I'm not surprised..

[alebrewer]

I see where you’re coming from, but I have to disagree on a few points. Sure, AMC's and lenders are working within the "legal" boundaries and are driven by profit, but that doesn’t mean we should let them off the hook. Even if their actions are legal, they can still lead to major issues like inflated property values, predatory lending, and shoddy appraisals. Just because something’s legal doesn’t mean it’s ethical or beneficial for everyone. Laws often don’t keep up with how things actually work, and as St. Augustine said, "Nam mihi lex esse non videtur, quae justa non fuerit" — "A law that is not just is no law at all." So while we can criticize the lawmakers and regulators for the system they’ve created, we also need to address how those operating within it impact fairness and transparency. The current system is deeply flawed, rewarding the worst practices and pushing out the competent and ethical professionals. Plus, consumers are paying much more than they should. We need better regulations to fix these problems and make the process fairer for everyone.

Can't disagree with any of that except.... that, again, if something's legal - folks are gonna do it. If what is legal should be illegal - then that's on the folks who allow it to remain legal, not the folks practicing the activity. Greed may be immoral, but you can't make it illegal. Greed is, after all, what makes the free market system work.

 

[RCA]

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

This is insane.

 

[NC Appraising]

You sure that is an accurate claim? I count just a few more than 5.

Collateral Valuation Partners to Support ACE+ PDR

Freddie Mac works with the below partners to provide our mutual clients with the resources needed to support our collateral valuation options. The partners listed below support our dataset and integration requirements for the Property Data Report (PDR).

sf.freddiemac.com

No I'm not. LOL. Things seem to change on a daily basis.

Ok. If I'm wrong, I'm wrong. My apologies. I'm on the outside looking in and too busy to keep up with any changes.

homebuyers.

Ordering PDCs​

Fannie Mae only has a handful of Appraisal Management Companies

Fannie Mae’s Appraisal Alternative: What Mortgage Brokers Need To Know

The agencies’ efforts to “modernize” appraisal options and provide borrowers with more alternatives to full appraisals create yet another opportunity for mortgage brokers to deliver an exceptional customer experience to homebuyers. Fannie Mae was the latest to announce changes to property...

nationalmortgageprofessional.com

Requesting a Value Acceptance + Property Data or Hybrid Report

As a reminder, Fannie Mae transactions require the use of a specific AMC by region. Homebridge requires Brokers to request the reports as follows:

Introducing Fannie Mae’s Updated Appraisal Offerings - Homebridge Wholesale

www.homebridgewholesale.com

At one point in time, there was a very small portion approved? +‐5 AMCs.

Fannie Mae approves six vendors for appraisal alternative

The government-sponsored enterprise took the next step towards allowing lenders to implement its property valuation modernization plans.

www.nationalmortgagenews.com

 

[djd09]

Both share a common trait: they both extract money from the appraiser while delivering minimal value in return.

at this point i am not certain what TAF does...and the unethical behavior of AMCs speak for themselves

 

[Joe Flacco]

Everybody is mad because AMC is charging $800 and paying $300-$400 as if the appraiser was charging $800 before AMC and all of a sudden they are taking half the fee. Appraisers were charging $300-$400 before AMC and the AMC raised the fee for their costs.

I don't like AMC but this is just the facts.

 

[djd09]

i was getting 350 at the door in 1999

 

[RCA]

The people (including senior appraisers) who set this up back in 2007 or thereabouts knew that this would happen. This includes you can be sure the GSEs whose support was vital.

There should have been a reasonable max split that was agreed upon, - but instead it was the dubious "reasonable fee." We should go back and look at the details of who made the decisions on these things.

There should have been since 2009 or so, a number of petitions to get rid of AMCs. As far as I know there still are no such petitions.

So the fat pigs keep raking in money for doing virtually nothing.

 

[J Grant]

You sure that is an accurate claim? I count just a few more than 5.

Collateral Valuation Partners to Support ACE+ PDR

Freddie Mac works with the below partners to provide our mutual clients with the resources needed to support our collateral valuation options. The partners listed below support our dataset and integration requirements for the Property Data Report (PDR).

sf.freddiemac.com

The list has a number of AMC's on it, but the number of AMCs used by Freddie/fannie is not the point (from our perspective )
The result is a system that bypasses the appraiser and sees the orders go to a list of AMC "Partners," which often use a nonappraiser to "collect data" / inspect). This, of course, profits the AMCs..

I think you can understand why we are not jumping up and down with enthusiasm about it-

 

[gregb]

If one wants to change how lenders approach AMC fees, then the key change would be to allow changes in appraisal fees without re-disclosure. Unless or until that happens, the fixed-total-price model will be the one that most lenders will seek.

Red Sky AMC for US Bank has no trouble with this disclosure issue. On a regular basis assignments arrive over Appraisal Port. I accept the assignment on the condition of an increased fee. Voila, 99% of the time, the increased fee is accepted by Red Sky within 2 hours.

 

[NC Appraising]

Everybody is mad because AMC is charging $800 and paying $300-$400 as if the appraiser was charging $800 before AMC and all of a sudden they are taking half the fee. Appraisers were charging $300-$400 before AMC and the AMC raised the fee for their costs.

I don't like AMC but this is just the facts.

I agree.

It's the borrowers that needs protection, not us.

It's not about us. That's why i said the borrowers need to start a class action lawsuit against the AMCs and lenders.

Heck, if they can sue the Realtors and win, why not try. I thought the lawsuit against the Realtors was BS.