Fannie Mae REO switching to AMCs

[Sadie]

I got the same email. I have had Fannie as a client for 25 years. It made me sad. It also made me mad and just enforces the thought that Fannie wants appraisers to just go away, forever.

 

[J Grant]

Regardless of their reasons for doing this, they're the ones making this decision. Nobody is forcing them to do it.

Same with the fee splits which ensue. If the appraiser's end for these assignments gets cut it will be with the full knowledge - in advance - of this client.

How about you sign up for the work? Your buddies at FF will appreciate it ! Then you can have the AMC experience firsthand!

 

[Tim Hicks (Texas)]

Honestly, Fannie Mae kept me busy when times were bad after the crash, but they never raised their fees since. I kept doing the few assignments they had in case we ever had another crash.

 

[Tim Hicks (Texas)]

I got the same email. I have had Fannie as a client for 25 years. It made me sad. It also made me mad and just enforces the thought that Fannie wants appraisers to just go away, forever.

Me too.

 

[George Hatch]

How about you sign up for the work? Your buddies at FF will appreciate it ! Then you can have the AMC experience firsthand!

I don't know anyone at Fannie and I only know the one appraiser at Freddie.

But sure, if my current book of work dries up then I would consider my alternatives. Anything is better than nothing.

 

[Tim Hicks (Texas)]

I don't know anyone at Fannie and I only know the one appraiser at Freddie.

But sure, if my current book of work dries up then I would consider my alternatives. Anything is better than nothing.

That is how AMCs work us against each other. I will never forget when WaMu switched to LSI. "Don't worry, it will not effect your fees." Thirty days later the calls started. If you want to continue receive work it will require a $230 fee. The next month it was $210. The next was $190. I told them thanks, but no thanks.

 

[TerryRohrer]

Regardless of their reasons for doing this, they're the ones making this decision. Nobody is forcing them to do it. Nobody is forcing them to use the term "....we encourage you to apply with one or more of our AMC partners", either.

Same with the fee splits which ensue. If the appraiser's end for these assignments gets cut it will be with the full knowledge - in advance - of this client.

Which part of that do you think none of us could figure out on our own? I think I will check and see if your photo is alongside the definition of "pedantic"!

 

[George Hatch]

Of course it's pedantic.

But we still have some subtards on this forum who think the AMCs dictate terms to their clients, so......

But since I'm already being pedantic then I have nothing to lose by adding another brick:

Fannie has had the ability to compare the direct engagement appraisals to the AMC-engaged appraisals going back many years. I think it's safe to say that when they are actually the client and its their asset being valued that their decision to go with the AMC pipelines demonstrates their conclusions WRT that comparison.

 

[TerryRohrer]

Well, yeah, point taken!

 

[Tim Hicks (Texas)]

Which part of that do you think none of us could figure out on our own? I think I will check and see if your photo is alongside the definition of "pedantic"!

I don't begrudge appraisers for doing what they have to do to survive. I do begrudge them for not attempting to find better paying clients.