Appraisal order cancelled and re-assigned to another appraiser

[Delta85]

What does the Congress and Obama have to do with this? The lenders don't have to use AMCs and appraisers can charge whatever they want.

Don't do business with lousy businesses.

Many clients are not getting that message. HVCC may as well still be the law of the land. Clients don't want to rock any boats or are too lazy to analyze the small print on what they can or can't do. Or they just would rather outsource to AMC regardless.

 

[J Grant]

I think any appraiser who can should try to upgrade to the Cert Gen license. The hours can be done in 1 year or more, and then one state test. That is all that seperates the two licenses. Even if you have to work for free part time for a cert gen, try to do it. That is the only way right now for appraisers to have enough of a diverse client base to say no to AMC's.

Tax appeal and atty work is too scarce to offer most res appraisrers a decent income.

It is hard for people to say no to all AMC's, since they control roughly 80-90% of lender work now, but we can say not to some of them, and only work for the better paying ones. If lenders can't get their orders done through the "bad" AMC's, they won't use them (and if these lenders own the AMC's, they'll have to pay decent, or not get anyone to do the work)

 

[Roy Courtney]

I spent over 20 years building a decent client base and along comes congress and obama with Dodd-Frank (HVCC prior) and blew that to crap. With nearly all lenders using AMCs how do you suggest we rebuild the client base? Are you talking about attorneys and tax assessment appeal work? I would think that would be a pretty skinny living.

Things are different depending on where you live. AMCs would love for us to believe that "nearly all lenders" are using them. I do not work for AMCs and stay busy doing residential mortgage appraisals for banks and credit unions.

If you have Realtor friends tell them what is going on with the AMCs. If you have friends who are bank loan officers talk to them and explain why the AMC is not a good model. Encourage the Realtors to take their clients to lenders who use a rotation list to select the appraiser. When this AMC foolishness starts costing the lender money instead of being a profit center things will change. Best of luck!

 

[Webbed Feet]

My question is, why is this urgent?

 

[Lobo Fan]

The only reason you got the order was because you were $50 cheaper than the regular guy. Once they found out it was not true, they went back to the guy they knew. They were pimping the order around, trying to save a few bucks. How many times have you been shopping around on the phone and told someone you liked the deal and would be right over only to go somewhere else, perhaps closer?

 

[Smokey Bear]

Many clients are not getting that message.

No, they got the message. They don't care, AND they make money off the AMC since they are usually at least part owners of the AMC.

 

[Ca Ar Independent]

This happens ALL THE TIME. This is standard operating procedure for the AMC. They have one objective which is get the order placed as quickly and cheaply as possible. I've had some reps call with a difficult to place order, late at night, begging me to take the order "so they can go home" and then..haggle with me about my fee! It's nothing personal...it's how they operate. I've seen invoices for orders that I declined where they ended up paying the other guy MORE than I quoted!!! I'd say let it go and move on!

 

[Riick]

Imaginary Valuation Protection Institute

My question is, why is this urgent?

Well Darth,
OP said: "Seems like that may be a Dodd-Frank violation but not sure."
I believe the OP was on the verge of turning the AMC in
....to the IVPI, (you remember, the Imaginary Valuation Protection Institute)
or M.Dodd & M.Frank,
or maybe the Consumer Financial Protestion Agency,
or the FBI, NSA, CIA, KGB, LSMFT.

.

 

[redfish]

You need to return the favor. They apparently think that verbal agreements aren't enforceable. Accept a bunch of orders from them in the future, verbally of course, then don't do them. Stretch them out with phony status updates until they finally get it. Tell them that you found some other clients who pay higher fees.

That is the dumbest thing I have ever heard.

 

[hastalavista]

You need to return the favor. They apparently think that verbal agreements aren't enforceable. Accept a bunch of orders from them in the future, verbally of course, then don't do them. Stretch them out with phony status updates until they finally get it. Tell them that you found some other clients who pay higher fees.

I don't recommend this.
Is it worth the price of the appraiser engaging in unprofessional behavior to exact revenge for the AMC's unprofessional behavior (and in doing so, harming an unrelated party... the borrower and client who have nothing to do with the situation)?

That is the wrong choice, IMO.
Just stop doing business with them.