eatduzt
Freshman Member
- Joined
- May 30, 2008
- Professional Status
- Certified Residential Appraiser
- State
- New Mexico
I have been a certified residential appraiser in the Albuquerque, New Mexico area for 10+ years & have never seen work this slow. All of the larger lenders have changed to AMC's. The brokers are also starting to make the transition to AMC's as directed by their lenders. The result is a lack of work for traditional fee appraisers. I looked into joining an AMC, but they typically make a 42% to 50% cut of the appraisal fee. In addition, they their "Appraisal fee", that they charge the client is way below market. The AMC I am referring to is Valuescape. They asked me to do an appraisal in Santa Fe, which is 1.5 hours from Albuquerque, where I do the majority of my business. I typically charge $550.00 for a non-complex appraisal in that area, which takes into account 3 hours of travel time. They wanted me to do an appraisal on a $1.2 million dollar home in Santa Fe for a fee of $365.00, of which I would make 58% or $211.70. Gas alone would be $60.00, which leaves me with $151.70.
These AMC's are destroying our livelihood. I have a bachelors degree, an MBA, and am a State Certified licensed Residential Appraiser. These AMC's have no qualifications that I am aware of; and make nearly as much as the appraisers who perform the work + they do mega bulk appraisals. The companies should be illegal as they clearly violate section 8 of RESPA which pertains to "ADD-ON" fee's without actually having performed a service. Does anyone know if there is any legislation pending that would outlaw these AMC's other than the Cuomo vs. Eappraisit/LSI ?
How would we go about getting something together as a group?
These AMC's are destroying our livelihood. I have a bachelors degree, an MBA, and am a State Certified licensed Residential Appraiser. These AMC's have no qualifications that I am aware of; and make nearly as much as the appraisers who perform the work + they do mega bulk appraisals. The companies should be illegal as they clearly violate section 8 of RESPA which pertains to "ADD-ON" fee's without actually having performed a service. Does anyone know if there is any legislation pending that would outlaw these AMC's other than the Cuomo vs. Eappraisit/LSI ?
How would we go about getting something together as a group?