Frisco FLS's strange question

[KYLECODY]

No they didn't. This is from the email "They have asked if our panel could “hold spots” for purchase orders." Hold spots for who? The cheapest bidder on the block?

IMO, The Frisco market survey is just a cover to avoid taking the high road. We all know what the going rate is. We all for sure know that appraisers don't want a pay cut. Do you think they are going to broadcast what their plan is? That they are just going to tell us that they expect us to take a pay cut?

Why would they even think its OK to ask? Just do the right thing. Send out an email and tell everyone that fees are staying where they are, regardless of the product ordered by the lender. We appreciate your hard work, etc. Why? Because its the right thing to do. They can continue penny pinching, reversing auctioning the appraisal assignment process once this is finished.

This particular AMC is super price sensitive and always has been. If you ask for a $25 increase, they reassign the order. NONE of my clients are that finicky... and I have a lot. It would sure appear that their ONLY criteria when assigning an order is fee. It is no surprise they are the first to broadcast how they are cutting fees given the first opportunity to do so.

I hope all my competitors stay busy "holding spots" for them and doing drivebys!

Heres also from the email:

• Prioritize purchase assignments when committing to turn-time at acceptance
• Be honest in your capacity and ability to meet requested/accepted due dates
• Request extended due date on refinance transactions if they do not fit into your schedule
• If a purchase request is assigned and you need to move a current refinance transaction (only do this once per property) to make room, let us know

Sounds reasonable enough. I interpret it as them saying give purchases priority with their orders...obviously no one is going to put better clients to the back of a line for purchases from an extremely average AMC. Maybe just remove yourself from their list instead of whining about them?

 

[Gregory Beck]

I have always said Why does the lender care he's not paying for the appraisal.

 

[Alamo Cowboy]

When I was in the business Frisco was one of my few residential AMCs. I retired in 10/2018 after 30+ yrs. To me they were honest, fair, fast paying and paid on the upper end of the pay charts. Never had a problem with them. It appears I had a different experience than some on this forum. I was getting $450 in 2016 from them for a full 1004.

 

[alebrewer]

No they didn't. This is from the email "They have asked if our panel could “hold spots” for purchase orders." Hold spots for who? The cheapest bidder on the block?

IMO, The Frisco market survey is just a cover to avoid taking the high road. We all know what the going rate is. We all for sure know that appraisers don't want a pay cut. Do you think they are going to broadcast what their plan is? That they are just going to tell us that they expect us to take a pay cut?

Why would they even think its OK to ask? Just do the right thing. Send out an email and tell everyone that fees are staying where they are, regardless of the product ordered by the lender. We appreciate your hard work, etc. Why? Because its the right thing to do. They can continue penny pinching, reversing auctioning the appraisal assignment process once this is finished.

This particular AMC is super price sensitive and always has been. If you ask for a $25 increase, they reassign the order. NONE of my clients are that finicky... and I have a lot. It would sure appear that their ONLY criteria when assigning an order is fee. It is no surprise they are the first to broadcast how they are cutting fees given the first opportunity to do so.

I hope all my competitors stay busy "holding spots" for them and doing drivebys!

Is it possible that they did the survey to ascertain what C&R might be for the markets they serve?

 

[alebrewer]

I've had the same experience with FLS (when I was in the field) as Alamo has. They were on the upper end of what AMC's paid, they were always pleasant to deal with, and their order management software was pretty easy to navigate. As an observer of human nature, I've found that, when we already have a negative opinion about someone or something, pretty much any thing they do will be seen through that same negative lens.

 

[nachocheesefries]

Heres also from the email:

• Prioritize purchase assignments when committing to turn-time at acceptance
• Be honest in your capacity and ability to meet requested/accepted due dates
• Request extended due date on refinance transactions if they do not fit into your schedule
• If a purchase request is assigned and you need to move a current refinance transaction (only do this once per property) to make room, let us know

Sounds reasonable enough. I interpret it as them saying give purchases priority with their orders...obviously no one is going to put better clients to the back of a line for purchases from an extremely average AMC. Maybe just remove yourself from their list instead of whining about them?

Good idea....except the only reason I get on here is for some healthy banter/whining. We read it differently. It comes across to me as prioritze THEIR orders over others. Whatev. I still don't like them b/c they pay like crap in my market.

 

[Chandler]

I've had the same experience with FLS (when I was in the field) as Alamo has. They were on the upper end of what AMC's paid, they were always pleasant to deal with, and their order management software was pretty easy to navigate. As an observer of human nature, I've found that, when we already have a negative opinion about someone or something, pretty much any thing they do will be seen through that same negative lens.

I think you're just jaded working for an AMC and used to being beaten up. I received 3 emails from direct lender clients stating their intentions to start doing these and none of them have lower fees. My other handful of regular clients has not made mention of them so they continue to send out regular interior/exterior inspections and I only take the vacant ones (2 today). This AMC sends out an email asking how much of a deal we'd give them? In this environment of a pandemic and the whispers of a declining market? With all of the new disclosures we have to make? I'm sorry, skipping a 15-20 minute inspection and instead conducting a more thorough interview with the borrower and gathering interior photos and making all kinds of pandemic comments and changes to the certifications does not justify a discount.

 

[jtinmichigan]

I got this and the "poll" said it would be open for 24 hours. 12 hours later they posted the results of the "poll" and stated that desktops were "polling" at $100 lower and 2055 exteriors at $75 lower. Pound Sand.

 

[chad hampton]

A "poll" from an AMC isn't a recognized method for determining C&R. Not that it matters, C&R laws aren't enforced by boards.

 

[alebrewer]

I think you're just jaded working for an AMC and used to being beaten up.

Contrary to what you 'think', you actually know nothing about me...