Fannie Mae REO switching to AMCs

[Flakey]

Talk about short-sighted- "lower default-related volumes". Saves me the trouble of quitting/firing them. It was a pain to be on the panel. Their requirements and fees were as bad as any AMC. Good riddance!

 

[J Grant]

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.

Sometimes nothing is better!

 

[Zoe]

What is Fannie FEE TO THEIR select. Does the AMC have a base fee Fannie pays them?

Okay, AMC you get $150. Okay? Are you okay with that?

AMC that is our fee to you.

If you want to work for Fannie, you get $150.

 

[J Grant]

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.

And you believe the decision has nothing to do with their AMC buddy partners profiting by migrating the work there?
I was not on their panel for the work. Sorry for the appraisers who relied on it. Good luck doing the same work at half the prior fee or whatever these partners are offering. Or better yet, decline any fee that is not the same as the prior FF fee. Maybe it will be the same fee? Let us know....

 

[Zoe]

You are now considered an employee of Fannie. We will provide you a W-2. We will withhold income taxes on your weekly check.

 

[TerryRohrer]

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.

Well, I don't care what they take for fees, but the cutting corners so the time/product matches the fee is unforgiveable.

 

[J Grant]

I must be on a different mailing list. Here is the email that I received.

Dear Panel Appraiser:

Fannie Mae is implementing a permanent shift in how we manage appraisal operations. Since many of our relatives are promised cushy no-show jobs, and we will be getting stock options from the partner firms below, we will be using them going forward. Your contributions have played an important role in our mission to fleece the public and enrich ourselves.

We want to express our sincere appreciation for the professionalism, partnership, and support our panel appraisers have provided. We are confident that you can use your skills to forage in a dumpster, and we support you signing up to be a PDC collector, which can pay almost as much as UBER.

Below are the approved AMC partners and their registration links:
Clear Crap-ital
Inaccurate Group
***-scribe

 

[chad hampton]

That's a real who's who of AMCs. Wonder if those 3 were the highest bidder in terms of kickbacks?

 

[glenn walker]

I'm sure they have contracts that assure the GSEs low fixed costs and give the AMCs steady volume. Not going to be any high paid REO work but the writing was on the wall.

 

[Sadie]

I kind of wondered when I saw the contact name on the LOE was someone from years back, and not the more recent contact.