A New AMC Just Got My Account

[TC]

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.

Why do you care what other people charge? This is America, they can charge whatever they want, as can you.


TC

 

[Steve Metz]

Some people want to drink cheap beer and others like the expensive imports. I market my self as the expensive import. I'm not for every body and my time is limited.

These bankers have been so used getting what they want on the cheap brew they just do not know any better. They have been parting like college kids on spring break in Cancun and now have the headache the morning after. After all big daddy tax payer will pick up the tab for the damage.

The only way I was able to put a dent in some of the trainee shops was to call the State Dept. of Labor and file a complaint. I did get rid of one of the mills and the other one imploded in the slow down. I still have a couple of retired folks that do them in my area for $150. They can have the work. As the old surfer dudes used to say FYJIMO.

 

[Webbed Feet]

Mr. Beck,

See if a few of those account reps will accidentially email you copies of those appraisals... :icon_evil:

Webbed.

 

[Workbox]

Check with them after they've used the AMC for a short time. Have them keep complaining to the higher ups. There was a similar incident here and the employees complained loud enough about the shoddy work coming from the AMC that they eventually dropped the AMC and went back to the old way. (BTW, legit bank who paid respectable fees with no pressure.)

I posted something similar to that here and many of the LO were PO"d when TransUnion took over. They complained enough and the work was proof. One example, custom home and tract homes used with huge adjustments. And Yes get copies of those appraisals. Good Luck.

 

[c w d]

Mr. Beck,

See if a few of those account reps will accidentially email you copies of those appraisals... :icon_evil:

Webbed.

What would be the point? So that those of us who do not want to accept the reality of the situation can sit and gloat at the poor quality appraisals our former client's are receiving for what they're paying? Or to be able to inform our lost clients of the poor quality they're receiving in the hopes of reattaining their business?

The don't believe for one minute that the decision makers at Capital One don't know what they're getting into. So what are the possible motivations? Well, from the OP's responses the company is paying the same or more for the appraisals. AMC's provide quick turn times. The appraisal process is now managed. Capital One no longer needs to maintain a list of appraisers.

Lets break down the possible motivations.

Fee - is not competitive so there should be no motivation unless Capital One or someone in it has a personal interest in the chosen AMC and will benefit from its profits.

Quick turn time - How much of an incentive is 24 - 48 hours compared to 48 - 72 hours? This assumes typical appraisals nothing complex. I don't believe there is enough incentive for a day or two quicker turn times required by an AMC considering a loan process from start to finish can require a month or more. I believe the quick turn times are another way to manipulate the appraisal process. Less research means less informed opinions.

Managed appraisal process - Here is where I believe the motivation lay. It is my opinion that "Managed" is the new catch phrase that implies manipulation of the appraiser. Afterall, AMC's know which of their appraisers hit the number more than those that don't. And, the AMC's provide an insulating layer from liability.

Maintenance of appraiser lists - This is a reason I've seen some of our large clients use for switching to an AMC. Considering all one need do to find an appraiser is search the AF's site I don't believe it to be a compelling argument. Some may argue AMC's allow a company to know who the good appraisers are. But, we all know the quality of most appraisers who are AMC hounds for $150/appraisal. How "good" can they be? In my opinion this is a BS reason. See "Managed appraisal process"....

 

[Webbed Feet]

What would be the point? ..<...snip.....>..

The point wasn't missing the point entirely, that is for sure.

Webbed.