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AMC's-Did they read it?

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'........While fee reductions are tempting we must never allow fees to become the most important factor in selecting the vendors that we and our customers rely upon to fulfill our industry's "Better, Faster, Cheaper" mantra.'
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I think they missed this memo. I find myself treating this as lip service, as by this time, certain things about fees, quality, and service are well-known and certainly well-understood.
 
GCJim said:
I think they missed this memo. I find myself treating this as lip service, as by this time, certain things about fees, quality, and service are well-known and certainly well-understood.
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I suspect that if you were to ask "the-powers-that-be" within any AMC they would tell you that they do NOT pay "low" fees. Instead, they pay "market value" for the service.

After all...it MUST be the "going rate" because that is what the appraiser accepts as his or her fee for any particular assignment.

After all...for many appraisers...if they would not work "cheap" and work "fast"...they would not work at all.
 
After all...for many appraisers...if they would not work "cheap" and work "fast"...they would not work at all.
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Not entirely true, you forgot that if they turn to the dark side and guarantee values through comp searches, make issues "disappear", and become an advocate for the loan officer, they will be well paid and busy too.

For those who do not have a stable of Non-lender type clients to provide orders, the choice is becoming work fast and for peanuts or bend and break the rules to make the client happy. When AMC's control so much of the market for potential orders they can drive down the fees, After all, all filled in forms are equal to them.

The fee appraiser business model for success using low paying AMC jobs is quite simple really. Hire several trainees to do the work, pay them 40%, sign off that you (supervisor) inspected. Very simple, nobody will check anyway. Nobody really cares. I believe that is why the big "E" prefers vendors with over 25 appraisers on staff.
 
JonGalt,

I wish more Americans would read, and understand, Ms. Rand's work.

Oh yeah, I think your comment is exactly on target.
 
PJK03 said:
JonGalt,

I wish more Americans would read, and understand, Ms. Rand's work.

Oh yeah, I think your comment is exactly on target.
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Yes...that way we can have a whole community of like-minded individuals. :new_all_coholic:
 
JonGalt said:
Not entirely true, you forgot that if they turn to the dark side and guarantee values through comp searches, make issues "disappear", and become an advocate for the loan officer, they will be well paid and busy too.

For those who do not have a stable of Non-lender type clients to provide orders, the choice is becoming work fast and for peanuts or bend and break the rules to make the client happy. When AMC's control so much of the market for potential orders they can drive down the fees, After all, all filled in forms are equal to them.

The fee appraiser business model for success using low paying AMC jobs is quite simple really. Hire several trainees to do the work, pay them 40%, sign off that you (supervisor) inspected. Very simple, nobody will check anyway. Nobody really cares. I believe that is why the big "E" prefers vendors with over 25 appraisers on staff.
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Is it difficult to get more cynical than Mr Galt :shrug:

I do believe there are socially responsible appraisers and mortgage brokers out there working hand in hand. In fact I know there are because I work with several.

I also know the AMCs I work with do not allow trainees to sign reports and will dismiss you if they find out someone else is doing reports other than the signing appraiser.

What is considered peanuts and "working fast" is relative. I work for some AMCs and feel I make a decent living in part because of them. I find it easier and less time consuming than dealing with mortgage brokers and non-lender work because there aren't as many questions or problems. Once a job is done, I send it in, and rarely hear back from the AMCs. What I lose in dollars I gain in efficiency. But with the brokers, forget it. They want me to remove pictures, changes comments, bump up the value, they'll question adjustments, tell me I should not have mentioned a certain item because it is not the role of the appraiser, call me 3 months after doing a report and ask me to re-appraise a property but but understand why they have to pay again, they do not pay a trip fee or an inspection fee when cancelled or stood up, if they pay you, you need a collection agent half the time, they have even posed as a neighbor of the borrower to debate me about values in the area only to reveal themself as the mortgage broker when they didn't like the answers I was giving. Don't get me wrong, there are good ones, and I have been with good brokers for several years. But the bad ones will drive you to drink. Plus, when it comes to turn time with the AMCs, that is all a matter of learning their system. Once you know how to update, how to get the due date extended, what they look for in communication, you can take two weeks on any one file and it not count against you. That isn't true with mortgage brokers. They have a lock-in date and they didn't realize the order was never placed.
 
"the last few vendors standing will inevitably find them selves deluged with orders. "

And then those vendors can charge what ever they want!
 
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