Calling all AMC Appraisers in So Cal!

[acuara]

I would have been nice if the Southern California Chapter of the Appraisal Institute would have been something other that a watering hole for established commercial appraisers because we could have really stuck it to the banks and mortgage brokers who were gaming the market. The problem with getting together is that the bankers who wrote the rules of FIRREA also wrote in competition so that they could divide the appraisers and conquer them. The Istitute was no #$%^# help when they acceded to the experience hours requirements without having a third party oversight. I would love to start an organization for Residential Appraisers only in the San Gabriel Valley/Inland Empire area that would serve notice to the less than scrupulous mortgage brokers and the cheating appraisers that they employ.

 

[acuara]

Like I said before, it's just not healthy. They will burn an appraiser out and move on the the next.

and GOD help you if you come down with a bad case of conscience regarding the quality of your work. I have had to tell reviewers in the AMC to read the #$%^ report. Of course I am a bit wordy and I include everything that I feel is pertinent just to cover my (/). I was reviewed by the regional superintendent of OTS on a small income report I did. He though the sale was a flip. I had the evidence it wasn't. Preparing the report so as to cover my work took a week. I saved my license, my client's license and the deal. Were the extra 4 days worth it? Try telling that to an AMC that is a boilermaking assembly line. I did when I did an appraisal for a development where only the base price was reported as the purchase price and NONE of the costs of the upgrades were included. That report took three weeks to complete. I didn't receive any new orders from this AMC for a while due to my. you guessed it, "Turn Time." Good thing I did what I did. Through the grapevine I heard another appraiser was reamed and ultimately lost his license. The whole development was audited by the DRE over their sales price reporting practices and The Title Company was fined for colluding with the developer. I am still here, bruised and battered but approved with all the lenders. Now if I could just get a steady supply of work thingz wood be kool. Steven

 

[panappr]

Now if I could just get a steady supply of work thingz wood be kool. Steven

Unfortunately, there usually 2 approved lists, one for wholesale and one for retail. Although I can count 50 that I am "approved" with on wholesale lending, only retail approval gets direct orders. Over the past 6 months I have lost all my lender clients either to AMCs or they have gone out of business. Now I am suffering with mortgage brokers as a last resort. There has to be a level playing field or most will not survive....

 

[Ken Youngkrantz]

I do a fair amount of work for two AMC's. 1004 fees run between $245 and $300 with a 5 work day turn time. No worry about getting paid. Normally can bump the fees if over 40 miles from the office or in the mountains. FHA is $55 more with one and $50 more with the other. I provide minimum three sales and two listings. Extensive market research and detailed support for my adjustments. Getting about six orders a week right now from these two. Who they are is irrelevant.
Ken
P.S. I don't use appraisal port

 

[RitaB]

discouraging thread

 

[RitaB]

I would have been nice if the Southern California Chapter of the Appraisal Institute would have been something other that a watering hole for established commercial appraisers because we could have really stuck it to the banks and mortgage brokers who were gaming the market. The problem with getting together is that the bankers who wrote the rules of FIRREA also wrote in competition so that they could divide the appraisers and conquer them. The Istitute was no #$%^# help when they acceded to the experience hours requirements without having a third party oversight. I would love to start an organization for Residential Appraisers only in the San Gabriel Valley/Inland Empire area that would serve notice to the less than scrupulous mortgage brokers and the cheating appraisers that they employ.

There's a group that meets in Lancaster once a month that you might want to check out. Email if you want details.

 

[RitaB]

I must disagree about many of these AMC 'ideas', but the biggest one is their contracts.

PLEASE have your own attorney look over those contracts BEFORE you sign any of them!!!!!

Rumors are they are about to really nail appraisers on those 'hold harmless' clauses you all were ignoring.

At those fees, who can afford an attorney?