ABOLISH and OUTLAW bank owned/affiliated and/or contracted management companies.

[CANative]

Is it fair to "edit" a petition after it's been signed? Is their a method for "unsigning?"

 

[George Hatch]

I haven't been following this thread because I could tell from the first post that that the petition has no balance, and thus will never be accorded any amount of credibility. As appraisers, we build our credibility by acknowldgeing both what is and what isn't. If I'm reading an appraisal report I'm looking for more balance than what I'm seeing in this petition.

What's bad about most of the AMCs is how they are run. The costs they add to these transactions don't have a commensurate return. That's why the AMCs have to cut into the appraiser's fee - the services the AMCs provide have little value in the market and the clients mostly won't pay extra for them.

As for thinking that any lender should be required to accept an appraisal engaged by a third party loan originator, let me first say that an outside mortgage broker is not automatically an agent for a lender just because they submit a loan package. In addition, federal banking regulations hold the lender - not the loan originator - accountable for the appraisals they use in those transactions. It's not fair to hold a lender accountable for the appraisal on the one hand and on the other to deny them the discretion of who to trust and who not to trust. Appraisal licenses were never intended to serve as a substitute for this type of discretion. The fact that you have a license doesn't mean that anyone has to trust you; it only means that you possess the minimum qualifications to sign these appraisal reports.


The next obvious element that comes to mind is that as an appraiser, it is your responsibility to identify your intended users - and their requirements - up front to the extent that you can. If one of the lender's requirements for an assignment is that the appraiser has to be part of their panel then that's part of the assignment itself.

BTW, I've never seen a more distorted interpretation of that passage from the ASCs "Statement 7- Prohibition Against Discrimination".

-----------

If you want broad support for your cause then you need to make appeals that are based on the broad interests of the many, not the narrow interests of the few, like appraisers. Nobody outside of our business cares about our fees or our interests. You should be talking about how most of the AMCs exist only to provide the bank both that veneer of plausible deniability and the additional profit center that's hidden from the borrowers. In effect, many of these lenders are cheating both their investors and their borrowers via these subterfuges.

The low fees to appraisers, the pressure to make the appraised properties look cleaner or more valuable than they really are, the blatant abuses involved with knowingly allowing unlicensed individuals and trainees to do almost all of the work and most of the other complaints we have as appraisers are all effects; symptoms of the underlying problem, which is the violation of existing laws and regulations. That should be the focus of our appeals to the public. Complaining about how our fees are eroding is a waste of time. Nobody really cares about airline pilots not getting raises.

 

[The Warrior Monk]

W'ell Dave - I give up on you !

This is nothing new. It is one of the biggest problems I have with the appraisal unions. They spew out things that are not correct, and when challenged, do not reply. Clearly misrepresenting laws to fit one's belief system does not make it reality.

 

[CANative]

I'd be pretty upset if I found out over the mid-Atlantic that ePilotIT had hired the crew in the cockpit.

 

[daryljohns0428]

An important thought. I spent almost two decades in the insurance field to personally witness what happens when insurance companies have their own direct repair facilities to repair automobiles and steer their customers and claimants to those shops. The price to repair goes down and so does the quality of work. The profits soar for insurance companies. Wake up people, as this is no difference.

 

[Ken Youngkrantz]

This appears to be one persons personal thoughts because they can not get work from an AMC. My personal experience has been that mortgage brokers are much worse than AMC's in pushing values and coercing appraisers. I do a fair amount of work for AMC's and the only time the order has a value on it is when the appraisal is for a purchase. I get about two value reconsiderations per year. I do as little work as possible with mortgage brokers as all of the orders have a value on them and most of them want a free comp check. The AMC's pay within 10 days, don't complain about the value I give them. The pay is not be a good as with mortgage brokers but you don't have to put up with the BS from some used car salesman turn mortgage broker. I am seriously considering dropping by listing in AppraiserUSA to get rid of the 8th grade educated people calling me. Just one persons experience with AMC's.

 

[CANative]

I agree, for the most part, with Mr. Youngkrantz's post.

But the AMC's need to be more dilegent in qualifying appraisers and offer enough compensation to attract competent appraisers for each assignment type.

 

[daryljohns0428]

I don't do any work for mortgage brokers or AMC's nor do I want to. This puts me in a position to see what's happening as I see fellow appraisers now working for AMC's earning half of what they used to make. Very sad as all say they stay busy, however are making less money for working longer. It's just a matter of time before systems like Zaio, AVM's and AMC's turn a residential appraisal into a cheap piece of paper. Best of luck to all who stay with that side of appraisal work.

 

[CraigButterfield]

Abolish Bank Owned Mangament Companies

I don't do any work for mortgage brokers or AMC's nor do I want to. This puts me in a position to see what's happening as I see fellow appraisers now working for AMC's earning half of what they used to make. Very sad as all say they stay busy, however are making less money for working longer. It's just a matter of time before systems like Zaio, AVM's and AMC's turn a residential appraisal into a cheap piece of paper. Best of luck to all who stay with that side of appraisal work.

I have decided to add one last comment - at least the last one for now. Its time to keep the hornets buzzing. I truly welcome constructive comments. For those out there who when one says black, they say no its white. I respectfully will bow out, and not fuel that fire, as I welcome comments based on reason, not on hair splitting, so this is what I have to say.

Committee B- Addition 12/19/07. Appraisalunion.org website

OK Mr. Appraiser, Your neighbor says to you, hey Fred (insert your name here), I know you’re an appraiser, and I need your help. I’m looking to refinance my home.

Now, you the appraiser have been conditioned, by corporate America, the big banking chains, and you know how to respond. Don’t you?

“Sorry, I cannot help, you, as the law says the “Lender must engage me” – Take your business elsewhere, and IF the lender will approve me then I may be able to help you.

Now ask yourself – Does that sound like free trade, or free commerce, or does it sound like what it is in fact. – Restrictive trade, and anything BUT free commerce.

Why does FIRREA say the “Lender must engage?”

Is it because the big banks lobbied for and passed legislation and want to control the ordering process, so that they can skim the lions share of the fee for their appraisal management department?

Is it to protect their interests (their assets). Well ask yourself this – I am licensed. If I am a wrongdoer, the state can revoke my license. Is it not my job as an appraiser to convey an accurate value estimate?

Real estate law is a precursor to appraisal law - Law of Agency.

Nobody is obligated to hire me; yes, this is true, but when a mortgage brokerage AGENT agrees to hire me, then the end lender must take my work, the only provision outstanding is whether I am competent to perform the assignment at hand.

If a Century 21 AGENT lists a house, can the C21 AGENT tell the ERA or PRUDENTIAL AGENT we will NOT take that contract from your buyer as we do NOT approve ERA or Prudential AGENTS to be on our list (So that the C21 AGENT will ultimately see the entire 6% commission, if and when the listing AGENT sells the house) - Let them try it ! LAWSUIT !

Please join this committee and lets do our utmost to take our profession back from the banking lobby, and allow us to conduct trade freely and openly without restraint !

 

[The Warrior Monk]

I have decided to add one last comment - at least the last one for now. Its time to keep the hornets buzzing. I truly welcome constructive comments. For those out there who when one says black, they say no its white. I respectfully will bow out, and not fuel that fire, as I welcome comments based on reason, not on hair splitting, so this is what I have to say.

Committee B- Addition 12/19/07. Appraisalunion.org website

OK Mr. Appraiser, Your neighbor says to you, hey Fred (insert your name here), I know you’re an appraiser, and I need your help. I’m looking to refinance my home.

Now, you the appraiser have been conditioned, by corporate America, the big banking chains, and you know how to respond. Don’t you?

“Sorry, I cannot help, you, as the law says the “Lender must engage me” – Take your business elsewhere, and IF the lender will approve me then I may be able to help you.

First, there is the issue of ethics: Should you be appraising your neighbor's home for a lender assignment? I wouldn't, simply because of potential bias issues that are unacceptable to those intended users.

I may for other intended users, because I can freely reveal my relationship.

Second, "lender must engage" is simply that..."lender must engage." It does not mean that the property owner cannot request an appraiser, who is subsequently engaged by the lender. This occurs on occasion with our office, where the MB has selected some office located two counties away that sends out a trainee. Property owner then screams at the lender and insists they use a local firm. We then get the assignment.[/quote]

Now ask yourself – Does that sound like free trade, or free commerce, or does it sound like what it is in fact. – Restrictive trade, and anything BUT free commerce.

Is the union setting minimum fees free commerce?