Hybrid Appraisals

[djd09]

i remember in 04 the mortgage brokers ordering appraisals...none charged a fee

 

[Terrel L. Shields]

And I've heard there were good MB's. I have not experienced this in TX.

appraisers running their own smaller local AMCs

They don't have the moxie and spiel that major AMCs can do... and these decisions are not made by lenders, nor even the VP of lending. They are made by the board of directors who are clueless as ever but buy into a really slick presentation 9 of 10 times.

 

[glenn walker]

i remember in 04 the mortgage brokers ordering appraisals...none charged a fee

Mortgage Broker's ordered but the lender's that funded them did the QC and reviewed them. But in 1998 to 2007 there was little to no reviews or real quality controls on appraisals or borrowers because all qualified. No reason to charge management fees...lmao

 

[djd09]

now the review costs 200 bucks...

 

[Mejappz]

now the review costs 200 bucks...View attachment 99663

It's a lot more than $200.00.

 

[alebrewer]

They don't have the moxie and spiel that major AMCs can do... and these decisions are not made by lenders, nor even the VP of lending. They are made by the board of directors who are clueless as ever but buy into a really slick presentation 9 of 10 times.

I lost WAY more in unpaid MB invoices that I ever did with AMC's. I think it's a pretty common processing function of the human brain to gloss over some of the worst parts of the past, such that when compared to something contemporary - the contemporary item usually appears worse. Couple of things: (1) nothing happens in a vacuum - the AMC model is proliferating in an environment where appraisers are being attacked from multiple fronts - such was not the case in the MB era; (2) AMC's are at least regulated WRT bonds and appraiser payments - the only way you could collect from an MB is to take them to court - assuming they hadn't filed Chapter 11 by the time you did so and just opened up under a new name.

 

[J Grant]

the term 'most' connotes a comparative quantity. Remember J: your experience may, or may not, be reflective of the universal experience. The fact is that you have no idea if most appraisers would disagree with something.

Nearly every appraiser posting here agrees -

 

[alebrewer]

Meh - administrative fee or bribes? At the end of the day, you pay to play. Changing the nomenclature doesn't change the cost.

 

[J Grant]

I lost WAY more in unpaid MB invoices that I ever did with AMC's. I think it's a pretty common processing function of the human brain to gloss over some of the worst parts of the past, such that when compared to something contemporary - the contemporary item usually appears worse. Couple of things: (1) nothing happens in a vacuum - the AMC model is proliferating in an environment where appraisers are being attacked from multiple fronts - such was not the case in the MB era; (2) AMC's are at least regulated WRT bonds and appraiser payments - the only way you could collect from an MB is to take them to court - assuming they hadn't filed Chapter 11 by the time you did so and just opened up under a new name.

Why were you (or was it a shop ) losing so many unpaid invoices to MB? I never lost a single one _ (only one unpaid inovce from a private person during that time and had to collect two invoices from Coestar)

Even if an appraiser got stiffed a few times over the years from a MB, they made far more money getting the full fee than the AMC low fees -

 

[alebrewer]

Nearly every appraiser posting here agrees -

That would be considered a 'sample' (if, in fact, that's true - which, again, you have no idea). Let's assume it is, though. Any given month we have maybe 100 posters? So, then, the sample size (assuming 75k is somewhere close to the # of active appraisers) is ~ .001%. Now, in addition to defining sample size, we need to establish whether or not the sample can be predicted to behave in the same manner as the population. If we knew population proportion, we could test for that in the sample (t-test, z-test). In our case we don't, but we can hypothesize. For instance, one might hypothesize that those who frequent the AF are more likely to behave in certain ways than those who don't (research appraisal problems, engage in appraisal related discussions, etc.).

All that to say, (a) you've provided no evidence to support your hypothesis - you've simply stated it as fact - as you almost always do, (b) you're probably correct, although the reasons for you being correct may not be as clear as you think, and (3) even if your hypothesis were proven true, it may - or may not - reflect the opinion of the majority of appraisers.