AMC's - What do they do?

[Mr Rex]

Most have some form of desk review or automated review as part of the service. Sometimes its a secretary making sure all the little boxes are filled out, sometimes its an appraiser with a magnifying glass, sometimes its a machine. Send Joe Moore a PM, he can answer your questions better than anybody that has chimed in, you just might have to wait for him to park the yacht and put down his fruity libation.

 

[JTFAPP]

I had about a year with a decent one 2005 when they were desperate. They would want unrealistic turn around 24 hour verbal etc, but paid well. I would always tell them some variables would lekiely slow the process down, and they were ok with it, but they were busy to. In normal times, you rip it around super fast or they just dont use you.

 

[JonGalt]

They are becoming a type of monopoly in appraisal orders. Pretty soon the fee appraiser will be unable to generate his own lender type clients and all will flow through the almighty AMC's. They will control so many of the available orders that they will further dictate the fees and turn times reducing the remaining appraisers to minimum wage hacks and corner cutters.

I'm not jaded, really.

An AMC bonus of having great turn times and almost no problems with reports was they appreciated my service, commitment, and quality so much they reduced my fees 33% a couple months ago. Nice way to say thanks for the hard work, isn't it? So much for the full fee AMC.

"He who controls the spice, controls the universe"

 

[Jonsey]

Joe ( appraisers best AMC friend) Hmmm. I'm just now wondering why no other AMC rep has such a presence on this forum. Why is that...damage control, marketing? Anyway, Joe can just copy and paste one of his standard AMC value added replies, justifying their fees and VIP status among lenders. The screen bunny that pops up when AMC questions arise or his name is probably busy docking the yacht.

AMC's - relieved the lenders of maintaining n their own "approved" appraiser lists, and/or in house staff, remaining remnants ,conveniently hve just now gone the way of the coo-coo bird. Then came the Epiphany, the realization that there is much profit in owning and AMC which gave cause for the rise of bank owned AMC's.

Cumo vs the Fanny. Those with clean underwear won't mind as much getting caught with their pants down. Oh, well. It's better than maintaining status quo.

 

[Jonsey]

They are becoming a type of monopoly in appraisal orders. Pretty soon the fee appraiser will be unable to generate his own lender type clients and all will flow through the almighty AMC's. They will control so many of the available orders that they will further dictate the fees and turn times reducing the remaining appraisers to minimum wage hacks and corner cutters.

I'm not jaded, really.

Good. Do you have a licensed, certified, mistake proof crystal ball along with your Appraisal Cert? If not, may I politely suggest that you quit proselytizing that AMC's will rule the roost. There was just let loose a mouse at their quintessential cocktail party - they must be scurrying about in all directions. Maybe that mouse will learn to roar.

Your fees were cut. Nothing personal. Doesn't that tell you something. They are probably hemorrhaging right now with the lack of business.

 

[Farm Gal]

Folks, Unless you have personally discussed a valuation problem with Joe Moore, I don't believe you are qualified to comment on his professional qualifications to be a head-honcho AMC dude, much less as reviewer . Regardless unless you have personal knowledge of his income it's pretty tacky to make assumptions there also.

Nationwide in general USED to have some of the better reviewers in AMC's nationally - frankly the 'value added' by other AMC's 'review' processes (which are mostly automated and idiotic) were seldom of comparable value, and were highly uneven in application. Berating Jerks need not call me, ever!

Joe in particular retains my personal respect due to conversations in which he VERY quickly grasped central elements of problems, where other appraisers and reviewers remained incapable of grasping USPAP, quantitative or qualitative concerns involved. I consider him among the brightest individuals with whom I have ever conversed about appraisal issues, even if I didn't always agree with his final opinion(s). Sometimes he had his opinion, I had mine! You all make your own calls. On his behalf I am more than a bit offended. Why slang one of the FEW good guys who is willing to participate here?

Still, to some extent we did it to ourselves: Independant appraiser were nasty and unresponsive in turn-times to one-off cleints. As out of state lenders took precedence over local relationships, things changed, AMC's had clout when they formed 20% or more of you income! Greater professionalism among appraisers would have circumvented SOME of that issue.

We used to have other regular posters from AMCs, but folks either drove them off or they left of boredom, or disgust. Its pretty stupid to knock off some of the folks who MIGHT be willing and able to help change the industry/profession for the good innit?

Aside from the above, AMC's got an edge due to bundling of services ordering-title, cleint central and responsive streamlining of aprpaisal and added services... AND even I had some respect for the usta-be ability to do a reasonable review of a Faxed or electronically delivered report- so that the cleint report when submitted was 'reasonably' clean and error free. Gretchen at NASCO caught me many, many times over the years... in STUPID and careless errors which I was very VERY grateful that no cleint ever saw. :blush:

Those were the 'fairly good years' when fees were 'reasonable' and very VERY summary reports not only acceptable but the norm. AMC's wanted fast - well sometimes fast meant not as clean as one would have wished . Proofreading has never been my forte! I refused to compromise on competency, turn time was the best I could do and always remained dependant on staying on the side of the angels in competency!

There is only so fast and so low this kid can go in fee - don't do much AMC no mo!

 

[Mztk1]

I think an appraiser can be more efficient when they can just appraise. I have two management companies I work with. They give me a second set of eyes to look over my reports - both use in house, real appraisers - and the staff at their office fields questions and calls from the lenders, screening what has to be a lot of calls because I rarely hear from them compared to how much I hear from direct lender/broker work I do. A lot of time is saved by that. I don't get lookup requests, or questions like why I used comp #3 instead of the Taj Mahal. I can literally focus on one thing and get my jobs done creating higher efficiency.

The best thing that has happened to me over the years working with AMC is I stopped having to advertise. They create a good network between LOs who leave the offices, sales agents you work directly with, and homeowners for PMI, divorce, etc., down the road.

I think a strong AMC company as a client can create a good backbone for any small shop.

I know that is unpopular, but that has been my experience.

And, no, I do not believe I am a hack. I know few hacks believe they are hacks, but I put a lot of time, effort and detail in my reports. I call agents on every transaction or knock on doors when need be, and I check zoning, surveys, draw my sketches, inspect the full property etc., on each of my full appraisals. I make mistakes and am not perfect, but I do believe in my product.

 

[Mztk1]

Folks, Unless you have personally discussed a valuation problem with Joe Moore, I don't believe you are qualified to comment on his professional qualifications to be a head-honcho AMC dude, much less as reviewer . Regardless unless you have personal knowledge of his income it's pretty tacky to make assumptions there also.

Nationwide in general USED to have some of the better reviewers in AMC's nationally - frankly the 'value added' by other AMC's 'review' processes (which are mostly automated and idiotic) were seldom of comparable value, and were highly uneven in application. Berating Jerks need not call me, ever!

Joe in particular retains my personal respect due to conversations in which he VERY quickly grasped central elements of problems, where other appraisers and reviewers remained incapable of grasping USPAP, quantitative or qualitative concerns involved. I consider him among the brightest individuals with whom I have ever conversed about appraisal issues, even if I didn't always agree with his final opinion(s). Sometimes he had his opinion, I had mine! You all make your own calls. On his behalf I am more than a bit offended. Why slang one of the FEW good guys who is willing to participate here?

Still, to some extent we did it to ourselves: Independant appraiser were nasty and unresponsive in turn-times to one-off cleints. As out of state lenders took precedence over local relationships, things changed, AMC's had clout when they formed 20% or more of you income! Greater professionalism among appraisers would have circumvented SOME of that issue.

We used to have other regular posters from AMCs, but folks either drove them off or they left of boredom, or disgust. Its pretty stupid to knock off some of the folks who MIGHT be willing and able to help change the industry/profession for the good innit?

Aside from the above, AMC's got an edge due to bundling of services ordering-title, cleint central and responsive streamlining of aprpaisal and added services... AND even I had some respect for the usta-be ability to do a reasonable review of a Faxed or electronically delivered report- so that the cleint report when submitted was 'reasonably' clean and error free. Gretchen at NASCO caught me many, many times over the years... in STUPID and careless errors which I was very VERY grateful that no cleint ever saw. :blush:

Those were the 'fairly good years' when fees were 'reasonable' and very VERY summary reports not only acceptable but the norm. AMC's wanted fast - well sometimes fast meant not as clean as one would have wished . Proofreading has never been my forte! I refused to compromise on competency, turn time was the best I could do and always remained dependant on staying on the side of the angels in competency!

There is only so fast and so low this kid can go in fee - don't do much AMC no mo!

Someone who writes as eloquently as you Lee Ann need not put much energy into proof reading.

 

[Jonsey]

Still, to some extent we did it to ourselves: Independant appraiser were nasty and unresponsive in turn-times to one-off cleints. As out of state lenders took precedence over local relationships, things changed, AMC's had clout when they formed 20% or more of you income! Greater professionalism among appraisers would have circumvented SOME of that issue.

Sorry. I disagree. What you find in this thread comment wise to be disparaging, offensive or inappropriate about AMC's is not ANY different than the generalization you have made about Independent Fee Appraisers being unresponsive, rude, nasty, etc. There ARE courteous, professional, business orientated Appraisers who lost long cultivated clients and hard earned livelihoods/business relationships to AMC's.

Nothing in the past could have circumvented the AMC during their..hey, we set your fees days.........and I remember them well........Nationwide was among the front runners, setting the precedent for the rest.

Sorry. I don't and won't take work from them on principle alone, and have no vested interested in defending them.

 

[c w d]

I had looked at several AMC's online and the products/services they provide. Since it looked like they only received and transmitted orders I wanted to try and get a better idea what they do. I did not mean for this thread to get into the goods/evils of AMC's. Thanks for the input everyone.