Best AMC

[JMcGuire1122]

tried to PM you, but it says I can't start a conversation with you. You're welcome to PM me.

Not sure how to PM either- brand new on here…

 

[EddieB]

Maybe our AMC friends can explain the pros and cons of using an order management system vs an appraisal management company. It might be beneficial to a lender that already is using two AMCs to consider the third ordering method via a different approach/platform

 

[alebrewer]

Not sure how to PM either- brand new on here…

Click on the envelope in the upper right hand corner to start a conversation. Then type in my handle in the 'to' field.

 

[frobro]

AppraisalNation sends to 1 appraiser at a time, and asks for the fee based on the complexity of the property and then reaches out to the lender to get it approved. I appreciate that more than some others that just send out mass emails asking for bid requests. Estreet Appraisal Management has been pretty decent lately, as i do not believe they mass email bid requests. Just my 2 cents.

 

[DWiley]

Thank you- this is helpful.
I’ll check out both Mercury and Appraisal port. They seem to both be owned by CoreLogic who we have a good relationship with. And- I completely agree with the AMC not charging too much for their cut and giving more to the appraiser. That’s how you get quality and good turn times. We all work for $, It doesn’t make sense for an AMC to have a big cut just to coordinate…

I would urge caution in assuming that fee and quality are so closely aligned. Many appraisers believe (or want to believe) that. Having tracked it for 8 years, I found little correlation between the two.

Some of the worst appraisals I ever saw were SFRs with fees over $1000. On the other hand, the very best appraiser we had in a high end area in CA had fees that were mid range.

I saw lots of efforts to raise fees in an attempt to increase quality. In most cases we simply were paying more for the same quality

 

[JMcGuire1122]

I would urge caution in assuming that fee and quality are so closely aligned. Many appraisers believe (or want to believe) that. Having tracked it for 8 years, I found little correlation between the two.

Some of the worst appraisals I ever saw were SFRs with fees over $1000. On the other hand, the very best appraiser we had in a high end area in CA had fees that were mid range.

I saw lots of efforts to raise fees in an attempt to increase quality. In most cases we simply were paying more for the same quality

Understood- we want fair on both sides.
Don’t want the AMC taking a big cut and don’t want appraisers over charging either. Just went good business. Really boggles my mind that it’s that hard to find with the direction technology is innovating the mortgage business. It’s only going to get more and more tech advanced too. Believe me when I say that too- we are on Freddie’s Tech pilot program for implementing new stuff. It’s all going that way.

 

[JMcGuire1122]

AppraisalNation sends to 1 appraiser at a time, and asks for the fee based on the complexity of the property and then reaches out to the lender to get it approved. I appreciate that more than some others that just send out mass emails asking for bid requests. Estreet Appraisal Management has been pretty decent lately, as i do not believe they mass email bid requests. Just my 2 cents.

Ok- good deal. Stuff like this is what I’m looking for from the appraiser side of things. I’ll check out Appraisal Nation. Thank you!

 

[JMcGuire1122]

AppraisalNation sends to 1 appraiser at a time, and asks for the fee based on the complexity of the property and then reaches out to the lender to get it approved. I appreciate that more than some others that just send out mass emails asking for bid requests. Estreet Appraisal Management has been pretty decent lately, as i do not believe they mass email bid requests. Just my 2 cents.

Ok- good deal. Stuff like this is what I’m looking for from the appraiser I’ll check out Appraisal Nation. Thank you!

 

[Terrel L. Shields]

find a National AMC that APPRAISERS like to work with vs what I’m being sold on the AMC side.

AMCs aren't really very lovable But I am curious why it is cheaper to use an AMC than to have your own credit department staffed by senior appraisers who then add qualified appraisers to their list and manage them. I know the Walton family bank - Arvest does both - they have staff appraisers running the show with independents on their vendor list but use an AMC when unable to find an appropriate appraiser on their own list. And as one of their employees told me, "I hate having to work with AMCs. They never keep their promises."

I have a couple buddies that are appraisers but only work for small local banks

I am one of those who will not work for an AMC. Much of my work is estates and I do a few for a short list of banks - 4 in fact this year...and 90% from 2 of those. There is a two fold reason. One - the biggie- is the AMC itself. I can't remember being offered more than $325 from one and often it is 50 or more miles away. The second is the complexity of keeping up with software and FNMA requirements. It is relatively easy to do if that is all you do- you work with it every day. But working for in house banks means I can use a narrative or simply form reports and avoid the UAD codes, etc. It is just simpler to focus on one modus operandi.

 

[alebrewer]

But I am curious why it is cheaper to use an AMC than to have your own credit department staffed by senior appraisers who then add qualified appraisers to their list and manage them.

That's a no brainer, Terrel. AMC's are 'pass through' costs to a lender. Cost to the lender for using an AMC to manage their appraisal function: $0. Cost to an lender to staff an appraisal desk: $LOTS.