Fannie Mae REO switching to AMCs

[Tom D]

Huh, i never got that email. Maybe i'm a survivor. What did you just say to me, Ask not for whom the bell tolls, it tolls for thee. The term appraiser is now considered to be an existential term.

 

[Sadie]

Huh, i never got that email. Maybe i'm a survivor. What did you just say to me, Ask not for whom the bell tolls, it tolls for thee. The term appraiser is now considered to be an existential term.

probably in your spam folder

 

[NC Appraising]

The question is.....

Cost plus model?

Or

The AMCs can find the cheapest appraiser and pocket the rest.

 

[Sadie]

The question is.....

Cost plus model?

Or

The AMCs can find the cheapest appraiser and pocket the rest.

One of them says they are a cost plus model.

 

[George Hatch]

They also all refer to the appraisers they do business with as "valued partners". Some of them might mean that but others clearly don't. Same with some of these lenders.

Meanwhile their observables are easy enough to see by how they act.

 

[Non Sequitur]

The question is.....

Cost plus model?

Or

The AMCs can find the cheapest appraiser and pocket the rest.

Cheapest.

Word on the street, the AMCs are offering $100 less than what Fannie used to pay and are swallowing the $175 management fee. And the SOW has increased from what I have seen.

About time to start picking up cans.

 

[Sadie]

Cheapest.

Word on the street, the AMCs are offering $100 less than what Fannie used to pay and are swallowing the $175 management fee. And the SOW has increased from what I have seen.

About time to start picking up cans.

They were already pretty low to low average on the fee scale. Their biggest plus is that they paid promptly. I'm not going to run around like Chicken Little just yet. But, I do think you may be correct.

 

[Bobby Bucks]

For 2 years after the bubble burst Fannie REO was my best client. I remember when people were leaving the business and complaining, I was busy as hell, but didn't tell anyone. I try to see a bright side to everything, at least now I won't have to log in once a month to change their silly secret pass code, nor will I have to watch their required periodic house long videos with some limp wrist giving a nagging lecture on DEI, bigotry, etc, and nothing about real estate. Back in the day, the people at Fannie REO that I recall talking to were actual appraisers. The last few years they seem to have all become social justice warriors with an attitude.

 

[Sadie]

For 2 years after the bubble burst Fannie REO was my best client. I remember when people were leaving the business and complaining, I was busy as hell, but didn't tell anyone. I try to see a bright side to everything, at least now I won't have to log in once a month to change their silly secret pass code, nor will I have to watch their required periodic house long videos with some limp wrist giving a nagging lecture on DEI, bigotry, etc, and nothing about real estate. Back in the day, the people at Fannie REO that I recall talking to were actual appraisers. The last few years they seem to have all become social justice warriors with an attitude.

Fannie kept me going at that same time. That work kept me in business for several years. The fee wasn't super, but ok and the volume was big.

 

[Bobby Bucks]

Fannie kept me going at that same time. That work kept me in business for several years. The fee wasn't super, but ok and the volume was big.

Yes indeed. My experience was even though the fees were less than desired, the fact that you could go to the property when you wished, there were rarely any revisions and never a rush on turn times. Plus, there seemed to be a high percentage of tract homes. I doubt there will ever be an REO gravy train again.