AMC Poll

[Doug Wegener]

Flawed poll, you forgot the worst of the worst:

SERVICELINK

 

[CANative]

I'm pretty sure American General lends their own money and keeps everything in house. They're not even picky about what appraisal form to use. Why would they want a skippy?

 

[Colleague]

Sorry Doug,

Never heard of SERVICELINK and the poll only gave 4 response choices when I set it up, so I just put the ones down I was familiar with.

However, glad you at least responded to let other appraisers know who to watch out for. Thanks for looking out for us.

 

[L.A.]

My experience has not been good with a major AMC you have not mentioned.
Last appraisal I did 90 days ago I was asked to revisit an appraisal and was provided 3 comparables by the homeowner! No they were not similar not even in style. I was asked to push value. I have kept all written documentation and when they are sued great I can stand by my ethics and compentency.

 

[Mike Kennedy]

forgot a few

Appraisal Management Companies ​

Lenders Services First American Appraisal Services Chicago Title-Market Intelligence
"REO" / National TM Nations Lending Services Nationwide Appraisal Services Advantage Equity Services Express Financial Services Landsafe Appraisal Services Appraisal Management Company ASA Real Estate Services i Mortgage Services Integrated Loan Services, Inc.

 

[L.A.]

Appraiser Pressure

Mike,
You missed one more. Rels Valuation/Well Fargo:new_2gunsfiring_v1:
After rereading my post a correction is needed.
I was called by the AMC or LOC to revisit the appraisal. They said their client the borrower thought the value to be low, so thats when the 3 new comps. were forwarded to me. The home owner had picked them!.

Why isn't anyone changing the sequence of the loan process?
Borrower goes for a loan. Appraiser is then dispatched to appraise the property, paid for the report and then the rest of the process begins to find out if the loan can be made. That should be the law of rule. Nothing is done but the appraisal first.

Thx.
L.A.

 

[WOOKIEG]

AMC's+How to go broke

I tried working with AMC's early in my carreer and found they hassled me on value and always took forever to pay. Now I fired them all and work as an independent fee appraiser. No hassles and I do alot of Bank business. Also I have found that by becoming extremely proficient at FHA appraisals I am staying nicely cushioned. I do 24 hour turns for my main clients and get paid handsomely.

 

[Craig81]

Mike,
I was called by the AMC or LOC to revisit the appraisal. They said their client the borrower thought the value to be low, so thats when the 3 new comps. were forwarded to me. The home owner had picked them!.

So a homeowner feels you were wrong in your opinion of value. YOU are the trained, licensed, and experienced professional. Write a letter as to why those comps were not considered in your appraisal report. Hell, I had to do the same thing in March for an appraisal I did for an ERC in January.

If those comps are valid and you overlooked them, maybe you should include them into your report. Maybe a revised opinion in light of comparables you didn't find in your initial research demands it. Granted, most borrowers don't know their *** from a hole in the ground when it comes to comp selection. If they did, we'd be out of a job. The borrower might not have ever been in those homes. He just knows that Joe Blow up the street sold his house for 350k. and the borrowers house is just so much nicer. I mean, the borrower painted! That has to add like, 40k worth of value right there.

Why isn't anyone changing the sequence of the loan process?
Borrower goes for a loan. Appraiser is then dispatched to appraise the property, paid for the report and then the rest of the process begins to find out if the loan can be made. That should be the law of rule. Nothing is done but the appraisal first.

Lets go with that a moment. That theory. Borrowers also like to shop mortgage brokers. See who can get them the best rate. Borrower applies with Broker A- Broker A orders an appraisal. Appraiser goes out, collects his 350. Report is done. That broker can't make a loan with whatever that appraisal comes in at. So one of two things has happened. Either the broker has lost 350- paying for an appraisal which cannot be used to in turn make him money, or the homeowner paid for the appraisal and is now out the 350.

Borrower still needs that loan. So they go to broker B. Broker B might, or might not have the previous appraisal. Depending on if the borrower got a copy or not. Lets assume for a moment that they haven't gotten a copy. That's another 350 for an appraisal. Assuming that a copy of the original report wasn't available, someone ****ed away another 350. Sure, it's not a waste- not to you or I, or any other appraiser on these forums. But someone will be bleeding out money at that rate, and no one wants to do that. No homeowner wants to pay for a second appraisal. Lets face it, who here has 700 bucks to just toss to the wind? I sure as hell don't, and I bet none of you do, either.

So rather than go through the above mentioned hoopla, the broker calls his appraiser and asks for a comp check or a verbal appraisal. I know, we're not supposed to accept orders with a predetermined value in mind. But we all accept contracts in sales transactions, same thing there. Provided the appraiser doesn't 'hit' a number just because thats what the broker needs and not what the home is properly worth, then we shouldn't have any problems. But we'll always have dishonest people in this business. Example being the appraisal review I posted about last month.

And no, I'm not advocating anything- especially not the pressuring of appraisers. Just providing the broker's POV on the situation.

 

[Mike Kennedy]

So rather than go through the above mentioned hoopla, the broker calls his appraiser and asks for a comp check or a verbal appraisal. I know, we're not supposed to accept orders with a predetermined value in mind. But we all accept contracts in sales transactions, same thing there.


Interesting Philosophy.

 

[Craig81]

So rather than go through the above mentioned hoopla, the broker calls his appraiser and asks for a comp check or a verbal appraisal. I know, we're not supposed to accept orders with a predetermined value in mind. But we all accept contracts in sales transactions, same thing there.


Interesting Philosophy.

Again, presenting how the broker sees it. But I suppose after Jan 1st, this will be kind of a moot point. I suppose I'm lucky (or unlucky, pending on your POV) But I haven't done much in the way of broker work in awhile. Majority of it has been AMC work. They pay close to full fee, no pressure tactics and just want updates on a regular basis. Hrmm..