AMC purpose

[Zoe]

Their purpose is to raise appraisal fees and have it assigned to the lowest bidding appraiser.

Yeah, and that bloodline feeds through the system in many ways to public trust.

 

[djd09]

independent...not affiliated with a larger controlling unit

 

[Zoe]

Me personally, separate AMC fees and appraisal fees on truth in lending disclosures to borrowers and it would change the whole market structure and support public trust.

It would almost force lenders that own/use AMCs to pay AMC directly because it would create intense competition between AMCs. AMCs would be underbidding each other and lender would say okay, forget the AMC we partially own or use.

It is all about the money honey.

 

[Dublin ohio]

It would almost force lenders that own/use AMCs to pay AMC directly because it would create intense competition between AMCs

There is nothing that would prevent lenders from passing their cost on the the borrower. It would just be another line item on the closing statement

 

[George Hatch]

It is not "my" AI- it is the AI which pulls the best data to answer questions and provide information.

I did not see where the OP asked it as a legal question.

Your AI is not a subject matter expert. It is an automated survey of other people's opinions, some of whom don't know WTF they're talking about . Just like you.

I take your usage of it as an admission of your own inability to defend your reasoning. You know from experience that when you say something dumb I'm going to run your foolishment straight into the ground. In fact, your deferral to the AI amounts to another one of those logical fallacies: the argument from authority (appeal to authority). It's right because it is an AI, not because the facts and reasoning are accurate or reasonable.

Here's a wiki explanation of what you're trying to do, which ironically is useful because people will recognize its validity. I could have used any number of other references that say the same thing, but this one was convenient. Not because it supposedly says something I wish was true.




AMCs have not been "created" to do anything other than act as an agent for the lender. In lieu of the lender doing it themselves.

 

[OSU Beavers]

AMC purpose? To extract or siphon off most of the appraiser's fee without the consumer paying for the appraisal knowing or caring about it.

 

[J Grant]

Your AI is not a subject matter expert. It is an automated survey of other people's opinions, some of whom don't know WTF they're talking about . Just like you.

I take your usage of it as an admission of your own inability to defend your reasoning. You know from experience that when you say something dumb I'm going to run your foolishment straight into the ground.

AMCs have not been "created" to do anything other than act as an agent for the lender. In lieu of the lender doing it themselves.

I post AI as a shortcut because I am busy working on assignments.

I post the facts about AMC's, when you dislike seeing the facts, you gaslight my posts on the topic as "dumb." Sorry if, in some of our prior exchanges, I expressed a viewpoint about your posts on the topic. Perhaps that was uncalled for.

AI is not an automated survey of other people's opinions. It pulls facts and information and data on subject matter as well as opinions from various sources.

 

[George Hatch]

I post AI as a shortcut because I am busy working on assignments.

I post the facts about AMC's, when you dislike seeing the facts, so gaslight my posts on the topic as "dumb."

Except the first line of your AIs summary is factually untrue. That isn't why they were created, not before the HVCC and not after the HVCC. The ones that were created and retained by the lenders and their holding companies were done in order to outsource all of the overhead. The lenders' in-house appraisal depts were already required to be isolated from their loan produiction, as has also always applied to their direct engagement appraisals. The AMCs didn't create anything new on that score. They just perpetuated the existing "appraiser independence" requirements for the lenders.

If a lender transitioned from running their own in-house appraisal dept to an AMC then they don't have to engage in that constant cycle of hire, train, equip and retire employees when volumes are up, only to lay them off and write the losses off when the volumes are down.

I personally got laid off twice by the same lender because their volumes dried up, that's one reason I know how the lenders were operating with their in-house appraisal depts. Take it from me, it's no fun to be sitting in a cubicle farm with a dozen other appraisers basically competing for the inadequate number of assignments that are coming in. It only takes a couple weeks of unused overhead to prompt a lender to consider layoffs.

The lender-initiated AMCs were also to created to provide a an additional potential profit center for the lender or their holding companies, which they are prohibited from profiting from their in-house appraisal depts. Your AI is unaware of that because the opinions it surveyed don't reference that history, only the current rage about the fee splits.

 

[djd09]

lets ask TAF about the AMC purpose...they are partners

 

[Zoe]

lets ask TAF about the AMC purpose...they are partners

Something about partner term don't sound right.