AMC asking for UAD 3.6 fees, what's everyone thinking?

[Dublin ohio]

So has anybody seen any pricing on 3.6 software. The software provider websites seem to have nothing

 

[gorillakimchi]

So has anybody seen any pricing on 3.6 software. The software provider websites seem to have nothing

I’m using Total and so far I haven’t seen any separate pricing or increase specific to 3.6. From what I can tell, it appears to be included, at least for now. Curious if others using different platforms are seeing anything different?

 

[Tom D]

My direct lenders have said bip about the 3.6. As a matter of fact, the mortgage people know nothing about the form. The AMC is asking to see where the new 3.6 median price is going to be in the bell curve. They already have numbers set in their heads as to how little to you, and how much more to them.

I have a thought. With this new appraisal upheaval. Will the big AMC decide it's time to kill the little AMC by being cost lower than little AMC. To take the business away and kill them all. Maybe there will be an AMC war. Then when there only a couple big AMC to give you their new prices, it will be time for this group to turn out the lights.

 

[NC Appraising]

Some lenders will be starting around mid March or April. Alamode, per their time line, will be at a point where you actually deliver a report.....if you know what im saying.

UAD 3.6 Timeline

www.alamode.com

I think some AMCs maybe jumping the gun to please their lenders.


We wanted to let you know that the new 3.6 products have now been added to our system. As you’re aware, these updates reflect the latest 3.6 requirements and will begin flowing through our platform soon.

When you have a moment, please log in and enter your fees for the 3.6 products so we can ensure smooth assignment routing and avoid any delays once orders begin coming in.

We kindly ask that all fees be entered by March 15.

If you have any questions or run into any issues while updating your profile, please don’t hesitate to reach out — we’re happy to help.

 

[J Grant]

My direct lenders have said bip about the 3.6. As a matter of fact, the mortgage people know nothing about the form. The AMC is asking to see where the new 3.6 median price is going to be in the bell curve. They already have numbers set in their heads as to how little to you, and how much more to them.

I have a thought. With this new appraisal upheaval. Will the big AMC decide it's time to kill the little AMC by being cost lower than little AMC. To take the business away and kill them all. Maybe there will be an AMC war. Then when there only a couple big AMC to give you their new prices, it will be time for this group to turn out the lights.

The AMC does not charge a cost to its lender customers. They typically offer a free service (because they get compensated from the appraisal fee split) What lower cost are you talking about?

The big AMC's have more volume and/or are owned by deep-pocket corporate entities or banks...and have already bought out, squeezed out, or reduced in geo footprint the little AMC's.

As far as appraisers' pricing for UAD 3.6 - you are correct, so far direct lenders have not reached out wrt UAD 3.6 the fact that AMCs are asking appraisal vendors is a good thing and people should respond with as high a fee as they can manage because this is a rare chance to see across the board rise in fees which are so far below the norm. Of course AMC's will try to keep as much of a fee split as they can, but if the appraisers charge the higher rate they will at least have more in pocket.

 

[Tom D]

but if the appraisers charge the higher rate they will at least have more in pocket.

Depends on their increase amount. But unfortunately, no one knows for sure how much more time it will take to do, for that new $ increase. So an increase isn't necessarily more profitable, depending on what the new 3.6 time increase will be. It has become a long time slow decline in what appraisers are making in real dollars. I don't see that changing.

In term of real dollars, after inflation. Started going down in the 90's and still riding that same downhill rail track. Unfortunately, we all do love appraising as a job, the way it used to be.

 

[Essexfenwick]

Do not answer.

You're still developing..will know in late October

 

[J Grant]

Depends on their increase amount. But unfortunately, no one knows for sure how much more time it will take to do, for that new $ increase. So an increase isn't necessarily more profitable, depending on what the new 3.6 time increase will be. It has become a long time slow decline in what appraisers are making in real dollars. I don't see that changing.

In term of real dollars, after inflation. Started going down in the 90's and still riding that same downhill rail track. Unfortunately, we all do love appraising as a job, the way it used to be.

Any increase is good!

One can always increase it more in the future. WRT the overall crappy pay from AMC's, the diminishing number of fee appraisers would need to decide to stop giving them a discount of any kind. Let the lenders pay the AMC for the AMC service if they want to use an AMC.

IDK if in the future some class action suit could be filed successfully, but I did a rough calculation that an average busy fee appraiser doing AMC work lost about 500k in income in a 10 year period due to having to give enough kickback discount of a fee split to get orders in the AMC fee bid/fee comparison system . It is the appraiser, not the consumer who gets harmed financially in the fee split payment, though the consumer gets harmed in how the appraiser is selected for their order.

 

[Non Sequitur]

Just an FYI for the peanut gallery: AMC‘s with staff appraisers and relationships with large national firms are only asking for fees from indie appraisers so they can set up their “family first.”

AMCs will blame any price increases on indie appraisers and cry price gouging, which is what they did during Covid. But we all know that very little of that $$$$ will trickle down to indie appraisers, staff and national firms will eat up most if not all increases for 3.6.

 

[J Grant]

Just an FYI for the peanut gallery: AMC‘s with staff appraisers and relationships with large national firms are only asking for fees from indie appraisers so they can set up their “family first.”

AMCs will blame any price increases on indie appraisers and cry price gouging, which is what they did during Covid. But we all know that very little of that $$$$ will trickle down to indie appraisers, staff and national firms will eat up most if not all increases for 3.6.

Who cares why they are asking? Name a fee increase and stop complaining about all things, that the AMC's are finally acknowledging that fees might go up for this product!