NAR on AMC's

[gregb]

Strengthening State Appraiser and Appraisal Management Company Regulatory Programs

Recently, the National Association of REALTORS® (NAR) responded to the Appraisal Subcommittee (ASC) of the Federal Financial Institutions Examination Council’s

www.rismedia.com

 

[Zoe]

Strengthening State Appraiser and Appraisal Management Company Regulatory Programs

Recently, the National Association of REALTORS® (NAR) responded to the Appraisal Subcommittee (ASC) of the Federal Financial Institutions Examination Council’s

www.rismedia.com

We have one of largest single-family brokers in Memphis and they are not fans of AMCs.

 

[Zoe]

I am not a fan of appraisal management companies for more than one reason. Evidently the @Head Surfer is because AMC always appears in capitol letters.

 

[Terrel L. Shields]

NAR is concerned that the lack of enforcement and governance of AMCs may have led to impacts on the quality and independence of appraisals, and that appraisers should have a mechanism to voice violations with adequate whistleblower protections.​

I see some aggressive regulation of AMCs when it comes to them paying their state dues, but I don't recall seeing any AMC charged with pressuring or underpaying an appraiser. Therefore, it's not really significant assistance to the appraiser to see they are paid a C & R wage. Louisiana found out the hard way that is a nothing burger.

 

[Tom D]

Yawn, Zzzzzzzzzzz.

 

[Terrel L. Shields]

Anyway, lest we forget...WAMU and LSI

People v. First Am. Corp.

People v. First Am Corp (878 N.Y.S.2d 860,24 Misc.3d 672,2009 NY Slip Op 29166), filed at New York Supreme Court

case-law.vlex.com

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This motion raises the issue of the preemptive effect of federal banking regulations on state law claims that seek to enforce standards of real estate appraiser independence and for fraudulent business practices arising out of the violation of those standards.​

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Background​

Plaintiff, the People of the State of New York, by Attorney General Andrew Cuomo (AG), instituted this action on the basis of Executive Law § 63 (12), General Business Law § 349 and the common law against First American and EAI. First American provides real estate appraisal services to savings and loan institutions, banks, and other lenders through its wholly-owned subsidiary, EAI.​

 

[Zoe]

I see some aggressive regulation of AMCs when it comes to them paying their state dues, but I don't recall seeing any AMC charged with pressuring or underpaying an appraiser. Therefore, it's not really significant assistance to the appraiser to see they are paid a C & R wage. Louisiana found out the hard way that is a nothing burger.

Just separation of fees would solve the problem. NAIFA, which you were involved with fought hard for separation of fees and payment for proprietary rights and information.

NAR is on different fight. NAR don't want appraisers that are not competent.

 

[Zoe]

AMC always appears in capital letters on this sight. Must be something wrong with my keyboard. cough.......cough.......cough.......

 

[Bobby Bucks]

No matter what the NAR states in press releases, at the end of the day, the NAR and AMCs are on the same side and their missions are to ensure every sale is unhindered by an appraisal.

 

[J Grant]

No matter what the NAR states in press releases, at the end of the day, the NAR and AMCs are on the same side and their missions are to ensure every sale is unhindered by an appraisal.

I don't see NAR on the same side as AMC's- most RE agents or brokers I meet complain about the AMCs/ sending far away based appraisers who do not know the area. You are correct though that both want to see sales go through. However, the better agents appreciate what appraisers do and the RE sales side has expressed the pros and the cons about WAIVERS-