1004mc Soon Not To Be Required By Fannie Mae

[Joe Flacco]

so if lower fees result in "non meaningful market analysis" what does that do to the overall perception of an appraisal? make it better? obviously not. in your own words, what exactly does it do to the overall credibility of the report if it does not lessen the quality?

You are one confused dude. I said the AMC fee practice attracts those that don't do meaningful market analysis. I did not say the fee practice results in appraisers doing less than their typical analysis. You understand the difference yet? WTF is going on here. You are the one that has been saying fee makes no difference. Not me.

 

[sunsetvalley]

Is it that most appraisers don't do a good job with it? Or is it AMCs are engaging appraisers that don't do a good job with it? What does the AMC do?

AMCs are not engaging appraisers who do a good job because they are hiring based on who can do the cheapest. Which is the lender's criteria too. We don't care, just get it done fast and cheap. The lenders who care about quality either direct engage or partner with an AMC that cares about quality.

 

[Dublin ohio]

my guess is denis got fed up with a number of members who contribute nothing but conspiracy theories, blame others for everything wrong in our profession and generally have no respect for our profession

The same reason I have recently limited my comments on this forum. Too much bs and too few intelligent comments. Reminds me of something my dad would say. "You can buy them books and buy them books and all they do is chew the covers".

 

[sunsetvalley]

Is it that most appraisers don't do a good job with it? Or is it AMCs are engaging appraisers that don't do a good job with it? What does the AMC do?

AMCs are not engaging appraisers who do a good job because they are hiring based on who can do the cheapest. Which is the lender's criteria too. We don't care, just get it done fast and cheap. The lenders who care about quality either direct engage or partner with an AMC that cares about quality.

That is exactly what happened. We are both at the AI conference. I spoke with him at lunch today, and he told me he was done with this forum.

That is sad. There are several posters that I respect here. Denis is one of them.

 

[DWiley]

AMCs are not engaging appraisers who do a good job because they are hiring based on who can do the cheapest. Which is the lender's criteria too. We don't care, just get it done fast and cheap. The lenders who care about quality either direct engage or partner with an AMC that cares about quality.

LOL. Some of you guys blame EVERYTHING on the AMCs. So it is the AMCs’ fault that 95% of the time appraisers ignore a clearly declining market? Are they also responsible for the Kennedy Assassination, Watergate, and 911 ??

How about the appraisers? By the way, that Fannie data wasn’t limited to appraisers who do AMC work. Just sayin’

 

[sunsetvalley]

LOL. Some of you guys blame EVERYTHING on the AMCs. So it is the AMCs’ fault that 95% of the time appraisers ignore a clearly declining market? Are they also responsible for the Kennedy Assassination, Watergate, and 911 ??

How about the appraisers? By the way, that Fannie data wasn’t limited to appraisers who do AMC work. Just sayin’

I don't blame AMCs for everything. I'm connected with one that DOES care about quality. And we end up seeing the work that larger national AMCs use because it's so bad. And 9 times out of 10 it is appraisers we will not use because their quality is horrific.

But it's the APPRAISERS faults they are ignoring market trends. I have seen appraisals with no adjustments, even for adverse conditions. MC data that is marked stable in a market that is increasing 9-10% in a year. No support or commentary for trends conclusions. And I'm saying that happens because AMCs don't care about quality and they accept it by rewarding those same bad appraisers with work because they are cheap.

I'm not even allowed to, (if I even would), to do the bare minimum. If I have an appraisal order, it gets the highest level of service, no matter the fee. That means I complete highest & best use test, I decided if other approaches are relevant and I do a 24 month market analysis. Even if I'm only paid $400 or I'm paid $600. The problem is the market doesn't really understand the difference. And I bet if you paid appraisers more, the better appraisers, who you want doing the work, would be doing the work.

 

[Joe Flacco]

LOL. Some of you guys blame EVERYTHING on the AMCs. So it is the AMCs’ fault that 95% of the time appraisers ignore a clearly declining market? Are they also responsible for the Kennedy Assassination, Watergate, and 911 ??

How about the appraisers? By the way, that Fannie data wasn’t limited to appraisers who do AMC work. Just sayin’

As a chief appraiser of a large AMC, I don't understand why you don't hear this news and say gee, Servicelink needs to do a better job of engaging appraisers that are properly analyzing market conditions instead of saying "most appraisers are still just going through the motions and marking STABLE. We have met the enemy...."

Can you please tell me what exactly the AMC role is in the appraisal process?

 

[djd09]

Tissues anyone? I do not know how posters analyze market conditions when they cannot find the ignore button here.

 

[sunsetvalley]

As a chief appraiser of a large AMC, I don't understand why you don't hear this news and say gee, Servicelink needs to do a better job of engaging appraisers that are properly analyzing market conditions instead of saying "most appraisers are still just going through the motions and marking STABLE. We have met the enemy...."

Can you please tell me what exactly the AMC role is in the appraisal process?

Joe - is that possibly because the only person in the process responsible for compliance with USPAP is the appraiser? And that the appraiser is the only person in the process who is there to promote public trust. And if we, as the appraisers, are NOT doing the job we say we are doing...that's meeting the enemy. The AMC role in the appraisal process is to hire the most competent appraiser for the job. Not the fastest, not the cheapest, but the one who is the most competent.

At the end of the day, it's still on the appraiser to meet the assignment conditions of the client and produce a reliable, credible opinion of value. EVEN if we are not paid what we want to be paid.

 

[djd09]

How about the appraisers? By the way, that Fannie data wasn’t limited to appraisers who do AMC work. Just sayin’

Back to the magical Fannie Data. And he wonders why.