A New AMC Just Got My Account

[Heath Boyles]

I have lost 2 clients to AMC's. Fortunately there are more fish in the sea in my market. Even though you fee's may be high, the'll still call and ask you want an assignment in your coverage area for the $150. Or if you can do a desk review for $75....

I should have stared an AMC!

 

[Mztk1]

A good appraisal is a giant circle. Joe does a job for $150, a field review is done for $100 on the file, and low and behold the Joe job comes back as good just like the $325 appraisal with the $250 review.

Capitalism and Business are results oriented and results oriented means the highest possible monetary gain and the lowest possible cost today, not tomorrow.

Will these come back and bite them in the butt? Sure. But by then the cause will be diffused among several different possible causes and when the finger is pointed at the appraisals they will simply say "the cheap appraisals had nothing or very little to do with it".

The foxes guard the hen house. The industry regulates/polices itself. As long as we have greedy leaders preaching the redefined notion of "free markets" and sheople baying like sheep repeating the mantra, the trend will continue.

 

[TC]

Get used to it, especially if the new law goes into effect and all appraisal assignments are handled by AMCs.

TC

 

[chad hampton]

Don't forget more than a few of those $150-200 orders are going to appraisal firms who in turn pay their appraiser 40%-50% of that fee. So really, an entire loan package is being evaluated based on a $100 +/- appraisal.

I'd be PO'd if my loan was being based on what a "professional" was doing for only $100. As a consumer, I know there isn't much work going into it when a professional is paid so little. Despite what USPAP says - the real world eventually overrides.

 

[Elliott]

In the future, there will be two kinds of appraisers. There will be
AMC-ers, let's call them Ham-n-eggers who hit numbers
and put up with the AMC bureacracy, and accept bottom basement fees.
These appraisers also will make good 'hen-pecked' spouses.

And there will be the "Others." They will be competent appraisers who
set their own fees, who will only do reports for clients who want a 'old world'
level of quality. They will support their appraisals, have good reputations,
experience, and integrity. They might become known as Indpendent Fee
Appraisers.

PS-Heath, I've lost hundreds of clients. Its like notches on a rifle.

 

[TITAN1]

Just lost a nice account Capital One Home Loans out of Kansas I was getting $325 an appraisal and had volume. An AMC by the name of Equifax Settlement Services just called me to introduce themselves and let me know they are taking over my client and I was highly recommended and I should sign up. Then they was asked whats your fee? I said $325 for a full 1004. The answer was Oh! No! We already have appraisers in your area that will do them for $150 I was like Are you kidding me thats an insult! No way would I work for a $150. They still sent their package and said you can put the fees you want in but you won't get any work. So I'm going to fill out the paperwork put in my higher fees. Why? because whoever is dumb enough to work for $150 can only do poor work. The AMC will eventually have to move up to the more expensive appraiser or be fired by the lender.

I called a few of my account reps over at Capital One and they told me they were paying the AMC $325 to $400 for the appraisal they are all complaining to the higher ups who made the decision.

I guess we'll have to see how it goes I can't believe the AMC can give them the level of service they've been getting from me and others like me.m2:m2:m2:

Quote: So I'm going to fill out the paperwork put in my higher fees.

Gregory, It is not your higher fees, it is what you deserve for your work!!
stick to your guns as I have ( Laying tile and inspecting homes for insurance companies) is what i'm doing and making more money than I could make at $150 a job without liability and headaches.

 

[Summer]

This is why I think we should all publish appraiser's names who do work for $150. It is insulting to our profession. Who are these losers? I will judge...I don't care what anyone says about not publishing names, but these appraisers ruin our profession. Someone will take the work though.

 

[Blueprint]

This is why I think we should all publish appraiser's names who do work for $150. It is insulting to our profession. Who are these losers? I will judge...I don't care what anyone says about not publishing names, but these appraisers ruin our profession. Someone will take the work though.

If you want that so badly, why don't you just do it yourself? Nothing is stopping you from doing so, except yourself. It's just never going to happen here. They are not doing anything illegal by accepting those crappy fees. All it's going to do anyway is give a place for MB's and AMC's to easily find their next friendly appraiser.

 

[JRS at OBX]

So I'm going to fill out the paperwork put in my higher fees.

Except when the company wants you to have the magic software and for you to pay them for a background check.

 

[JRS at OBX]

This is why I think we should all publish appraiser's names who do work for $150. It is insulting to our profession. Who are these losers? I will judge...I don't care what anyone says about not publishing names, but these appraisers ruin our profession. Someone will take the work though.

Some of them publish their fees on their websites anyway. You publish their names and all the AMCs are going to swamp them with work.