Chalk one up to The Rotation

[Mike Boyd]

Hi Kev,

FWIW, several local banks in Suffolk have move their ordering to the credit department. These responsible lenders have no intention of going AMC. And, not surprisingly, their stocks have not suffered the carnage that the AMC-using lenders have.

That's good news, David. Unfortunately, too many lenders succumbed to the AMC carrot in the past few years as they tried to gather up more than their fair share number of loans.

 

[Riick]

Hi Kev,
FWIW, several local banks in Suffolk have move their ordering to the credit department. These responsible lenders have no intention of going AMC. And, not surprisingly, their stocks have not suffered the carnage that the AMC-using lenders have.

David I think you may have something there.
I was about to brush this thread off, and returned.
Citi used to be one of my good clients, but the fellow I worked with there,
who literally had his own little panel, was forced (back around 2005) to go to AMC appraisers.

In same way, WAMU, who used to use my services, rolled over and died.
Ditto a few others.
This whole damm thing may end-up being self correcting.
Use AMCs and you will put yourself out of business.

Anyone willing to do a statistical study that we could send to
(a) the Banks and
(b) the FED, OTS, FDIC, THE MEDIA, etc., etc. ???
.

 

[jay trotta]

Found portion's of this description, interesting to say the least;

Extortion, outwresting, or exaction is a criminal offense, which occurs, when a person unlawfully obtains either money, property or "services" from a person, entity, or institution, through coercion. *Refraining from doing harm is sometimes euphemistically called protection*

hmmm, using the Law - to hide the law, an interesting concept brout to you by your political party here in the good ole USA

Add;
Coercion (co-er-shion) is the practice of compelling a person or manipulating them to behave in an involuntary way (whether through action or inaction) by use of threats, intimidation or some other form of pressure or force. These are used as leverage, to force the victim to act in the desired way.


Does the TERM- Preditory Lending evolve around these two definitions under the "cloak" of americana language ?Perhaps the soup networks (TV) should peek into this

 

[Karl]

IF your complaining & Whining & using ACI Software. Consider yourself one of the ones to blame. I used United Systems when they sold to Zaio cause of my beliefs I paid the price to switch. Now everyone that uses United or Day One have to switch, again!!! Now IF your complaining & whining I suggest you pay the price to switch to a Non AMC owned software, or stop Bi+C#ing about _____& about the low fees that your SOFTWARE parent company is offering you.

 

[TC]

You're right, Karl. If I switch to Ala Mode my client will be able to use my appraisals.

I don't think so.

And I don't ***** or whine, it's just bidness.

TC

 

[William K]

David I think you may have something there.
I was about to brush this thread off, and returned.
Citi used to be one of my good clients, but the fellow I worked with there,
who literally had his own little panel, was forced (back around 2005) to go to AMC appraisers.

In same way, WAMU, who used to use my services, rolled over and died.
Ditto a few others.
This whole damm thing may end-up being self correcting.
Use AMCs and you will put yourself out of business.

Anyone willing to do a statistical study that we could send to
(a) the Banks and
(b) the FED, OTS, FDIC, THE MEDIA, etc., etc. ???
.

This is sort of interesting in a simple way ( and we know our politicians like things simple for Television sound bites). I know we have access to a list of the failed institutions now all we have to do is find out if they were using AMC"s and bring this fact to light before the politicians enact any new measures to "HELP" the economy. It doesn't necessarily have to be a full blown statistical study, just keeping it simple with a simple list of failed institutions and if they used an AMC, in house staff or independent appraisers.

 

[Jan Roseberry]

'but it looks like they would be charging us an add'l $300 each loan if we do not comply'.

My money's on the cost of a review.

 

[smackodu]

TC,

Now that you've b......d about it what are you going to DO about it? The way I see it is you throw up the white flag or you get eyeball to eyeball with the your client and fight this crap. There are TOO many appraisers who just sick back and take it. There isn't a group or politcian who is going to save YOUR appraisal business. Here is a suggestion.

Have the lender contact the AMC and tell them they don't believe the AMC should get $150 for pushing a button. The lender can tell the AMC they found another AMC who will only charge $100 to push a button. The AMC will cave. Two weeks later have the lender call the AMC and tell them they found another AMC who will only charge $75 to push the button.....Two weeks later $50 and and so on.

Hey just for grins and giggles why don't you call a few AMC's yourself and tell them you are an apppraiser who does x number of appraisals per month for a lender. The lender wants to be HVCC compliant but he/she wants me to to get all the work at my full fee. What fee are you going to charge the lender to "push the button?" Make the AMC's cave and go back to the lender and tell them you have done all the leg work. You found zzz AMC is willing to give me all your appraisal assignments and I get full fee and it only costs you Mr./Ms. lender $50 per appraisal. You now have a win/win/win. You get your full fee. The lender only pays $50 in extortion money to be HVCC compliant. The AMC gets $50 in extortion money to press a button. There might also be one more win here. The politicians can tell everyone they did something to protect the public.

Try it. The lender is going to love you and you might save your business

It is up to every individual to save their OWN business. Is the playing level? Hell NO!

Maybe everyone needs an Anthony Robbins RaH Rah talk!

Good Luck!

 

[Em Tee]

TC,

Now that you've b......d about it what are you going to DO about it? The way I see it is you throw up the white flag or you get eyeball to eyeball with the your client and fight this crap. There are TOO many appraisers who just sick back and take it. There isn't a group or politcian who is going to save YOUR appraisal business. Here is a suggestion.

Have the lender contact the AMC and tell them they don't believe the AMC should get $150 for pushing a button. The lender can tell the AMC they found another AMC who will only charge $100 to push a button. The AMC will cave. Two weeks later have the lender call the AMC and tell them they found another AMC who will only charge $75 to push the button.....Two weeks later $50 and and so on.

Hey just for grins and giggles why don't you call a few AMC's yourself and tell them you are an apppraiser who does x number of appraisals per month for a lender. The lender wants to be HVCC compliant but he/she wants me to to get all the work at my full fee. What fee are you going to charge the lender to "push the button?" Make the AMC's cave and go back to the lender and tell them you have done all the leg work. You found zzz AMC is willing to give me all your appraisal assignments and I get full fee and it only costs you Mr./Ms. lender $50 per appraisal. You now have a win/win/win. You get your full fee. The lender only pays $50 in extortion money to be HVCC compliant. The AMC gets $50 in extortion money to press a button. There might also be one more win here. The politicians can tell everyone they did something to protect the public.

Try it. The lender is going to love you and you might save your business

It is up to every individual to save their OWN business. Is the playing level? Hell NO!

Maybe everyone needs an Anthony Robbins RaH Rah talk!

Good Luck!

What have you been smokin? Give it a try and let us know how that works out for you!

 

[BRCJR]

A "good" lender would not play that game, or any other "game" for that matter.