Gold Supporting Member
- May 2, 2002
- Professional Status
- Certified General Appraiser
They want to make appraisal mills and get rid of the inspection requirement. Maybe it's customary and reasonable for the AMC since they don't do anything. Also, trainees need to the know the market... A new breed of dependent slave appraisers. Collusion to take our money, get your own fee! They keep driving fees down and guess what, they will negotiate themselves out of their own profit. It is a game changer because it's a takeover of our industry. If the purpose of the AMC is to be the mediator between the appraiser and the bank, then how can they actually hire appraisers? Can we all just pay the fee for operating an AMC and get the whole fee from the bank now?
What about the poor sucker who works in a market with one or two indie banks?Five California banks pay me the whole fee, with no AMC interference.
actually, I think they will get their own people to measure and photo the house and YOU sign off on it. So the AMC will be in direct competition with the appraiser. As Phil notes, when too much work is available that is great. But work is slow again already so the AMC is now going to be competing with you and colluding with each other to keep their boot on your neck - that is by price fixing. And they are openly doing this and Phil called out @Joan Trice over the matter. If the AMC is our competition, then they may face suits over price fixing and I hope they do and put a stop to it. The AMC should not be allowed to do this and the "fix" for appraisers is with the STATE. Regulation of the AMC should FORBID them to act as appraisers-inspectors-etc. That takes them from administration to active appraising and in direct competition - collusion included - with the appraiser. "Shortage" of trainees was never a big problem for the AMC and the faux concern over a "shortage" is a reflection of the fact that suddenly they had to pay good money to get an appraisal and they want to drive the cost down regardless who else is hurt so long as they don't have to reduce their $1,000 fees to the borrowers.get rid of the inspection requirement
I think you can expect Phil to be spot on that once there is real money in the AMCs, they will consolidate and that almost certainly a "big dog" will basically buy a controlling interest in the AMC biz... Can you say "Corelogic"? Who else can buy 'em up and reduce competition even more?I don't think that will happen. I hope, but realistically there's to much money backing AMCs.