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

[alebrewer]

Clown: offensive

Pagliaccio: funny

 

[Tom D]

For so many actually smart appraisers here, the slap fighting is kinda funny. Sorta like the bored dog barking at everyone who walks by.

 

[J Grant]

Only the dumb ones. The smart ones call them 'appraisal partners'. At the end of the day, though, they're exactly that - a vendor (person or business offering something for sale).

I would bet that AMC's call appraisers "partners", or variations of it like "valued vendor partners"....on the advice of their legal counsel. Because using the word "partner" implies that the AMC and the appraiser each make an equal partner-type effort toward the finished product, justifying the AMC taking a whopping 50% ( or other high amount ) of the total appraisal fee.

Of course, we know that is not true. An appraiser can produce an appraisal without an AMC. However, an AMC can not produce an appraisal without an appraiser.

The AMC stands for Appraisal MANAGEMENT Company. And out in the rest of the business world, management /a manager gets typically 15% of earnings or a fee.

 

[djd09]

https://twitter.com/x/status/2033794405644308636

just call the ivpi hotline...

 

[djd09]

edit

 

[Tom D]

Hey J grant. We are 'team members' of the AMC team.

Partners would infer sharing in the masive appraiser fee theft profits.

 

[AppraisingLA123]

I had nothing to do with the Appraiser's Petition except for signing it after it got going.
I participated in writing a proposal for structuring the IVPI that the HVCC stipulated the GSEs would create and fund, but it never gained traction and never went anywhere.

As I said before, if you think you can successfully sue AMCs for hiring "incompetent appraisers" then go for it. Nobody is stopping you or trying to dissuade you, least of all me. Just because I can see why neither you nor anyone else will be able to prove your allegations shouldn't be considered "advocacy for the AMCs".

I have said numerous times in the last few years that I literally don't care what happens to AMCs. If they get kicked out of the appraisal engagement loop tomorrow it will be fine by me. I was hoping they would have been kicked out of the loop at the same time as the brokers and that the lenders would have been forced to go 100% direct engagement, but that obviously didn't happen. So yeah, I did switch from being openly hostile to the AMCs back in the day to being more apathetic over time, but that doesn't rise to the level of advocacy. I also supported the C&R elements of D-F as originally legislated but that didn't turn out the way I wanted either.

TLDR; you apparently are underinformed and unaware of what I've been saying on this forum over the years. All you've been doing here in this thread is leaking.

i never said anything about sueing appraisers, my idea involves a website where AMCs are exposed. My goal is to expose the AMCs not the incompetent appraisers. Lets say you got an order for $250, and find out the borrower paid $600. You'd simply go to this website and report it. Then, the BREA would see a pattern of AMCs, that this AMCs is taking a large cut and assigning it to the cheapest appraisers. The website would also report other bad practicses, like assigning appraisres 200 miles away where there is 100s of appraisers that are closers to the property.

Appraisers need a place to report what the AMCs are doing, so that this information can be used to file complaints to the state licensing boards. Its a very simple and basic solution.

AMCs not doing anything illegal by hiring cheapest appraisers but it is causing problems for everyone involved, because the value is going to be off when cheap appraisers are selected. This needs to be exposed.

I don't know why everyone is talking about politics on this website when there is more serious problems to be solved. AMCs are literally legally stealing our money. If the website doesn't work, does anyone have any other idea, other than waiting for lawsuites in our favor, i personally dont like HOPE as a solution.

 

[Dublin ohio]

Lets say you got an order for $250, and find out the borrower paid $600. You'd simply go to this website and report it. Then, the BREA would see a pattern of AMCs, that this AMCs is taking a large cut and assigning it to the cheapest appraisers.

What is illegal about that. It may suck but that is it. The cheapest price does not always equate to an inferior appraisal. If one appraiser charges $500 but another charges $400, does that mean the $400 appraisal is inferior

like assigning appraisres 200 miles away where there is 100s of appraisers that are closers to the property.

That's a bit of an exaggeration. What would be the optimal distance. I regularly get assignments that are 30-50 miles away, occasionally more than that. Is that too far?

 

[AppraisingLA123]

What is illegal about that. It may suck but that is it. The cheapest price does not always equate to an inferior appraisal. If one appraiser charges $500 but another charges $400, does that mean the $400 appraisal is inferior


That's a bit of an exaggeration. What would be the optimal distance. I regularly get assignments that are 30-50 miles away, occasionally more than that. Is that too far?

optimal distance is your brain.

 

[Dublin ohio]

optimal distance is your brain.

You should try using yours. It might surprise you