AMC purpose

[George Hatch]

The requirement is to maintain a separation of the loan origination pipeline from the due diligence pipeline. Using an outside 3rd party is one way to maintain that separation but it isn't the only way to do it. Nor are the lenders required to use an AMC.

 

[Surf Cat]

The AMC's requirement is to maintain a separation of $$ from the appraiser's wallet for profit off the backs of the appraiser's expertise, license, & insurance. AMCs prioritize lender interests over accurate valuations.... full on violation of the Public Trust.... that the public doesn't even know about.

Stinkin, spineless appraisers have more power then they realize if they'd just collectively boycott AMCs for a couple of weeks and generate national news of their plight. Losers...

 

[djd09]

do you think the mb are going to use an AMC that kills their deal...so same old same old

 

[Fernando]

Why does my AMC request on the 1004 form to indicate lender's name and address as the client in the report?
Seems the real client is the lender than AMC yet I'm in contact with the AMC.

 

[Surf Cat]

Why does my AMC request on the 1004 form to indicate lender's name and address as the client in the report?
Seems the real client is the lender than AMC yet I'm in contact with the AMC.

Dude....because it's as Hatch stated above....."The requirement is to maintain a separation of the loan origination pipeline from the due diligence pipeline".

But as everyone who has worked for AMC's know, if the appraiser's due diligence produces a value that is less than desirable and you don't kow tow to stipulations and ROVs...you are thrown out the back door into the trash cans in the alley.

 

[sputnam]

Why does my AMC request on the 1004 form to indicate lender's name and address as the client in the report?
Seems the real client is the lender than AMC yet I'm in contact with the AMC.

really?.... read USPAP sometime... it's not even that long. Only about 26 pages if you stick to the real estate appraisal part

 

[JM2187]

One reason AMC's exist is so the lenders don't have to waste time and energy with appraisers like Fernando advertises himself to be. There's a lot of heartburn out there.

 

[chad hampton]

Yes, the OP is correct. If you want to look up the definition of a 3rd party, I can provide one. Or you can use the google.

Once they figured out there was no regulatory body that gave a damn and no oversight whatsoever, and they got tired of giving away too much money acting their given role of middleman- they decided to become appraisal firms as well as AMCs. Obviously in a normal world, most would see an issue with that. But we do have a few demented old folks on this board that get confused. So sometimes we need to educate them. I should send them a bill.

I knew the playbook 10 years ago when I'd see the breakdown on orders. They were collecting 600 and paying 500. I know how big business operates, especially when the hedge funds and "investor class" scumbags started getting involved. No way that % was going to be acceptable to them.

AMCs should be non-profit. Like the AMC's I worked with that were bank owned years ago, they were not a profit center, break even was their goal. Won't leave much for the kickbacks and backroom deals, but that's just the way it goes. Maybe everyone at the breakfast club should pay their own way. Probably be the first time those GSE boys picked up a check.

 

[George Hatch]

Dude....because it's as Hatch stated above....."The requirement is to maintain a separation of the loan origination pipeline from the due diligence pipeline".

But as everyone who has worked for AMC's know, if the appraiser's due diligence produces a value that is less than desirable and you don't kow tow to stipulations and ROVs...you are thrown out the back door into the trash cans in the alley.

That's the same way the direct engagement lenders do it

 

[George Hatch]

Yes, the OP is correct. If you want to look up the definition of a 3rd party, I can provide one. Or you can use the google.

Once they figured out there was no regulatory body that gave a damn and no oversight whatsoever, and they got tired of giving away too much money acting their given role of middleman- they decided to become appraisal firms as well as AMCs. Obviously in a normal world, most would see an issue with that. But we do have a few demented old folks on this board that get confused. So sometimes we need to educate them. I should send them a bill.

I knew the playbook 10 years ago when I'd see the breakdown on orders. They were collecting 600 and paying 500. I know how big business operates, especially when the hedge funds and "investor class" scumbags started getting involved. No way that % was going to be acceptable to them.

AMCs should be non-profit. Like the AMC's I worked with that were bank owned years ago. Won't leave much for the kickbacks and backroom deals, but that's just the way it goes. Maybe everyone at the breakfast club should pay their own way. Probably be the first time those GSE boys picked up a check.

You're the one who is confused. Not me.

There is no requirement to use a 3rd party, no prohibition against using an in-house appraisal dept or against AMCs using an in-house appraisers. If you had a reference that actually stated so you'd have already cited it, except you can't because it doesn't exist.

The only reqirement is to separate the sales side from the appraisal side.