AMC's - What do they do?

[Ron Schwartz]

Its very simple most AMC's are owned by major lenders...
Countrywide owns Landsafe
Wells Fargo owns RELS etc. etc..
The lenders are repositioning themselves with the blessing of the Feds to make more money on every aspect of the loan looking squeaky clean.
They now can double bill their clients for appraisals, title, survey etc..etc...and make money coming and going and still claim themselves independance....Stupid Feds!!!!

Its like FHA reverse mortgages...They are backed by the Gov't via FHA/HUD and most of the time its an elderly person with no clue being raped by a Mtg Broker with the help of a large lender and backed by the Feds.....

 

[Don Fiore]

Freddie Mac is accepting public commentary on the Valuation Code of Conduct on its website.

It would probably be a good idea for appraisers, including everyone who has posted here, to voice their concerns about the problems they see regarding the role and function of AMCs as the "independent third parties" who will almost certainly be dominating this business in a short while.

 

[sbb04]

An excellent point

HMMMMMM wonder if the IRS would like to see the instructions from some of these AMCs.....Your fee will be $___.00. You will call the contact within 24 hours......you will return the completed report within 48 hours....you will stay in constant contact with regards to status.....HMMMM.....sounds like an employer/employee relationship to me.

I hadn't thought of that but that really is an excellent point and may very well be the leverage to bring some of these AMCs down. The IRS certainly is hostile to the independent contractor concept and by directing and controlling it's contractors they most certainly would be considered employees in the eyes of the Feds

 

[William Little]

Must be the location

I think what AMCs pay must be a locational thing. Although my area is rural, there are plenty of appraisers around, and my fees are about in the middle. I have a set fee that I quote all clients be they local banks, mortgage companies, AMCs or individuals. If they don't want to pay my fee they can get someone else to do their work. The AMCs almost always come back with the fee approved. About 50% of my work is for them. Some of their computer driven review drivel can be exasperating, but I try to jump through their hoops as long as it's ethical, reasonable, and not too time consuming. I like the ones that don't tell me how much the loan is for, or what the owner thinks the house is worth. I like that they pay their bills on time, as a rule.

 

[Emperor]

They skim fees in return for forwarding a request. Also they fax and email 300 times to confirm you have received an order that you have already completed and returned to them a week ago. They also make a nice pressure buffer for lenders.

 

[Kevin Mc]

Simple.

They are pimps.