Do you work for an AMC?

[James E. Manning]

If you perform appraisals for an AMC like Rels, Finity, EAppraiseIt, Landsafe, Quantrix, or Secolink...I have a few questions, if you don't mind.

How long have you worked for the AMC?

How % of your workload is with a particular AMC?

Are you relatively new to the business(under 10 years)?

Have you ever been pressured to raise a value?

From the AMC or a re agent/ mtg broker?

Has the question of fees ever come up with the borrower at the door?

How was it resolved?

And finally: What is your typical fee arrangement with the AMC?

Thank you.

 

[Kevin Mc]

Have not in the past, the future is to be determined but chances are my fees far exceed what they are willing to part with. Let them use bottomfeeders.

 

[Offshore]

What does AMC stand for?

 

[William Rightsell]

I don't think you are gonna get a lot of really honest answers. Especially about the fees. Those that work for peanuts are usually too embarassed to admit it. Plus, they are too busy to post here...m2:

todd

 

[MNRural]

I didn't know there were any left.

 

[Tom Woolford]

James,

I know there are lot of our members who do AMC work, but pretend they don't. I don't really care what people think of me, and its a business decision as to if you do or not. I am approved ith over 12 AMC's with volume from 0 per year to a bunch.

To answer your queations:


How long have you worked for the AMC? Over 20 years

How % of your workload is with a particular AMC? <50%

Are you relatively new to the business(under 10 years)? no - 22 years

Have you ever been pressured to raise a value? I have had a few "value reconsiderations" from the lender, but NEVER directly from an AMC.

From the AMC or a re agent/ mtg broker? See above.

Has the question of fees ever come up with the borrower at the door? NO
How was it resolved? See above

And finally: What is your typical fee arrangement with the AMC? That is between me and my banker.


I'll sit back now, grab a beer and watch the flaming start.

 

[JRS at OBX]

How long have you worked for the AMC?I have worked with them for 4 years or so

How % of your workload is with a particular AMC?15% maybe

Are you relatively new to the business(under 10 years)? I've been in the business for less than 10 years but my mentor has been in the business for 18 years.

Have you ever been pressured to raise a value?Not often and definitely not with the AMCs I work with regularly

From the AMC or a re agent/ mtg broker?Usually a borrower or realtor.

Has the question of fees ever come up with the borrower at the door?Once. The AMC was trying to lower fees but I wasn't budging. Every order they sent over had the lower fee but I would call and request a fee upgrade. During this time a borrower said the appraisal was costing him $225. I was getting paid $350. I followed up on it and he only paid $225, I got paid $350. They eventually made an exception for my fee and I don't have to call and make fee upgrades requests often.

How was it resolved? As stated above, the borrower was paying less than my fee. It happens sometimes I guess!

And finally: What is your typical fee arrangement with the AMC? They pay my base fee which might make me the highest paid appraiser for them! I try not to call with fee upgrades for complexity as much as I would a one hit wonder. I get $350 from them.

1234567890

 

[Jonathan C]

I do very little work from appriasal mgmnt., however, work is so few and far between, I am considering signing up wit 'em. Kids need to eat and somewhere to sleep.
With HVCC comin', will there be anything else?

 

[Bama Bayou]

I do very little work from appriasal mgmnt., however, work is so few and far between, I am considering signing up wit 'em. Kids need to eat and somewhere to sleep.
With HVCC comin', will there be anything else?

Yes. Local banks and estate work. My local banks are not about to use an AMC, because they actually care about the work quality and accuracy of the appraisers they use. HVCC does not and will not require them to use an AMC.

Instead of "signing up" with the AMC's(good luck on that, most of them culling their lists not adding to them) get approved by the board of directors of the local banks.

This is not to "diss" AMC work. A few of them are well worth working for. Most are not. I'm not going to engage in a conversation about my clients on AF, but the best ones to work for are tied in with strong financial institutions. They treat their appraisers with respect, pay quickly, no pressure, and no number to hit.

 

[Mztk1]

If you perform appraisals for an AMC like Rels, Finity, EAppraiseIt, Landsafe, Quantrix, or Secolink...I have a few questions, if you don't mind.

Yes, No, Very Few, Yes, One, No.

How long have you worked for the AMC?

About 12 years

How % of your workload is with a particular AMC?

25%

Are you relatively new to the business(under 10 years)?

Sales agent 1987, PT appraiser 1988, FT 1993

Have you ever been pressured to raise a value?

Not by the ones I still work for, no.

From the AMC or a re agent/ mtg broker?

A guy at one appraisal management company named Brian used to constantly pressure me for higher values. He'd get on the phone and tell me what comps I should and shouldn't be using. A real JackButt and I think he is still out there somewhere. Hopefully he grew some wisdom with age.

Has the question of fees ever come up with the borrower at the door?

Often

How was it resolved?

I tell them I am not at liberty to discuss fees and, when pressed, I shrug.

And finally: What is your typical fee arrangement with the AMC?

They pay me for the appraisal doing what an appraiser does. I pay them for bulk work (only updating one company instead of a bunch of little ones), putting up with the lender/loan officer BS, quick and consistent payment, secondary review or second pair of eyes on the report, and that's about it. I only know what one client charges for an appraisal and I get 75% of that, but it is 85% of what I normally charge. I think the 15% discount is fair because mortgage brokers drive me nuts, are eradic, and will drop you in a flash should you kill a couple of deals (which always happens).

Thank you.

No problem.