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Are AMC's Misrepresenting Their List of Customers ?

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Joined
Jan 16, 2002
I keep getting faxes and e-mails from AMC types who upon initial contact make claim of doing work for large nation lenders. At first, they fax a data sheet requesting all sorts of info, including MY list of fees. Since I don't know who they are, and don't like AMCs to begin with, I want to know who their customers are and if they pay full fees. I'm very suspect of these people.

The latest one was an outfit that calls themselves NCS (National Closing
Solutions). Based on their fax number area code they are in Texas. They claim to be the AMC for Chase. I do Chase work and have never heard of them.

Is anybody else getting these types, or am I just paranoid ?
 

Em Tee

Senior Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
California
Funny you should mention that - we've received faxes from 2 different AMCs both claiming to represent the same lender. We gave them their due attention (round file)!!! :twisted:
 

graindart

Junior Member
Joined
Jan 20, 2002
Professional Status
Certified Residential Appraiser
State
Montana
My favorites are the ones that don't even list names, but claim to have thousands of current lender clients.
 

Mike Simpson

Senior Member
Joined
Jan 30, 2002
Joe-

No worries mate. Give the AVM's all the rope they want.

Here's what I tell my clients and here's some feedback from them.

I tell my client: You need to be extremely cautious of these AVM's. Despite what their silver-tongued salesman might be selling you, I'm getting calls from a lot of frustrated lenders regarding the valuation estimations these things spit out. They're extremely inaccurate based on what I've seen thus far. Ask yourself how an AVM arrives at a value determination compared to an appraiser conducting inspections and basing their estimates on years of experience and education, and I think you'll begin to understand why you're having problems.

My client: Some are cursing the AVM's for costing them time & money. They get frustrated and call me to straighten out the confusion the AVM has caused. They're questioning why they bothered using the AVM in the first place, and many have already abandoned their use considering it a dead experiment.

The proof is in the pudding my friend. Those tauting and singing the praises of the AVM's are opportunist seeking to exploit an industry problem--that being the lender's desiring to unbridle themselves of the appraiser. However, the accuracy of the AVM is extremely suspect at this time and has not satisfied the need of the lender with any degree precision. Fear not--until an AVM starts inspecting homes, calling real estate agents, buyers, and sellers to asertain whether concessions were included in the sale, and the volumes of other analysis a qualified appraiser performs in the normal course of business--I wouldn't consider them a threat to our industry.

-Mike

Oh yeah--I almost forgot--the lender needs you for insurance (you know your E & O). Do ya think an AVM is gonna stand behind their wide value range or offer any degree of insurance to the lender?--Puuuleeezzzeee
 

Verne Hebert

Senior Member
Joined
Feb 25, 2002
Professional Status
Certified General Appraiser
State
Montana
Hey Joe-

I have a small pile of them I haven't had time to "reconsider". But yes there are alot of claims.

But hey! Misrepresentation? It could be a mere oversight. Maybe a compilation error-probably a computer error. Or possibly the list has not been edited recently.

Bake the big ones. Pan fry the little ones.
 
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