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United Wholesale Mortgage Sued

^^^ pretty good writeup except they mischaracterize the 3rd party MBs as being "lenders", which they are not.
Also traffics in the idea that AMCs control the entire mortgage appraisal market, which they don't.,
 
Pretty accurate write up.

AMC don’t control the entire lending market. Only about 80%. Which is what revaa touted in their website up until a few years ago. When, I assume, someone (maybe even someone from this board) told them to get that the hell off their site.
 
chad hampton said:
Pretty accurate write up.

AMC don’t control the entire lending market. Only about 80%. Which is what revaa touted in their website up until a few years ago. When, I assume, someone (maybe even someone from this board) told them to get that the hell off their site.
Click to expand...
Appraisal Management Companies (AMCs) control a significant majority of the residential mortgage appraisal market, with estimates suggesting they handle 60% to as high as 90% of appraisals for lenders, growing rapidly since the 2008 financial crisis and the Dodd-Frank Act. While AMCs manage most of the process for lenders, particularly for Fannie Mae/Freddie Mac loans, some recent market shifts (like the pandemic) have temporarily empowered independent appraisers due to high demand, though AMCs remain dominant in workflow management and quality control.
Key Figures & Trends:
  • Dominant Share: AMCs grew from a small percentage to potentially 90% of appraisals.
 
90%. Damn, I was finally wrong about something on here. :rof: And I was wrong on the conservative side. Even worse than I thought.
 
and out of the 90%...how much does revaa control...isnt their membership fee like 200,000 now :unsure: :rof:
 
Blog article from an attorney:


Mortgage Lender and Appraisal Management Companies Face Class Action Lawsuit Over Appraisal Management Fee Disclosure: Is TRID a Defense or a Detriment? — Garris Horn LLP

On December 16, 2025, a class action lawsuit was filed in Florida court against two appraisal management companies (AMCs) and a large wholesale mortgage lender. The lawsuit alleges deceptive and unfair practices in violation of Florida’s trade practices statute, and fraudulent and negligen
www.garrishorn.com www.garrishorn.com
 
After doing 9 appraisals for a non-bid AMC, and due to their non-payment of invoices going back 4 months, as well as their lack of response to my many demands for payment, I decided they had broken the 'rules' in their appraisal order form, and I contacted each of the 6 highest officers at the credit union which received and used 7 of those appraisals. One responded, annoyed, that I had bothered them since I had the 'contract' with the AMC. I told him HE had the contract; I responded to an order, and that his credit union should know what kind of AMC they were working with who didn't pay for their appraisals, and I mentioned that the original Dodd-Frank held the lender responsible for unpaid appraisals, and therefore I was demanding payment. I also told him they could order the appraisals direct, as long as the person ordering the appraisal did not have a financial incentive in it's outcome. HE SAID THAT WAS NOT TRUE, and they were REQUIRED to order through AMCs. So even in the highest lender personnel ranks, they mouth the same stupid ignorant garbage. So here we are.

Anyhow, the guy said he'd look into it, and I received payment in full within the next 10 days. :clapping:
 
Sandra Koutsopoulos said:
I also told him they could order the appraisals direct, as long as the person ordering the appraisal did not have a financial incentive in it's outcome. HE SAID THAT WAS NOT TRUE, and they were REQUIRED to order through AMCs. So even in the highest lender personnel ranks, they mouth the same stupid ignorant garbage. So here we are.
Click to expand...
That's because AMCs have REVAA advocating for them while appraisers have no one advocating for true independence or direct engagement, and that's a dang shame. Can't say I blame lenders for listening to the only voice in the room, the GSEs and appraiser orgs have zero outreach or education in that area for lenders.
 
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