Check Out Appraisersblogs. AMC's Get Fired

[MS0963]

VaCAP is now collecting signatures on the letter they sent out a few weeks ago telling the AMC's they are not needed. VaCAP has stepped up again! Here is an opportunity to make a statement. The AMC model is broken and regulators and Lenders are now listening. The time to step up is now.

Every appraiser needs to sign this letter and forward it to everyone they know; Realtors, consumers, title companies, friends, neighbors, etc.

http://appraisersblogs.com/appraisers-sign-vacap-AMC-letter/

 

[panappr]

"To protect the appraiser identity from retaliation, only the initial of your last name and state will show on line. The copies sent to the FDIC, CFPB, Comptroller of the Currency and our Federal Reserve Board will have your full name."

Wait a minute they are the ones we need protection from.

 

[Terrel L. Shields]

Wait a minute they are the ones we need protection from.

I don't see us needing protection from them so much as we need them to listen to US instead of NAR, AMC, and the ABA. The whiphand has changed. Take advantage of it while we can.

 

[Meandering]

Thank you VaCAP.

 

[TRESinc]

i still don't see the point. appraisers don't hire, or employ, AMCs - lenders do. if you want to get rid of AMCs convince lenders they don't need them. telling that to AMCs, even with a million signatures, means nothing.

 

[Bobby Bucks]

Someone made a post about AMCs a few years ago that was the best ever IMO, he said what we should do as an industry is "pick out and kill it". Maybe a poll is on order to pick one out. My vote is for the Polyvinyl chloride folks on the left coast. In the present political climate, AMCs are going to be with us, maybe we can have some say in which ones will be with us. The ones left standing will have something to think about.

 

[Don Clark]

i still don't see the point. appraisers don't hire, or employ, AMCs - lenders do. if you want to get rid of AMCs convince lenders they don't need them. telling that to AMCs, even with a million signatures, means nothing.

And how, oh wise one, do we get lenders to listen to us? We still have lenders that believe they are "required" to use AMC's due to the HVCC that has been dead for years now. And, some believe that Dodd-Frank requires it, and it does not. We also have lenders that believe it is more economical for them to have a middle man or AMC. I would argue that most lenders could have their reports back to them, meeting all their necessary criteria, in at least half the time it now takes by placing an order through an AMC. the resulting cash flow through more timely loan closings would more that offset the savings by using an AMC, and would also save their borrowers money as well.

The question is, how do we get that word out? The MBA will likely not listen. The FFIEC will likely not get involved, and contacting one lender at a time is impossible as a means to get the word out.

 

[TRESinc]

And how, oh wise one, do we get lenders to listen to us? We still have lenders that believe they are "required" to use AMC's due to the HVCC that has been dead for years now. And, some believe that Dodd-Frank requires it, and it does not. We also have lenders that believe it is more economical for them to have a middle man or AMC. I would argue that most lenders could have their reports back to them, meeting all their necessary criteria, in at least half the time it now takes by placing an order through an AMC. the resulting cash flow through more timely loan closings would more that offset the savings by using an AMC, and would also save their borrowers money as well.

The question is, how do we get that word out? The MBA will likely not listen. The FFIEC will likely not get involved, and contacting one lender at a time is impossible as a means to get the word out.

i don't have that magical answer oh unwise one, but appraisers telling AMCs they are fired is pointless as they don't employ AMCs, lenders do. i don't like the service i get at some restaurants but i can't walk up to the waiter/waitress and tell them they are fired, i don't employ them. i can however stop giving them my business and take a stand. if you want to take a stand how about not accepting AMC orders? work with your state coalitions and get more appraisers to not take AMC orders. i personally have talked with 3 chief appraisers at 3 of my clients, at length, about the possible perils of working with AMCs and to date they have not used them. i'm not saying i am directly responsible for the decisions the lenders made but i voiced my opinion as a long time respected panel member. if you have good clients, or even if you have lost good direct engagement clients to AMCs, talk to them. it's not hard to do.

 

[Don Clark]

i don't have that magical answer oh unwise one, but appraisers telling AMCs they are fired is pointless as they don't employ AMCs, lenders do. i don't like the service i get at some restaurants but i can't walk up to the waiter/waitress and tell them they are fired, i don't employ them. i can however stop giving them my business and take a stand. if you want to take a stand how about not accepting AMC orders? work with your state coalitions and get more appraisers to not take AMC orders. i personally have talked with 3 chief appraisers at 3 of my clients, at length, about the possible perils of working with AMCs and to date they have not used them. i'm not saying i am directly responsible for the decisions the lenders made but i voiced my opinion as a long time respected panel member. if you have good clients, or even if you have lost good direct engagement clients to AMCs, talk to them. it's not hard to do.

I am wise enough to have stopped accepting AMC work, except on rare occasions, and for full fees, the same fees I get from VA Appraisals. I belong to 2 state coalitions, NCPAC in North Carolina, and VaCap(founding member) in Virginia, and a regular speaker/instructor at the Delaware Association of Appraisers, and a frequent instructor at the VAAO (Virginia Association of Assessment Officials). I believe I am doing my part to change things, and have been doing so for over 30 years in this business. But, it is like how do you eat an elephant? Answer.....one bite at a time. And, a member of this forum for 14 years, or did you believe me to be a novice?

 

[TRESinc]

i don't see where i posted you were a novice, i was merely using your vernacular.