AMC Strike by the NREA-Ad Hoc

[Ken B]

Because cavemen aren't cannibalistic.

Funny...

 

[Mike Kennedy]

I wonder how many borrower/recipients of AMC appraisals realize that the apprasier frequently gets less than 50% of the appraisal fee? Pretty scary!

When they find out .......... (and they will)....... all traditional fees for mortgage lending appraisals will immediately.........be cut by 50%.

Market dynamics will insist upon it. Price for both Goods AND Services is always "what the market will bear" based on Buyers' perceived value.

 

[Non Sequitur]

When they find out .......... (and they will)....... all traditional fees for mortgage lending appraisals will immediately.........be cut by 50%.

Market dynamics will insist upon it. Price for both Goods AND Services is always "what the market will bear" based on Buyers' perceived value.

I don't agree Mike. IMO the reason MBs/LOs pay full fee when they control the assignment is because of just that; the extra fee (whether they pay or the HO does) is worth the control they have over the process. The MBs/LOs "perceive" a value for the control.

 

[Mister Ed]

I wonder how many borrower/recipients of AMC appraisals realize that the apprasier frequently gets less than 50% of the appraisal fee?

We do AMC work in this market for our fee (okay, in a couple of cases $10 or $15 less). I often get questions from borrowers about the fee they are charged for the appraisal. I tell them that I just do the appraisals but do not handle billing (the truth, we have an assistant who does that). I then suggest that they ask for a copy of our original invoice with our company logo on it. That way, they can know for sure what our fee for the appraisal is and whether or not they are being charged too much.

I don't know if they are asking or not, but so far I have had no requests from any of the lenders or AMC's for an original copy of our invoice.

 

[peturner]

Well, well, well...NOW we are willing to actually lie to the borrowers who actually pay our fees......how disgusting....I have not, nor will I, when asked directly what fee I am being paid, lie to the bill paying borrower......of course I do not work for 50% fees either.....however, stop and think what some of us have been reduced to: lying for someone or some entity that wants to break our backs....they have no concern for honesty, ethics, morals, or even just what is RIGHT.....just cheap....and you better help us cover up for that because if you don't it is automatic dismissal from our illustrious panel of appraisers....How do you look to that borrower if you say you do not know what your own wages are? You look IGNORANT or even worse..dishonest....so we cover them up to let them keep screwing us...enough is enough...get a conscience

 

[Workbox]

When I used to work for an AMC I would tell the client to make sure they get a copy of the appraisal and told them what I would charge. I also would them them to give me a copy of the report and that is when I realized that they were taking my invoice out from a secure PDF. And yes is it was more, but my fees were full and others times 10% less. Many of us could do them for less, because we need the money to feed the family and pay the bills, But I am yet to subcum to those low fees, because of the constant calls and utter disgusting control of our work.

 

[Mister Ed]

Well, well, well...NOW we are willing to actually lie to the borrowers who actually pay our fees......how disgusting....I have not, nor will I, when asked directly what fee I am being paid, lie to the bill paying borrower......of course I do not work for 50% fees either.....however, stop and think what some of us have been reduced to: lying for someone or some entity that wants to break our backs....they have no concern for honesty, ethics, morals, or even just what is RIGHT.....just cheap....and you better help us cover up for that because if you don't it is automatic dismissal from our illustrious panel of appraisers....How do you look to that borrower if you say you do not know what your own wages are? You look IGNORANT or even worse..dishonest....so we cover them up to let them keep screwing us...enough is enough...get a conscience

PE,

1. I know what my wages are, but I work for someone else (am not self-employed)
2. For the AMC's we do business with, we have assignment conditions to NOT discuss fees with the borrower. When we accept the order, we accept the assignment conditions.
3. I cannot answer for what they are charged for by the lender/AMC for the appraisal as I don't know.

 

[Conservative in Virginia]

I wonder how many borrower/recipients of AMC appraisals realize that the apprasier frequently gets less than 50% of the appraisal fee?

THEY WON'T... see my thread How Chase is getting around RESPA - they are charging the homeowner an 'application fee' of curiously $395 - NO APPRAISAL FEE they told me (the homeowner applying for a refi.).. THEY (Chase) are paying for it (the appraisal) - They told me NO appraisal fee would be disclosed on the GFE or the HUD because THEY are paying for it!

Therefore the HUD will NOT disclose an appraisal fee paid to YOU, ME , Skippee or the AMC - and from what I have been told this is perfectly legal.

 

[peturner]

Yes and now Chase has cut your fee to $273.00?>?>?>?>?> How can anyone do that and sustain a living? Sustain a living and or a business????? get real........there is a certain amount that has to be returned to the ongoing business entity to take CE...have E & O...pay for gas.....reserves to replace the automobile that will not work 2 to 3 years from now....have phone lines and computers....can you say $10.000 per hour....go to work for McD's ...we would all be better off.

 

[peturner]

They will get around RESPA for only so much longer....there is an appraisal fee invoice.....it must be kept in the file...files are subject to subpoena......or do they believe they are above the law????? I love legal actions......reveal so much to the Court and to the public and press.....