Hybrid Appraisals

[glenn walker]

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 )

You obviously didn't read my post on
how we lost $200.00 per report in entirety in our last fiscal tax year before Lenders CPA RECOMMENDED SHUTTING IT DOWN.

That was a direct lender engaged platform with no fee charged to the apprasers. If we collected $450.00 from borrowers 100% went to the appraiser.

We didn't separate fees because we only charged borrowers what they paid not for management. In a Multi State Platform the additional seperate fees would have been challenged by our borrowers and or they would have ended up paying back sleazy hidden junk fees with is another problem. Therefore closing shop and hiring Copper Logic AMC was more cost effective for our lender and the appraisers all moved under their management.

 

[Surf Cat]

Therefore closing shop and hiring Copper Logic AMC was more cost effective for our lender and the appraisers all moved under their management.

And are now getting $250 instead of $450.

 

[glenn walker]

And are now getting $250 instead of $450.

No the appraisers got $400.00 to $450.00 the AMC charged $650.00 total and kept the $200 to $250 for management. We had been losing on average of $200 per report as a direct engagement to our own fee panel who we gave 100% to the appraiser and the lender had absorbed the losses.

 

[Surf Cat]

No the appraisers got $400.00 to $450.00 the AMC charged $650.00 total and kept the $200 to $250 for management. We had been losing on average of $200 per report as a direct engagement to our own fee panel who we gave 100% to the appraiser and the lender had absorbed the losses.

Well that's way better than the fees I was receiving when I used to work with AMCs. Still....with the cost of living and all.....

 

[glenn walker]

Well that's way better than the fees I was receiving when I used to work with AMCs. Still....with the cost of living and all.....

My X partner says the AMCs in So Ca
are all paying him $500.00 minimum on everything. He can stretch the truth sometimes but his 37 year old Son who is an appraiser says it's true. But that's not great when you consider today's cost of living. Year 2000 we averaged $350.00 for 3 comp non Uad reports that were easy peasy.

 

[Surf Cat]

My X partner says the AMCs in So Ca
are all paying him $500.00 minimum on everything. He can stretch the truth sometimes but his 37 year old Son who is an appraiser says it's true. But that's not great when you consider today's cost of living. Year 2000 we averaged $350.00 for 3 comp non Uad reports that were easy peasy.

I get the dry heaves when I think of resigning up with them....

Remember, the appraisal is due tomorrow at 2:05 p.m., please update has inspection been completed? Remember, it's imperative that the appraisal is turned in on time. Appraisal is due today. Please confirm. JESUS! Leave me alone!

It's maddening being treated like a child. Then they threaten your teir rating....

I don't care about comp checks.....I'd gladly do them to get back to mortgage brokers! F Me!

 

[alebrewer]

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

Citation, please?

 

[J Grant]

You obviously didn't read my post on
how we lost $200.00 per report in entirety in our last fiscal tax year before Lenders CPA RECOMMENDED SHUTTING IT DOWN.

That was a direct lender engaged platform with no fee charged to the apprasers. If we collected $450.00 from borrowers 100% went to the appraiser.

We didn't separate fees because we only charged borrowers what they paid not for management. In a Multi State Platform the additional seperate fees would have been challenged by our borrowers and or they would have ended up paying back sleazy hidden junk fees with is another problem. Therefore closing shop and hiring Copper Logic AMC was more cost effective for our lender and the appraisers all moved under their management.

Your post is opaque.

Who, or what entity, is "We" ? A lender ordering appraisals for their own mortgage loans? An AMC? Or X ....what?

Later you refer to "our lender" - what does that mean? How is a lender, "your" lender? And what does "lost" $200 per report mean? A lender would say it costs $200 to manage a report.

But it is tough to believe that a lender with a direct order panel spends $200 to process and QC an appraisal report ( unless it is a problem child requiring a field review) Even lenders who use an AMC need to maintain, as far as I am aware, some level of their own appraisal management. They need to assign orders to the AMC, track payments, and oversee what the quality of the reports from an AMC is and do some form of spot reviews, or assign the tough, high value appraisals that do not go the AMC and maintain a list of approved appraisers ..

 

[djd09]

it costs 200 bucks to send a order via email...and doesn't the borrower pay for all of this anyways more lies

 

[J Grant]

Citation, please?

My experience comes from talking to appraisers over the years and from the vast majority of the posts here. Not everything has a "citation."