AMCs are done soon

[Dublin ohio]

https://www.lendingtree.com/home/ho...for things like taxes, insurance or deposits.

Look at section L and items under line 800. All they had to do was add appraisal management fee as separate line item for the borrower. I can't get it to copy as a link. Just copy and paste in your browser.

Do you have the same problem with title company fees? you do realize that many title companies use independent contractors to do think like a title search as well as independent closing agents. Don't see a place for those "fees".

 

[Surf Cat]

Glenn, that is not disclosing on the HUD -1 Truth in lending disclosures to the borrower. And it is not disclosing it to the appraiser.

Come work for me. I'll let you know what your fee will be after you complete your work. I may not pay you at all.

A jug of moonshine and two 6 foot rattle snakes good for barbecuing!

Sounds like a good deal Glenn, you may want to consider it...

 

[PGM92]

That is awesome! You truly stepped up your game this slow time. Inspirational! If everyone would say no to AMCs, they would have been a thing in the first place. Turn that AMC in to the state board and write nasty reviews about them at BBC, Google, Yelp or wherever. They can't touch you now.

Thank you! It took me a while to swallow some pride, confront my own weaknesses, and face reality.

I'd be lying if I said 2020 & 2021 weren't fun. I got my license and suddenly had a comfortable middle class income seemingly overnight. Working for myself and making that kind of money was fulfilling in so many ways. What I didn't know is that this was a bit of beginner's luck and a historically busy market. It gave me an unrealistic expectation of this busisness. Expecting to get 400+ well paying orders per year from AMCs is not a business plan. As someone who struggles with networking, I wish it were that simple. But it's not.

I had to take a non-appraising job out of necessity. I didn't want to blow through my savings. In some ways, it's been miserable having to work in an office from 9 to 5 after working for myself. But the silver lining was finding a job that had intended users of appraisal services.

Even with this budding non-lender client base, I've accepted the reality that acheiving a consistantly high volume of appraisal work could take years, and I may need another career. Learning to code at a high level would allow me to work remote (which is one of the things I loved about appraising) and still do appraisals on the side (for good people).

If I didn't go through this, I'd still be groveling for AMC work and feel awful.

I agree with you and wish everyone would stop working with them. I don't think they are useless, but we've allowed them to dictate everything.

 

[Tiffany Gibbons]

Thank you! It took me a while to swallow some pride, confront my own weaknesses, and face reality.

I'd be lying if I said 2020 & 2021 weren't fun. I got my license and suddenly had a comfortable middle class income seemingly overnight. Working for myself and making that kind of money was fulfilling in so many ways. What I didn't know is that this was a bit of beginner's luck and a historically busy market. It gave me an unrealistic expectation of this busisness. Expecting to get 400+ well paying orders per year from AMCs is not a business plan. As someone who struggles with networking, I wish it were that simple. But it's not.

I had to take a non-appraising job out of necessity. I didn't want to blow through my savings. In some ways, it's been miserable having to work in an office from 9 to 5 after working for myself. But the silver lining was finding a job that had intended users of appraisal services.

Even with this budding non-lender client base, I've accepted the reality that acheiving a consistantly high volume of appraisal work could take years, and I may need another career. Learning to code at a high level would allow me to work remote (which is one of the things I loved about appraising) and still do appraisals on the side (for good people).

If I didn't go through this, I'd still be groveling for AMC work and feel awful.

I agree with you and wish everyone would stop working with them. I don't think they are useless, but we've allowed them to dictate everything.

Yes, I've been licensed for 30+ years and lived through 2008, but have had to reset 3 times already. I could see this coming as soon as Covid Desktops came into play, so I worked like a dog nonstop since 2020, no vacations, etc. knowing it was not sustainable long term. The only thing I could not forsee is the "False Racist Narrative" being used to destroy the residential profession. I'll still work as an appraiser (never a manager again though!) and I'm not supervising any trainees either. Let em go PAREA. I'll go back to doing commercial, ROW, etc.

 

[Non Sequitur]

 

[PGM92]

Yes, I've been licensed for 30+ years and lived through 2008, but have had to reset 3 times already. I could see this coming as soon as Covid Desktops came into play, so I worked like a dog nonstop since 2020, no vacations, etc. knowing it was not sustainable long term. The only thing I could not forsee is the "False Racist Narrative" being used to destroy the residential profession. I'll still work as an appraiser (never a manager again though!) and I'm not supervising any trainees either. Let em go PAREA. I'll go back to doing commercial, ROW, etc.

This is what bums me out.

Like you, my uncle started around 1990. 30+ years, and he will be moving out of state with nothing to leave behind, take with him, or 'sell' as a tangible business. He hoped to leave his local business/clients with me, but AMCs aren't really "clients". They can send you hundreds of orders and not even know your name. The best response we got was, "yeah, have your nephew sign up on our panel. Have him put his fee somwhere around $290 to get our attention for initial orders."

The racism/bias stuff is absurd.

It's great that you do commercial. There are probably a few more good cycles of residential stuff too.

 

[Non Sequitur]

He hoped to leave his local business/clients with me, but AMCs aren't really "clients".

In reality it’s worse, AMCs are our direct competitors.

 

[sputnam]

The thing is.... I always know what my fee will be before I agree to accept the assignment. Are there appraisers who accept work from Clients with no fee agreement? Who just take whatever the Client decides to pay them?

 

[Zoe]

The thing is.... I always know what my fee will be before I agree to accept the assignment. Are there appraisers who accept work from Clients with no fee agreement? Who just take whatever the Client decides to pay them?

That is not what bothers me. It is the appraisal fee and appraisal management fee not being separated on the HUD-1 settlement statements and good faith estimate disclosures to consumers.

That is my problem.

 

[Tiffany Gibbons]

The thing is.... I always know what my fee will be before I agree to accept the assignment. Are there appraisers who accept work from Clients with no fee agreement? Who just take whatever the Client decides to pay them?

There must be. I have never known how that works.