AMC purpose

[Dublin ohio]

They don't. But they have direct contact with the loan production staff

They might but that has nothing to do with loan origination. In house direct lender staff also have direct contact with loan production. Otherwise how could they possibly order appraisals

 

[George Hatch]

You show me where is says a 3rd party AMC can also be an appraisal company using employees as appraisers?

I've spelled out many times over the years the NC laws that state to be considered an AMC you have to operate and maintain a panel of independent fee appraisers. I'm sure that's written in most every piece of AMC legislation in every state.

You like to argue just for the sake of arguing. Just wordsmith and mental gymnastics to spin something that is fairly black and white to have it mean something it doesn't. I've been seeing that game for a decade now from the alphabet soup crowd. I have no idea how or why any appraiser would think that way. It does so much harm to public trust.

Laws and regs function to prohibit something. If something isn't prohibited then it is generally considered permissible. The 65mph speed limit doesn't "give" you the right to drive 60mph; it just prohibits you from driving faster that 65mph.

The state laws define an AMC as managing a panel but they don't prohibit the AMC from also running their own internal appraisal shop. Or a taco shop or a convenience store. If such a prohibition existed it would be spelled out in some detail in the law.

You can complain all you want about reading the laws for what they actually say but that's how our legal system works. The judges don't have the discretion to operate off their feelings instead of the law as written. That's why legalese is written in such a manner to prevent the creative re-imagination that the attys are constantly trying to use.

 

[George Hatch]

Here's a written reference for "appraiser independence" as that issue applies to banking regs, which contrary to djd's constant snipes has nothing to do with the common definition of "not controlled by others". The HVCC, the GSEs and D-F later used the same reasoning when they cut off the MBs for the SFR side. The reasoning was not created in 2008; Congress had already recognized it on the FRT and RRT side for many years by then.

Federal Register :: Request Access

www.ecfr.gov

 

[chad hampton]

I don’t need 100 definitions to know what three parties mean.

If a law says in black-and-white that AMC’s are too maintained and operate a panel of the appraisers. Why would it need to be said in the prohibited section Something different?

That prohibited acts can’t possibly encompass everything. And it seems that the intent, as it was written above, wouldn’t need to be stated twice.

I’ve seen many of those prohibited acts be used in direct violation of what the law actually says. it’s the one thing the revaa crowd is especially good at. But when there’s no regulation or oversight, it’s pretty easy to state in case you want. And that’s what the appraisal profession is. You have two groups that state boards are supposed to regulate. They seem to focus on one and the other always gets a free pass. It’s impossible to function as a governing body that way.

 

[George Hatch]

If any of you actually think the state laws prohibit AMCs from employing appraisers in an in-house appraisal dept then there's an easy way to find out the truth of the matter. Just ask your board if its a violation of your state's laws. Or file a complaint about it and see how far you get with that.

Don't lose sight of what the state appraisal board is/isn't. They are part of the Executive Branch of state govt which is charged with enforcing the law as written. They don't write their own laws and they have no authority to enforce or administer a rule or regulation or law that doesn't exist. They don't have that kind of discretion, nor should any appraiser want to see a state agency operate off of a creative interpretation of the law, and especially not off of "how they feel" .

 

[djd09]

Here's a written reference for "appraiser independence" as that issue applies to banking regs, which contrary to djd's constant snipes has nothing to do with the common definition of "not controlled by others". The HVCC, the GSEs and D-F later used the same reasoning when they cut off the MBs for the SFR side. The reasoning was not created in 2008; Congress had already recognized it on the FRT and RRT side for many years by then.

Federal Register :: Request Access

www.ecfr.gov

View attachment 107210
View attachment 107209

those are banking regulations...not USPAP duh

 

[George Hatch]

USPAP doesn't get into most aspects of the business of appraising except to prohibit client advocacy, bias, contingent engagement, contingent fee compensation and such.

There are lenders out there which DO use appraisals that are controlled by the MBs and other loan production types. As long as they're not under the jurisdiction of the federal regulators or other agencies that conduct isn't against the law or contrary to their internal policies.

 

[djd09]

dont drag me into this because you are getting schooled...what is the definition of an appraiser, eh mr. USPAP instructor

 

[George Hatch]

He's got nothing and neither do you.

 

[chad hampton]

So what’s the difference between AMC License and an appraisal license?

If they’re the same thing, I’m fine with that. All I’ve ever requested was that there be a level playing field. If AMC is allowed to employ staff appraisers and effectively be an appraisal company, Which effectively eliminates the appraisal side of the third-party Then I should be able to go directly to lenders and offer my services as AMC and appraiser

How can anyone be against a level playing field?