Client/AMC approval lists?

[robert higgins]

I am asking this just out of curiosity, one of my good friends is also an appraiser and was asking me my opinion on AMC’s and how they work while playing golf the other day. I basically told him I do not know as I do not work for them. But it got me thinking on how they really work and if the clients market turns to total AMC way of ordering. So my question is how you get work from them as 2 of my clients moved to the dark side and I could not get on their list as it was closed.

Q1) Do you need to get approved by the client first before you can apply to an AMC?
Q2) Do you get approved by the AMC and automatically get approved by its clients?
Q3) Do you have to get approved by both, the client and AMC before you can get work?
Q4) or it can be a combination of both depending on the client and the AMC?

I already know enough about AMC’s and how they affect the appraisal market so please do not let this turn into a pro/con AMC thread. I am just curious on how you get approved to them just incase if the Como deal goes through or something to the affect.

 

[jtinmichigan]

#4. It is both. Some AMC's will accept you to their lists but you won't get a lick of work out of them if you are not already on one of their clients approved lists. Others will send you work regardless. Still others will make you get approved by both. It seems to me that the best ones I've worked with have been where I was on a lenders list and then they went to AMC.

 

[JonGalt]

I wish I could help you with an answer. A long time ago I sent in information to about 10-15 different AMC's. I have never received any work from all but 2 of them. One of them needed a rush on a jumbo home and called me, I gave them my fee and they placed the order. I continued to receive full fee for about a year with about 5 orders a week, then they went to the broadcast/lowest bidder plan and I have not received any work since. For the other AMC I was added to their roster be the head of the loan department of a rather large national bank. I received about 1-2 full fee orders from them per week for about a year and then they also went to the lowest fee gets the work...That was NAS.

I'm assuming that the main ingredient for receiving AMC work these days is the fee. If you are willing to provide them with a fee schedule of about $180 to $200 for a 1004 I imagine you will get some opportunities. I'm interested in hearing what others havce to say about it.

I forgot to mention another AMC that regularly sends me assignments that are well over 100 miles from me. They usually offer $175 for a full 1004, $125 for a field review, and just this week they requested a desktop review located next to St. Louis with the whopping fee of $75.00. I've declined every order I've ever received from them and that's about 5 per month.

 

[robert higgins]

#4. It is both. Some AMC's will accept you to their lists but you won't get a lick of work out of them if you are not already on one of their clients approved lists. Others will send you work regardless. Still others will make you get approved by both. It seems to me that the best ones I've worked with have been where I was on a lenders list and then they went to AMC.

Thanks JT, this is what I expected way it to be.

 

[Saffel]

Over the last few month I have lost a couple of clients that I worked hard to get and keep to AMC's. It's a real shame when you have clients that you have established over time and then they move over the working with AMC's. I have attempted to get on said AMC's approved appraisers list only to be told on a fairly consistant basis that they are not exepting new appraisers.

Any suggestions?

 

[Mztk1]

I have found that the best, if not only way, to get on the AMC list for a client is to have a loan officer of the AMC's client go to bat for you. Put them as a reference on the application, keep them updated on your status continually, and continue to contact the person who does the approvals. Eventually they get you on, but don't expect much work. Even if you are on the rotation, the amount of work is low and the number of appraisers are high.

 

[Saffel]

If you dont mind my asking what is you opinion of AMC's? Things are getting a little slow here in the PNW, and I feel that as long as I am out appraising thats a good thing. (even if it is at a reduced fee)
Im not looking to them as a long term primary client. Just an organization to get me through some of the slower times.

 

[Kevin Little]

AMC's are simply HMO's for lenders...their job is to keep appraisal fees so low the appraiser cannot make a living doing them. This is why my wife and I are probably going to leave the appraisal business and do something else, probably internet sales. Business has dropped off to zero, we can't pay the bills, and these damned AMC's are not offering enough to even cover the expenses of continuing in this business. I don't know about you guys, but I don't work for free...I'll leave the title of "working poor" to others.

 

[Restrain]

I'm afraid that AMCs are going to be the game in the near future.

 

[jonhig]

I signed up for a few over the last couple months. One of them sends about 3 orders a day which I am surprised about, but if you aren't quick to the draw, the job is taken. I mean quick, as in immediately. I imagine there is a lot of appraisers on the list. As far as the other ones I signed up for I have not got anything, but I'm certainly not crying about it. As far as getting approved, you just need a license and a pulse and you'll get on there list.