Hybrid Appraisals

[Sadie]

How many inspections for you?

Well, a lot. If I recall correctly, it was over a year into my training. It was a long time ago. Then he would still do a walk through because he had to check the did inspect box. With my trainee, the law had changed and she could inspect on her own when I thought she was ready. That too was a least a year into her training. Mostly towards the end.

 

[glenn walker]

Well, there is the evidence to consider...

The pressure is harder with the AMCs because if i had a jerk mortgage broker he was easily replaced, but once the appraisers business comes from one or two large AMCs he knows his time is short if he doesn't hit the numbers and play ball.

They don't have to overtly threaten the appraiser you just don't send him any orders for two weeks.That's enough time he panics and repents of his sins....lol

 

[TC]

The AMCs control the game Period.

 

[alebrewer]

Nope - they're still wholesale brokers.

 

[alebrewer]

The pressure is harder with the AMCs because if i had a jerk mortgage broker he was easily replaced, but once the appraisers business comes from one or two large AMCs he knows his time is short if he doesn't hit the numbers and play ball.

They don't have to overtly threaten the appraiser you just don't send him any orders for two weeks.That's enough time he panics and repents of his sins....lol

Haha. And I saw it exactly the opposite. There are so many AMC's - who cares if you get sideways with one. MB's OTOH - could feed an appraiser 10-15 assignments back in the day. Its also been my experience that AMC's are MUCH more tolerant of low values than were MB's. Everyone's experience is different, though.

 

[glenn walker]

With mortgage brokers we developed a relationship and when we knew their were potential value issues we gave them a heads up. Often if we had no comparable we told them we can do it but you may not be happy.

We also had other appraisers we knew that were more agressive and would tell the broker to see if Bulls Eye Bob wanted the assignment. Hell those same brokers still used us and gave the **** ones to others. There was always plenty of good loan officers to work with.

 

[glenn walker]

Can we talk about seperation of fees and price versus value. That should get this thread up to 1,000 hits within a few weeks. Lmao

 

[J Grant]

This bundled fees issue is ridiculous but she just can't get how the system operates. But no matter what the AMC is not leaving until the appraisers leave and then the ones owned by the large title companies will use the platforms to manage and sell other services.

This is the kind of misleading statement that I have spent valuable time pushing back on.

The bundled fee IS how the system works to pay the AMC out of a fee split from the borrower's paid appraisal fee.

Borrower paid the lender $ 600 for an appraisal. Lender sents the $600 to the AMC and leaves it up to the AMC to shop for whatever appraisal fee they want among their panel. For example, if the AMC finds an appraiser to do it for $300, then AMC keeps $300 and pays the appraiser $300 ( unless there is a cost-plus agreement set by the lender )

 

[Surf Cat]

With mortgage brokers we developed a relationship and when we knew their were potential value issues we gave them a heads up.

Not only was getting paid at the door awesome, getting extra for Rush fees and or weekends, but the relationship aspect was key. You could quickly ascertain which mortgage brokers were the scumbags and which were the pros whom truly wanted to provide a good product/service.

You could go over with the pros what was happening in the market area in relation to the type of property they had. They'd understand and develop a loan package for refi's for their client that was reasonable. Because they knew it wasn't just the value of the house.... it was the borrower's credit rating, income, etc.

The pros weren't one and done producers... they wanted referrals, they wanted a good team to work with so everything went smoothly.

The AMC's "are" scumbags.... when you got the "Hey Surf Cat....my favorite appraiser!" You knew a complex assignment for a low fee was about to be spit out by someone you never talked to before. And if you spoke to the chief appraiser at the AMC ( if they had one) about an issue on a complex assignment, even though some were cool, you could tell they just didn't want to be there.

AMC's s**k.....

 

[J Grant]

Haha. And I saw it exactly the opposite. There are so many AMC's - who cares if you get sideways with one. MB's OTOH - could feed an appraiser 10-15 assignments back in the day. Its also been my experience that AMC's are MUCH more tolerant of low values than were MB's. Everyone's experience is different, though.

Most working appraisers will tell you their experience is the opposite.