Deal Nears to Curb Home-Appraisal Abuse, Coumo, Freddie Mac and Fannie Mae

[Kevin Mc]

Believe it or not Lee.

They exist? ?

Yes. They are old like us. I have 3 MBs with whom I've worked with for 20 years (2 used to work @ banks). They aren't high volume and deal in strickly A paper low LTV type stuff. They are rarer then Hen's teeth.

 

[PropertyEconomics]

If this passes you can kiss ALL of your quality and ethical broker clients goodbye. ALL appraisals would be filtered through AMC's. The independent fee appraiser will be gone (unless you want to work for slave wage assignments from AMC's.).

The majority of AMCs are owned by lenders. I see a new business model coming. Not sure what it will be but I dont think Fannie will allow the veiled ownership if this becomes reality.
And AMCs are here to stay. Either we adapt or we die. If you cant read that writing on the wall then its sad.

 

[hovious]

They exist? ?

Fortunately Lee I have been blessed with EXCELLENT clients who value what I/we do and want to know what a property is actually worth.

I consider myself a "young dinosaur" in this business since I began in the early-mid 1980's. I have maintained these ethical clients since then and not once have I been pressured or asked to do anything un-ethical.

They are out there! What is really unfortunate about this whole proposal is that my honest clients would now have to be served via an AMC and God only knows (well we know) how that works out..lowest bidder gets the job, to hell with competency, etc..

One thing that I do know is that my clients have caught wind of this and are STORMING MAD! I would think that, given the power of the lobbying groups of the NAMB, this would never come to see the light of day. Honestly, I do not even think the lenders would like this! But I am just a "little appraiser" trying to make a living running my business the right way. Now the potential of losing my two-decade old clients is staring me in the face.

 

[TJSum]

Yes they do exist. There are honest LO who work for brokers because they like the fact of being able to offer the best loan to their borrowers instead of just being able to sell one in house product. Most of the appraisers on the forum appear to be honest, and most rely of mortgage lending assignments, but at the sametime bash ALL brokers like they are ALL scum. If there are no honest brokers out there, how do all us honest appraisers stay in business. ???? It does not add up Yes, many are scumbags, but there are good ones out there too.

 

[Pat Butler]

I've always thought that AMC employees should have to be licensed as appraisers. It's ridiculous that someone can start a middleman type of business to get around licensing laws.

 

[Riick]

.....
What does your statement about the AMCs mean? I know there are a lot of small-time operators near or in Pittsburgh.

Pittsburg is the HOME of AMCs, from 'way back.
Spin-offs due to disgruntled or ambitious employees resulted in new AMCs.
What happens is they group together geographically -just like the Wholesale Lenders do - so they can steal employees from one another.
You think I kidding - Right?
Ask people in the HR departments why they locate new offices where they do; it's far from random.

 

[The Matrix]

It's a start...but why didn't they do something before the horse was out of the barn? These are the same people that promoted inflated appraisals just a few years back.

 

[hovious]

The majority of AMCs are owned by lenders. I see a new business model coming. Not sure what it will be but I dont think Fannie will allow the veiled ownership if this becomes reality.
And AMCs are here to stay. Either we adapt or we die. If you cant read that writing on the wall then its sad.

You bring up a good point PE. If this does happen a new business model, more than likely, would be the result. It may turn out to be a huge increase in business for all of us. If that happens, great.

I am bothered by the potential to lose clients that I have worked with for so long. Would that not bother you?

And yes, I understand that AMC's are probably here to stay. You stating that "If I can't read that writing on the wall then its sad" was really not called for....

 

[Bigrock]

I don't want to compete with some 1 year wonder who worked at a AMC sweatshop and did 4 appraisal a day and is lying about his qualifications.

My biz is fine and I hope to keep it that way,,but this could put many of us out of Biz..
The problem was with Wa Mu pressuring EAppraisit if I am not mistaken...And EAppraisit is NOT owned by Wa Mu??

So how does this solve the problem???

Just put the crooks in Jail...Make the HUD One state the fees paid and to who it is paid to,,IE Local Appraiser and move on..Better yet,,make it a COD transaction....

Put in a National Reporting Data Base for Appraisers and UW to report abuse and so be it...

:new_all_coholic:

 

[Kevin Mc]

Tj.

Yes they do exist. .... but at the sametime bash ALL brokers like they are ALL scum.

if it walks like a duck, talks like a duck....many are scum

If there are no honest brokers out there, how do all us honest appraisers stay in business. ???? .

Lawyers, Financial Planners,Accountants and Bail bondsmen.