Fannie Mae Aqm List

[Eli]

i did a personal interview with the sate of louisiana. they asked me to tell you to stop talking about them.

Who did you talk to? Give me a name and number.

 

[Pittsburgh Pete]

Who did you talk to? Give me a name and number.

Bob and 6! Should work for someone who posts based on limited data!

 

[J Grant]

I also know that there are many appraisers who get on FB and on this forum and claim that they never work for AMCs and/or that they would never do an appraisal for less than $x. Yet, they are active on my panel, and when they enter the fees they want for an assignment (yes, that's how our system works), the enter a fee that is less than $X. I have not, and will not, ever "out" any of those folks, but I see it quite regularly.

I believe you that happens , ( re fb/social media)

. Which still leads us back to the same place. The appraisers on your panel enter the fee they want an assignment for. And if their fee is over X$, your company passes over that appraiser and on to the appraiser who charges less. So it's a pavolvian system of reinforcement. An appraiser charges $350 for assignments with your company. Whoppe the appraiser sets their own fee! But they get zero work at $350. They drop the fee down to $325, leave it tehre for a month, siill no work. Drop it to $300, 1 order a month. They drop it down to $285, they get flooded with work. In this mannder C and R is lowered by an ever spiraling down benchmark. Unless your company is keeping the fee difference for themselves, assuming consumer is paying $450-$500 (typical consumer fee) which would cover $350, $325, or $285 , if you did not keep the difference, why would you care whether appraiser got paid $350 or $285, and why would you choose that appraiser only when their fee is $285 vs $350?

Assuming they are a well qualified, competent appraiser, if they charge over $300, the consumers ( and secondary market ) is denied this appraiser's services because of measly fee differences of of $50.

If that appraiser refused to lower his fee he gets no work from you. If that is repeated with too many companies, and he won't drop his fee, he has to leave the business due to lack of work.

Then an appraiser shortage gets blamed for any longer turn times when appraisers starved out by these tactics reaches a critical mass. Teh "solution" is to lower standards/reduce training period , drop education barrier.

Explain to me how a system that drives the more experienced appraisers out and replaces them with newbies/trainees is good for the public trust.

The fact that some appraisers are hypocrites about who they work for due and try to keep up a front on social media still does not excuse this system .There should be no third party profiting off appraisal fees, lenders should pay for a service of AMC not get it "free" due to AMC stripping off a portion of a hard earned appraiser fee. AMC's can exist the more the merrier, if lender pays them not us appraisers subsidizing free AMC service to lenders (nor appraiser subsidizing profit ordering for a lender division they run as their in house AMC)

 

[DWiley]

Which still leads us back to the same place. The appraisers on your panel enter the fee they want an assignment for. And if their fee is over X$, your company passes over that appraiser and on to the appraiser who charges less. So it's a pavolvian system of reinforcement. An appraiser charges $350 for assignments with your company. Whoppe the appraiser sets their own fee! But they get zero work at $350. They drop the fee down to $325, leave it tehre for a month, siill no work. Drop it to $300, 1 order a month. They drop it down to $285, they get flooded with work. In this mannder C and R is lowered by an ever spiraling down benchmark. Unless your company is keeping the fee difference for themselves, assuming consumer is paying $450-$500 (typical consumer fee) which would cover $350, $325, or $285 , if you did not keep the difference, why would you care whether appraiser got paid $350 or $285, and why would you choose that appraiser only when their fee is $285 vs $350?

Assuming they are a well qualified, competent appraiser, if they charge over $300, the consumers ( and secondary market ) is denied this appraiser's services because of measly fee differences of of $50.

If that appraiser refused to lower his fee he gets no work from you. If that is repeated with too many companies, and he won't drop his fee, he has to leave the business due to lack of work.

Then an appraiser shortage gets blamed for any longer turn times when appraisers starved out by these tactics reaches a critical mass. Teh "solution" is to lower standards/reduce training period , drop education barrier.

Explain to me how a system that drives the more experienced appraisers out and replaces them with newbies/trainees is good for the public trust.

The fact that some appraisers are hypocrites about who they work for due and try to keep up a front on social media still does not excuse this system .There should be no third party profiting off appraisal fees, lenders should pay for a service of AMC not get it "free" due to AMC stripping off a portion of a hard earned appraiser fee. AMC's can exist the more the merrier, if lender pays them not us appraisers subsidizing free AMC service to lenders (nor appraiser subsidizing profit ordering for a lender division they run as their in house AMC)

I extend an open invitation for you to drop by anytime and see if our assignment process works as you describe. It does not, by the way.

 

[J Grant]

Sorry but it does...they extended an invitation to sign up (your company is Service Link) I finally did, listed my fee at $375 I have not received a single order. I bet if I kept dropping it down at a certain lower point I would get orders. Never say never, if I get desperate that might happen, right now I am not (yet) that desperate.

I worked for what is now Service Link years ago when they were LSI, and know that fees over a certain $ I would receive no orders orders., after a while I did not renew my credentials due to that. They invited me to join, I figured why not better to be on a list just in case, and indeed I signed up several months ago at fee above and so far have gotten zero orders at that fee. I will say the positives about your company is, they pay on time and back in the day at least never pressured for value.

 

[huntercharlie]

I really wish you could sit in on an AMC audit sometime and see the scrutiny we are subjected to with regard to appraiser selection. The fastest way to fail an audit, and lose business, is to select appraisers by fee. Right now, we go through 40 to 50 audits every year. That includes client audits, state board audits, and audits by outside parties (I just had an audit by a big accounting firm last week who was doing a third party verification of our processes for a large lender). There is far more accountability than most appraisers know.

How are AMCs like Coester and Clear Capital still in business with all of these audits?

 

[Meandering]

How are AMCs like Coester and Clear Capital still in business with all of these audits?

Same way Wells opened a million fraudulent accounts??


.

 

[Terrel L. Shields]

me way Wells opened a million fraudulent accounts??

Crime pays... often very well and you might be considered a genius by your peers and loathed as a scalawag to the powerless who are forced to deal with you.