Fannie Mae REO switching to AMCs

[Non Sequitur]

$450 then, with their "approved AMCs it appears to be around $245. Of course Class, Clear and Servicelink are earning every penny of their fee......so they have a surplus to tip the dealer who is using the extra cards no one else can see.

The appraisal port fee was/is about $15. The Fannie REO direct turn times were 7 days and if you needed more time you can request it. What I expect to happen is the Fannie REO biusiness will be taken over by fee shops dishing it our to their trainees.

The fee was $425 in my area for the prior 10 years or so. When NPDC started sending REO orders to AMCs, those AMCs would send them out for $325. I accepted a couple but gave up due to the additional AMC garbage and layers of made up crap they insisted Fannie wanted. I spoke to my long time contact when it started, she said Fannie paid a $175 management fee plus the typical appraisal fee to the AMCs. I can't say if that fee structure is the same now, but I doubt it changed. FWIW the gossip was that former employees who landed at AMCs worked the room for the business.

 

[Bobby Bucks]

The fee was $425 in my area for the prior 10 years or so. When NPDC started sending REO orders to AMCs, those AMCs would send them out for $325. I accepted a couple but gave up due to the additional AMC garbage and layers of made up crap they insisted Fannie wanted. I spoke to my long time contact when it started, she said Fannie paid a $175 management fee plus the typical appraisal fee to the AMCs. I can't say if that fee structure is the same now, but I doubt it changed. FWIW the gossip was that former employees who landed at AMCs worked the room for the business.

I'm not surprised. I learned more about the AMC model from an appraiser I knew personally before he went to work at an AMC. Rules are meant to constantly be tested and stretched to the limit. Working at an AMC as an appraiser and keeping one's ethics and dignity gets into the area of a camel passing through the eye of a needle.

 

[Sadie]

What fees did Fannie pay appraisers for REO work?

What fees are the AMC's now offering appraisers for doing the same REO work?

My fee was $600 with the ability to request higher for more complex property. But it started out at $350 back when I first started with them

 

[Zoe]

I'm not surprised. I learned more about the AMC model from an appraiser I knew personally before he went to work at an AMC. Rules are meant to constantly be tested and stretched to the limit. Working at an AMC as an appraiser and keeping one's ethics and dignity gets into the area of a camel passing through the eye of a needle.

Unfortunately we don't have a union. We better pray one of these lawsuits going on in California and some other state(s) gains ground on commingling of fees. The Lord opens doors no man can close and closes doors no man can open.

Collective bargaining would be our only shot. It would require a union.

Prayer is option that one of these lawsuits gains national recognition. Nothing is impossible with God.