More AMC and PDC Bull

[J Grant]

That's fine, but you already know its wishful thinking and the reasons for why it's probably not going to happen.

wishful thinking because too many appraisers are wimps - or at least those caving to low AMC fees are.

Appraisals think they have no means of fighting back , but they do -

 

[Terrel L. Shields]

Banks operate within the regulations of the government. Safe and sound banking is a requirement, period. So, it appears to me that when banks push money savings by elimination of credible appraisals from certified appraisers, they skirt the safe and sound requirement for a 'good enough' requirement. Good enough meaning if it doesn't collapse within 90 days, it must be good standard. And the government regulators are going along with it.

In 2008 did FNMA suffer any consequences? Did BoA? CIties? Wells? Of course not. Did lender in the Ozarks pay a fine and get banned for life from banking? Sure did. Did small banks go kaput not due to loan losses but due to capital losses? Sure did. Did the FDIC hire questionable bankers out of a job to ride herd over a bank in trouble? Sure did. I can name 2 bankers who were asked to leave after their bank got into trouble and next thing I knew is that they were "consultants" to the Feds riding herd over a small bank that was in over its head. Catch 22.

caving to low AMC fees

We appraisers do share the blame but it is clear that the one with the purse strings is the one with the power. And appraisers have to eat to survive.

 

[J Grant]

Subject: New Appraisal Order Request - Bid/Decline #

Please advise your fee and turn time. Thank you.

​

Please do not discuss fees with borrower or agent. The borrower or agent are not the client of this appraisal. An appraiser should never discuss confidential information with anyone except the client or other parties defined in USPAP. For any fee related question, please reach out to us.

I copied the above from an email for a bid I got from an AMC yesterday. I do not remember signing up with them, but it does not matter - I am not responding to it. However, the secrecy around the fee with regard to disclosure to a RE agent or borrower is telling. The Pentagon ought to hire these folks!

Why is this clown show allowed to happen with appraiser selection for taxpayer backed loans worth hundreds of thousands of dollars that borrowers and later investors will rely on....(rhetorical question)

 

[George Hatch]

I don't think fees fall under the definition of confidential information under USPAP. But this AMC obviously considers it to be one of the conditions of their relationship with the appraiser.

 

[J Grant]

I don't think fees fall under the definition of confidential information under USPAP. But this AMC obviously considers it to be one of the conditions of their relationship with the appraiser.

Nearly every AMC has language of that kind in the ordering process.

So much for transparency and disclosure and public trust the stakeholders squawk about.

The AMC's get the blame in most posts becasue they are the obioeurs targets however the lender complicity is just as bad or worse - the lenders have deep pockets and can well afford to run their own appraisal panel (which some do ) - but the other lenders how use an AMC are fine with getting the AMC offload of their due diligence since it is free of cost to them (or they might profit?)-

Indeed, the lenders who use AMC's that pay poorly are complicit- why is that news - the same folks who greenlighted packaging toxic loans C and D paper with A and B credit paper back in the day, and using predatory and high-risk lending practices until they were reined in.

 

[TerryRohrer]

Nearly every AMC has language of that kind in the ordering process.

Your ability to jump to conclusions without any facts is simply astounding. You claim to not do any AMC work, yet know everything about every one of them. I haven't seen this verbiage in probably 10 years. Did you make that up?

 

[J Grant]

Your ability to jump to conclusions without any facts is simply astounding. You claim to not do any AMC work, yet know everything about every one of them. I haven't seen this verbiage in probably 10 years. Did you make that up?

Your weird following of my posts in order to jump in and attack over nothing is simply astounding. You have done it to others in the past.

I won't bother to refute this one. Have a great weekend!

 

[TerryRohrer]

Your weird following of my posts in order to jump in and attack over nothing is simply astounding. You have done it to others in the past.

I won't bother to refute this one. Have a great weekend!

Your stupid posts infect every page in this forum. The less you know, the more inclined you are to post. It gets tiresome wading through your garbage. Take a break.

 

[George Hatch]

Until the volumes pick up again the situation is just going to get worse.

 

[Joe Flacco]

What are we going to do if we get $10-$15 per gallon gas?

That's going to be tough for the low fee and high volume model.