

 

[glenn walker]

To put time into perspective I like to use the day I was born until the day I graduated from HS at 17 years old then add 4 years until I turned 21 . Some of these topics have been on-going since about the year 2000 on the Forum. In other words a child was born in 2000 and today 23 years later this is still a topic

 

[TC]

To put time into perspective I like to use the day I was born until the day I graduated from HS at 17 years old then add 4 years until I turned 21 . Some of these topics have been on-going since about the year 2000 on the Forum. In other words a child was born in 2000 and today 23 years later this is still a topic

About time we started another Do you take your shoes off? thread. Always a knee slapper.

 

[chad hampton]

It does seem the AMC experiment is coming to an end. Most of my work is back to direct lenders and local brokers.

BOA even quit using AMCs.

 

[Carnivore]

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.

I did a number of VA and it saddened me. One thing that stood out was how well the Veterans had kept the house up and many were very clean inside with almost nothing left behind. This was so different than the FHA REO's where they just left everything behind and trashy.

 

[Tiffany Gibbons]

I thought that's what we doing in all the threads.....with the occasional appraisal problem...

Like the ones thst seem to be trying to write PAREA curriculum or AVM programs or an article for their podcast but have no idea where in the heck we get that doggone site area from? And will ask how to define a neighborhood though they are a licensed trainee, commercial trainee in one post, the next as a residential trainee, with thousands of hours of experience and supposed classes taken. I really love when they post the same question under different cutesy names. I never had to ask that stuff, I can read. AI can only take some folks so far.

 

[djd09]

Well, I didn't know it was going to happen. What I did know in 2005 and what I had been telling appraisers in the early 2000s was that the long term demand for appraisal services wasn't going to generate enough volume to support all of the appraisers that the sweatshops were adding. I figured a lot of appraisers would end up getting starved out, just like had happened in the early 1990s.

its better now...the scum bag mortgage broker estimates value via waiver...ask dw

 

[chad hampton]

its better now...the scum bag mortgage broker estimates value via waiver...ask dw

They made the mistake of thinking people at the top had values and morals. They didn’t understand it’s completely the opposite. The higher up you g, the bigger the crooks and criminals you will find.