1004mc Soon Not To Be Required By Fannie Mae

[TRESinc]

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’

no, it is all based on the fee danny, regardless of having proof or not or being an AMC-ordered appraisal or not.

 

[Joe Flacco]

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.

Well yeah. No disagreement there.

 

[Joe Flacco]

How do you change your name on here?

 

[TRESinc]

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.

so what is the difference between not doing meaningful analysis and doing meaningful analysis? do they produce the same credible results? is one better than another? would this never happen if there were not "lower" fees? how can there not be a correlation between the effort put forth and the fee paid based on your own posts?

 

[EddieB]

@DWiley
I don't agree with all that is posted here, heck I don't agree with all that I post.

But I think we all should agree that Denis should be involved in this Forum

 

[DWiley]

@DWiley
I don't agree with all that is posted here, heck I don't agree with all that I post.

But I think we all should agree that Denis should be involved in this Forum

Well, I certainly expressed that view to him, but he seems very content with his decision. One has to admit that the insanity and ad hominem meters have been pegged lately.

 

[Joe Flacco]

so what is the difference between not doing meaningful analysis and doing meaningful analysis? do they produce the same credible results? is one better than another? would this never happen if there were not "lower" fees? how can there not be a correlation between the effort put forth and the fee paid based on your own posts?

Come on Tres. You can't possibly still be confused. Let me try to explain it so a monkey can understand it.

There are appraisers where 1 hour of research and analysis is normal. They tend to charge less. There are appraisers who spend more time because they find it necessary. They tend to charge more. It doesn't matter the fee is for either group of appraisers, you still get whatever their normal is. AMC engagement and fee practices only attracts the 1 hour of research and analysis group.

Are you still confused bro?

 

[TRESinc]

Well, I certainly expressed that view to him, but he seems very content with his decision.

i did as well. forgot about the conference but already sent him an email and a phone call. i don't blame him one bit though. he predicted what would happen and it did in the very next two posts by the same people who always do.

 

[timd354]

I'm done with this place.

Good luck to all!

I have also decided that I am done with with this place too. It has simply become impossible to have a rational or intelligent conversation here anymore.

I also wish everyone good luck!

 

[Dublin ohio]

I said the AMC fee practice attracts those that don't do meaningful market analysis

Well, here is one. Effective date of July 2018. Appraised value: 177k. It is only 1004mc and additional comments. AMC order. Fee was at top of market for this area. Just did a desk review on it. The report was so poorly organized that it made my hair hurt just trying to find the "additional comments" referred to throughout the report. Most of it was what I would call "gibberish". Had a full page of boiler plate comments. With most of them having nothing to do with this particular report. Not definitive proof of the fee vs quality issue. But one example where high fee did not appear to equal high quality. Best I could estimate due to limited current and historical activity in neighborhood (approx. 20 total sales within past 24 month from 40k to 189K). Was maybe 2% increase over past 12 months.