FANNIE bonds with AMCs, over your dead low paid body.

[George Hatch]

Nor is that high on the list (if it made it) of demands they are making of their preferred "partners."

I was referring to what we really sell - the credibility. Once that benchmark is reached the others come into play. Without that attribute the others become unmarketable.

Said no (legit) appraiser ever in their marketing:

I'm not honest but I'm fast.​

I'm not honest but I'm cheap​

I'm not honest but I'm highly skilled​

​

I've said this for many years:
A violation of the COMPETENCY RULE is curable. If I make a mistake there's an easy fix for that.
A violation of the ETHICS RULE is incurable. If I tell a lie there is no fix for that.,

 

[J Grant]

"If you won't do it we'll just find someone else who will". Because they could in fact find that someone else who would.

A profession with hundreds of thousands of dollars at stake in each loan , especially taxpayer-backed, should never have sunk to the level of "if you don't; do it cheap, we will find someone else who would. ""

 

[George Hatch]

The profession didn't do that. The lenders did that. Their money, their discretion, their responsibility.

 

[djd09]

View attachment 107770

who did this...

 

[J Grant]

I beg to differ on this....it "was" also about being independent, impartial, and unbiased in giving an opinion of market value.

"Now" we are using their comps, their software to determine adjustments that state "what your peers used" for GLA adjustments.....not what the market states.

I always used to see the term "form fillers" kicked around here on the Forum for years. In all my time being a licensed appraiser, I never felt more like a form filler than I did working for AMCs. It was never this bad in the mortgage broker days.

AMC's treat appraisal reports as mere paperwork to satisfy lenders, rather than conducting thorough, independent analysis. On top of this.....yeah... the fees are insulting.

Worse , the AMC treats appraisers as cash cows. That is why they call appraisers "vendors".

 

[J Grant]

The profession didn't do that. The lenders did that. Their money, their discretion, their responsibility.

I did not say the profession "did" anything. I referenced the low level the profession has sunk to from AMC's assigning - "if you don't do it cheap, we will find someone who would." It has had a devastating effect on the appraisal profession.

The fact that it has the lender's blessing is a given. There is no need for us to mention it in every single post ..

 

[George Hatch]

Worse , the AMC treats appraisers as cash cows. That is why they call appraisers "vendors".

They do, but then so does every other entity that employs or engages more than a handful of appraisers. These are businesses, not clans or tribes.

 

[George Hatch]

I did not say the profession "did" anything. I referenced the low level the profession has sunk to from AMC's assigning - "if you don't do it cheap, we will find someone who would." It has had a devastating effect on the appraisal profession.

The fact that it has the lender's blessing is a given. There is no need for us to mention it in every single post ..

Do you even English, bro?

The subject of the sentence you wrote is "profession"

A profession with hundreds of thousands of dollars at stake in each loan , especially taxpayer-backed, should never have sunk to the level of "if you don't; do it cheap, we will find someone else who would. ""

 

[J Grant]

They do, but then so does every other entity that employs or engages more than a handful of appraisers. These are businesses, not clans or tribes.

Large-scale wholesalers and lenders who work with a direct panel of appraisers and pay C and R do not engage in these low-life fee-gouging practices. And they are businesses as well. Also, there are decent (relatively) lender-owned Cost Plus AMCs that engage a sizeable number of appraisers and do not engage in these practices.

 

[George Hatch]

Large-scale wholesalers and lenders who work with a direct panel of appraisers and pay C and R do not engage in these low-life fee-gouging practices. And they are businesses as well. Also, there are decent (relatively) lender-owned Cost Plus AMCs that engage a sizeable number of appraisers and do not engage in these practices.

That's an excellent response to an argument I never made. Lenders have alternatives they can exercise at their own discretion.

All my clients are direct engagement. That doesn't mean their motives include some form of compassion or altruism or social responsibility. If I get hit by the Big Giant Meteor tomorrow every one of them is just going to go to the next appraiser on their list. I'll be a distant memory by this time next week.