Chalk one up to The Rotation

[TC]

I received a letter yesterday from a 20 plus year client:

Hello,

Jonathan and I thought we should send this email to all of you to make you aware of the new procedures STINKING LENDER is enforcing at the start of the new year.

Please read the attachment very carefully. We don't like being
forced to use a company we don't want to, but it looks like they would be charging us an add'l $300 each loan if we do not comply.

If you have already signed up to be a part of the approved AMC, then please let us know.

Thank you very much,

Thanks and have a great day!

Ah, what the hell, it was a good 20 year ride. Never stiffed, never pressured, nothing but A paper loans. So now some sap sucking appraiser will pick up some quality work without doing a damn thing other than being a bottom feeder.

What a business!!!

Maybe I should go to Washington in my private jet and ask for a bailout.

TC

 

[Em Tee]

Not to mention that they'll be paying the same fee, but you'll only get half of it because the AMC will take half.

m2:

 

[Randolph Kinney]

It's the way of the new economy. It is not fair for some to get more than others.

 

[Greg Bell]

I have done some work for STINKING LENDER..Most have gone over to the dark side , Oh , well , Hello welcome to wal-mart.........

 

[panappr]

This is getting very sad actually... It's almost as if there should be laws preventing our government from restricting fair trade? Oh wait I think there is????

 

[Tim Hicks (Texas)]

tC, I don't think you realize the current AMC's do not use a rotation system. The lowest fees get all the orders. So, price yourself accordingly and you will be raking it in before you know it.

 

[Workbox]

I think they are hoodwinking your client. I really do wonder who created the HVCC?

 

[Kevin Mc]

I don't think you realize the current AMC's do not use a rotation system.

Correct. The only people left to do mortgage appraisal work are the newbies and the desperate. F em. If they insist on junk, junk they will get. What gets me is there is no final edict of the HVCC. I have yet to see any lender hire an internal person to handle appraisal processing. They just insist on outsourcing every bit of it. Wait until someone decides they will be resposnible for the laon for a specific duration of the loan. They may change their tune.

 

[Mike Boyd]

Correct. The only people left to do mortgage appraisal work are the newbies and the desperate. F em. If they insist on junk, junk they will get. What gets me is there is no final edict of the HVCC. I have yet to see any lender hire an internal person to handle appraisal processing. They just insist on outsourcing every bit of it. Wait until someone decides they will be resposnible for the laon for a specific duration of the loan. They may change their tune.

Sorry, but I still get orders directly from the lender and/or a mortgage broker. I definately am not a newbie and certainly not desparate. This might change after the first of the year but I really don't think so.

 

[The Warrior Monk]

I have yet to see any lender hire an internal person to handle appraisal processing.

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.