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FHA appraisals-2 AMC's in-48 days since paid

S is for spittman

Senior Member
Joined
Oct 24, 2005
Professional Status
Certified Residential Appraiser
State
Texas
There could be several reasons. Do you know how many appraisers are on each AMC panel?

I am in Texas, but honestly I don't think I have even heard of Class or Xome. Could be a situation where there are a limited number of appraisers using those particular AMCs. I've had one client repeatedly send me an order I declined and when I asked why they kept sending it to me, they told me there were only 5 appraisers in the area but the others had very low scorecards.

Could also be the methods of how they assign the orders. I've signed up with probably 20 AMCs over the years, but I give preference to those that assign the orders directly to me and only me which is only about 3 to 4 clients. If I see an AMC is "broadcasting" the order instead of using a rotation system, I tend to just ignore that AMC as I feel it is a waste of my time looking up the property, giving my fee/TAT quote and then not hearing anything back from that AMC.
 

Mejappz

Senior Member
Joined
Dec 16, 2005
Professional Status
Certified Residential Appraiser
State
Florida
Hi appraisers! Hopefully quick question. FHA loan, paid for the original appraisals 48 days ago. Lender selected Class Valuations. When the appraisal wasnt coming back, the lender said no one from Class picked it up. So paid for a different approved AMC, Xome. 18 days later, no one is assigned at Xome. What gives? This is a 'suburb" of Houston, 20 mins from Bush Intercontinental. Any ideas or tips or anything. Closing was supposed to take place 7/2, then delayed to today, but obviously it wont happen. My lender said I should try and reach out to local experts, and in doing so, I found three of the others that are pending are still waiting for their appraisals too.

Please note that Classless Valuation blast bids to any appraiser in the area(even at 2:00 AM) in the morning. When they finally chose an appraiser(which in some cases takes weeks).

It is based on the lowest bid and the fastest turn-time, not who is most qualified. This is a criminal enterprise you are dealing with, and you should contact the proper authorities.
 

Tom D

Senior Member
Gold Supporting Member
Joined
May 22, 2015
Professional Status
Certified Residential Appraiser
State
Pennsylvania
Indeed, once I started digging into Class, I told the lender we need to cancel and get with someone else. So I selected Xome, which apparently is based in Texas. It's crazy the way these AMC work.
Xome is not really the typical AMC. i believe you/appraiser set the appraisal fee, they take a small transaction fee for the web portal use. maybe your fee should be higher. pay a rush fee on top. they can help you find an appraiser, but pretty much you can ask for anyone on their list. there is no rule against that.
 

CGinMN

Junior Member
Gold Supporting Member
Joined
May 20, 2011
Professional Status
Certified General Appraiser
State
Minnesota
The most PITA AMCs are the first to get ignored by appraisers when appraisal volume spikes.
 

TerryRohrer

Junior Member
Joined
Aug 13, 2005
Professional Status
Certified General Appraiser
State
Montana
Xome is not really the typical AMC. i believe you/appraiser set the appraisal fee, they take a small transaction fee for the web portal use. maybe your fee should be higher. pay a rush fee on top. they can help you find an appraiser, but pretty much you can ask for anyone on their list. there is no rule against that.
Not so. Xome included, among other businesses, an AMC and purchased Assurant, an AMC who had earlier acquired Streetlinks, who was an AMC. Not sure when they began AMC operations, but they are, infact, an actual AMC. Your likely thinking of LenderX, a portal once used by Xome, I believe, but not sure if there is any deeper connection than that.
 

Salty

Member
Joined
Mar 12, 2010
Professional Status
Certified Residential Appraiser
State
Pennsylvania
In addition to the AMC debacle, some of this may be attributable to the contract price for the home and / or the availability of good comparable sales. Many appraisers may just not want to deal with the aggravation that comes with a complex valuation. In some markets right now, the typical drivers of value are out of whack and we just have no idea. For example, I see homes with unfinished basements selling for significantly more a week later then the exact same house in the same development with high end basement finishing. Does that mean that right now basement finish is not commanding a premium?? Its the wild west. But yes I believe AMC is 90% of the problem. The right price will result in a solid supported valuation. Credibility is a different story in many markets right now.
 

Terrel L. Shields

Elite Member
Gold Supporting Member
Joined
May 2, 2002
Professional Status
Certified General Appraiser
State
Arkansas
get another AMC all together, then pushing out when this appraisal can possibly be complete?
That's only going to start the process over - just be patient. That's all you can do.
 
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