AMC Strike by the NREA-Ad Hoc

[LT3appr]

Has anyone heard about this? Looking for more info.

The home mortgage loan business suffered another setback today when the National Real Estate Appraisers Ad Hoc announced that its 80,000 provisional members would immediately cease doing work for AMCs, appraisal management companies.

From Appraisal Today newsletter

:new_2gunsfiring_v1: AMC's

 

[Mountain Man]

I went on strike many years ago, and never looked back.

 

[Head Surfer]

Like the title of that article states "A Fable For Our Times"

Someone wrote a fantasy story where the proverbial cats actually agreed to be herded.

 

[Bearslide]

Ahh...but such a WONDERFUL fantasy! If only it were true.............

 

[Michigan CG]

There are 121,000 active appraisal licenses in the United States, take out the people with multiple state licenses and you have about 110,000 appraisers. Does anyone think that someone could somehow organize 80,000 of them in a union?

This forum has 40,000+ registered users, but only a few hundred are active posters....maybe 5% of the appraiser population.....and numerous efforts to organize have failed.

Definitely a Fable....

 

[Non Sequitur]

Like the title of that article states "A Fable For Our Times"

Someone wrote a fantasy story where the proverbial cats actually agreed to be herded.

Don't spoil the fun, at least not until I (the official Secretary of NREA) collect the $1,000 anual dues.

 

[LT3appr]

If a caveman can do it, why can't appraisers do it?

 

[Non Sequitur]

If a caveman can do it, why can't appraisers do it?

Because cavemen aren't cannibalistic.

 

[DonRico]

In a follow-up story, the Appraisal Today newsletter says that after the 80,000 provisional members stated their case.....the AMC's immediately signed up the nation's20,000 remaining appraisers at a new reduced fee, after eliciting a promise of quicker turn-times and more "accurate" appraisals.

HA!

 

[F Randall]

General Thoughts

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

When the tide turns, and there are not enough appraisers, will we be able to charge AMC's more than they make, causing them to go out of business?

When I aked someone at a "major" AMC if they, too, lowered prices being paid to appraisers, the response was ..."absolutely not - but if you lower your fee, you will get more business!"

WAMU's 3-strike policy is being changed to a "2-strike" policy (but with 2 strikes, you will be grandfathered in). Their review gnomes are invisible and unreachable, and rebuttals are not read. At least here in the West, so many rely on WAMU work - even their REOs - that no one seems to care. Did you know that 1% of all deals (allegedly) for WAMU - REO, Heloc, whatever, are reviewed for QA? If you have a high volume shop, watch out!!! Ever heard of an MAI demonstration report? that is what they would like to see for their $200.

Pretty scary!