Any Experience with ARC?

[sailorboy]

Has anyone had any experience with ARC (American Reporting Company) as an AMC. I was just informed that my main client, HomeStreet Bank, is switching over to ARC for all of their appraisal ordering. They already have an independent department set up within their organization to order the appraisals where we have absolutely no contact with the loan officers. I cannot imagine why they would even consider using a management company when they have a system already in place that works. HomeStreet has been great to work with to date but I am not sure what is going to happen with ARC in the middle. I have cut out all other AMC's out of my client base unless they take my full fees. I hate to have to deal with a new one.

 

[Uoozen]

Arc

My brief experience with ARC ( Some Management is ex-WAMU.) was not a good one. They did not pay as promised, then claimed that my invoice was not in 'the system' and had to be resubmitted. Finally got paid, 30 days after initial inquiry.

Proceed with caution and request a least 2 appraiser office references that can be verified.m2:

 

[Uoozen]

ARC Update.

Recently accepted several assignments with ARC and had no problems with getting paid with a 30 day period. Otherwise, just another AMC.

RU

 

[Roscoeman]

I had a great experience with them until about 1 year ago.

They wanted me to do a field review and I advised that it needed to be a full appraisal, due to numerous circumstances.

They said ING will not accept that and I was taken off the list.

But they were good while it lasted!!!!

 

[lionfish]

I work with them. Keep in mind they are also an appraisal company in the Seattle area with several staff appraisers. There are many advantages for a lender to have a single source solution for appraisal ordering that may not be obvious to a field appraiser. I worked for a national lender and was on the team that interviewed several national companies in 2000-2001. Our team had many people that were not in the appraisal review dept that had stake in the benefits being presented. ARC has always paid as promised and I like working with their personnel.

 

[Green Hornet]

I work with them. Keep in mind they are also an appraisal company in the Seattle area with several staff appraisers. There are many advantages for a lender to have a single source solution for appraisal ordering that may not be obvious to a field appraiser. I worked for a national lender and was on the team that interviewed several national companies in 2000-2001. Our team had many people that were not in the appraisal review dept that had stake in the benefits being presented. ARC has always paid as promised and I like working with their personnel.

lionfish,

It would be interesting to hear the inside story regarding the benefits to the bank, what they ask of the AMC versus what the AMC says they ask and the sales pitch of the AMC.

I hope you can shed some light.

Thanks

 

[Doug in NC]

If you want to avoid aggravation, don't take an ING assignment. I recently did a $Mil.+ order for them. Be prepared to write an extensive narrative. Better yet, since they are so intent on justifying every adjustment in your report, it might be a good idea to go ahead and send them a correspondence course on how to perform appraisals. If you do take an assignment from ING, charge appropriately because I don't care how good you think your report is, you will hear back from them and they will want additional clarifications.