Best AMC

[Terrel L. Shields]

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.

A - they still have to have a staff to order the appraisal from the AMC. B- They still have to examine the appraisal. A bid portal like RIMS makes it possible to minimize the staff I would think. As for small banks, ordering the appraisal is a task performed by the loan secretaries and often that is only a matter of a few minutes per day. I don't see the cost issue.

And I don't see AMCs ordering commercial reports either-

 

[alebrewer]

A - they still have to have a staff to order the appraisal from the AMC.

Incorrect. Most LOS's integrate directly with the AMC. Appraisal is ordered by the loan processor (or whomever orders the appraisal) and the order is sent directly to the AMC.

They still have to examine the appraisal.

Incorrect again. The appraisals are reviewed by the underwriter.

Now - most lenders do have some sort of SME on staff to handle appraisal disputes, etc., but staffing an SME is minuscule compared to staffing a full appraisal desk.

 

[JMcGuire1122]

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 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.

Guys-
I understand some appraisers done want to work with AMC’s. You don’t need to respond, I get it. I have a couple buddies that are appraisers and they do local stuff only.
Again- we don’t want to hire staff appraisers and add extra employees to help us manage appraisals. We are looking for a good National AMC that appraisers like to work with. If you have any suggestions, please let me know.

A - they still have to have a staff to order the appraisal from the AMC. B- They still have to examine the appraisal. A bid portal like RIMS makes it possible to minimize the staff I would think. As for small banks, ordering the appraisal is a task performed by the loan secretaries and often that is only a matter of a few minutes per day. I don't see the cost issue.

And I don't see AMCs ordering commercial reports either-

Thank you-
I can’t figure out how to PM on here for the life of me. Doesn’t give me the option for some reason. Maybe cuz I’m too new? If you want to email me separately that’s cool too.
jwmcguire7980@gmail.com

 

[CGinMN]

OP, have you considered direct engagement?

I would urge caution in assuming that fee and quality are so closely aligned.

Is there any correlation on the low end? Any superb quality work coming in under $400?

 

[norapp]

Was going to say Flagstar but I believe they are a bank. Super company to work for.

 

[Mejappz]

The best AMC is a dead AMC.

 

[DWiley]

OP, have you considered direct engagement?

Is there any correlation on the low end? Any superb quality work coming in under $400?

Absolutely. As I said, I tracked and plotted quality vs fee for 8 years. When you assign objective scoring and plot scores against fee the result looks like a piece if paper that has been shot with a shotgun. No pattern at all. I know that is not what some think or what some want to hear, but it is what the data showed. And, was not the only chief appraiser who found that result. Are there good appraisers that charge more? Sure. But there are some who charge more who only THINK they are better

 

[djd09]

if you go onto TAF website and look at the IAC. don't use any of them. bad news.

 

[Mejappz]

if you go onto TAF website and look at the IAC. don't use any of them. bad news.

The stuff nightmares are made of.

 

[djd09]

The stuff nightmares are made of.

what is zillow there for. they do not even follow USPAP. shows you how rigged sold out it is