I'm not surprised..

[Joe Flacco]

Yeah, George is not well informed with regards to residential appraisal engagement practices.

 

[Joe Flacco]

I have not renewed my credentials with most of the AMC's so they stopped sending me their stupid fee bid requests. A few still do anyway.

Don't stress about it then. You know your target client type so focus on that and forget about those that don't fit.

 

[George Hatch]

Yeah, George is not well informed with regards to residential appraisal engagement practices.

I'm not immersed in the GSE pipelines any more, but I've been working for the portfolio lenders for many years. I understand that the base fee model works most of the time for them so for regular properties they don't need to get real selective about which appraisers to use.

I have never gotten entirely out of the SFR appraisal business.

 

[Zoe]

I have told you here many times that direct lender orders ( others have told you the same ) , that orders where a lender or bank does not use an AMC, including volume lenders DO NOT FEE BID for regular non complex orders.

It is not a podunk credit union; these are high-volume lenders on a national scale. Why do you deny that is the truth? Come look at my work files any time you want to.

BTW, it is not about the size of the lender or the bank. It is whether they use an AMC or not. It is that simple . And many small podunk credit unions these days use an AMC.

I have witnessed it where one lender on same street intersection using AMC pays appraiser $X and another lender at opposite street corner pays apppraiser $X

Your preaching to the choir.

 

[alebrewer]

You can separate the disclosures and fix their end all you want, it isn't going to stop them from shopping by fee. If you don't believe me then just ask them.

And I've told you 100x over the years; what some podunk credit union that's doing 10 deals a month does has no bearing on the economy of scale at which the high volume lenders operate. Flacco just commented about the same happening at the community lenders. I have several of those among my clients. The reason I have several of those as clients instead of just one is because none of them do enough business to keep me busy.

In the small volume lenders the appraisal reports all get read for content by the actual decision makers. That's one reason they operate differently from the high volume lenders who are using automated reviews and rigid rulesets and such.

Again - it boils down to the disclosures. It's my understanding that TILA doesn't apply to port loans, HELOC's, reverses, etc. Thus the impetus to have standardized fees on the 2ndary market stuff. But to your and Flacco's point - I think it's pretty common for folks like community banks to use a bid system - more especially those where the commercial and residential appraisal pieces are managed by the same group(s). Don't know of a single AMC that uses RIMS - and yet, that entire platform is built on a bid structure.

 

[TC]

For sure, the AMC takeover has not improved the quality of appraisals. At least not the ones I've seen.

 

[Joe Flacco]

I'm not immersed in the GSE pipelines any more, but I've been working for the portfolio lenders for many years.

I know who you work with. You work with the community banks.

You really should consider that you don't know what you think you know. Not well informed on the topic.

 

[George Hatch]

The acid test of the AMC appraisals is coming, possibly sooner than later. That's when whatever dirt the AMC appraisals did WRT gross overvaluations and client-bias will come to light. Bad deals are made during good times.

You guys had best hope there has been a lot of lying, cheating and stealing going on in those AMC appraisals and resulting in gross overvaluations because if there isn't then nobody is going to be motivated to get rid of them or clamp down on how they do business.

 

[Joe Flacco]

Somebody check on Jonathan Miller. He didn't send me Housing Notes today.

 

[Terrel L. Shields]

Funny I received an order from some AMC who I never worked for before called Tamrack yesterday in Port St Lucie. The problem is Port St Lucie is over 200 miles away from me.

If I get a bid from some AMC - A- I didn't sign up with them. B-they don't have my resume. C-They don't know I do not even own form software. D - It it will invariably be somewhere in a remote rural area and they are desperate to find someone, anyone to do it and do it cheap.

Jonathan Miller.

PS - Jonathan requires his clients to pay up front.