I'm not surprised..

[Joe Flacco]

Jonathan Miller is a pretty special dude. Sometimes I wonder if he could do it again if he was starting out today. I think he probably could.

 

[djd09]

Make the complaint and show them the damages. Maybe that'll work.

how about the regulators do their job

 

[RCA]

The difference is the AMC does not do the appraisal; it makes money by inserting itself as a middleman and taking a split of the fee the borrower paid the lender for the appraisal, and the appraiser typically makes less, often substantially less than they would without the AMC.

That's not the point. To simplify things, the AMC charges a flat $850/appraisal. The market is strong they may have to go up to $800 to the appraiser to meet the demand and keep their client. When the market slows up and they are getting only 50% of the orders, they can likely lower the fee down to $400 and their total profit is the same. The poor appraiser, on the other hand, goes broke very fast.

 

[George Hatch]

I've been telling you guys that for years. The lenders will do whatever their regulators will let them get away with, and the AMCs will do whatever their clients tell them to do. Because if Moonlight Auto AMC won't do it at that price then Fly-By-Night AMC will.

 

[RCA]

I've been telling you guys that for years. The lenders will do whatever their regulators will let them get away with, and the AMCs will do whatever their clients tell them to do. Because if Moonlight Auto AMC won't do it at that price then Fly-By-Night AMC will.

For years - that is correct.
For years - nothing has changed.

 

[ZZGAMAZZ]

When we will as appraisers realize how bad we are being taken advantage of. View attachment 90488

How possible that the AMC siphons that much of the appraisal fee? I always presumed that it might be about 10% - 20% of what the appraiser gets paid. Damnnnnnn.

 

[ZZGAMAZZ]

Complain about appraiser shortage and get more alternative products or unlicensed people...oh yea that is already happening.

Yea but the AMC's wouldn't lobby for alternative products, right???

 

[ZZGAMAZZ]

The bank still has to interact with the AMC. I cannot imagine why it is much cheaper to use an AMC and pay high AMC fees when they can get the appraisal done a lot cheaper than the AMC charges...apparently the lenders don't give a crap how much the borrower pays for an appraisal. If they did they would do it themselves.

But I encounter a lot of saavy borrowers who presumably shop for the best fees among various lenders (although I might not be prone to do so being so durn busy, with life, maybe why I'm a broke axx after working 7 days a week for decades [literally decades]...

 

[Terrel L. Shields]

But I encounter a lot of saavy borrowers who presumably shop for the best fees among various lenders (although I might not be prone to do so being so durn busy, with life, maybe why I'm a broke axx after working 7 days a week for decades [literally decades]...

The total fees are a consideration. Sometimes the higher interest rate is offset by low application and closing costs.

 

[Mejappz]

I always presumed that it might be about 10% - 20% of what the appraiser gets paid

10-20 %? Lol More like 40-70%. It’s all part of the shell game that they are allowed to play by the regulators and their partners in crime the GSEs.