I'm not surprised..

[NC Appraising]

I thought the hybrids were suppose to lower the fees to the borrowers Lol

Lol

Lol

lol

Introducing Fannie Mae’s Updated Appraisal Offerings - Homebridge Wholesale

www.homebridgewholesale.com

• Class Valuation
  • Value Acceptance + Property Data report: $225 – $250
  • Hybrid appraisal: $450 – $595
• Nationwide Property and Appraisal Services
  • Value Acceptance + Property Detail report: $225
  • Hybrid appraisal: $500 – $650

 

[J Grant]

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.

Many appraisers were charging $500- 600 or charging it now and getting it ( or more ) if an AMC is not involved. That is also a fact. \

The appraisers who charged $300 or $400 without an AMC probably gets $250- $275 from an AMC -regardless of all the possible fees appraisers charge or AMC;s pay, there is no benefit to the appraiser of having a third-party middleman take a cut of the borrower-paid appraisal fee and overall, appraisers make less when they do an AMC order.

 

[DWiley]

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-

There is NO requirement to use an AMC. No matter how many times you post that, it remains untrue. The requirement is to use certain technology - just like the appraisers have to use software now that produces results in a certain MISMO format.

 

[djd09]

get rid of those dirty misleading forms too...

 

[RCA]

The max split should be 20% - for the AMC. Stick to that.

 

[J Grant]

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.

I also do some work for Red Sky - they will usually pay a decently larger fee on complex orders - their regular fee for standard orders takes about $100 off what similar order lenders pay directly. They are the only AMC I accept work from.

Many of the other AMCs are far worse and fee bid or pay very low., In general, an AMC like Red Sky that is a captive AMC owned by the lender, in this case, US Bank are okay- they are roughly 15% o my volume the rest are direct order ( non AMC)

 

[Joe Flacco]

i was getting 350 at the door in 1999

And you were charging $350 in 2005 and 2010.

 

[J Grant]

There is NO requirement to use an AMC. No matter how many times you post that, it remains untrue. The requirement is to use certain technology - just like the appraisers have to use software now that produces results in a certain MISMO format.

There may not be a requirement,, but the product itself makes it much more attractive for a lender or bank to order the CDC from one of the partner AMC's on the list- in any event, a data collection with unlicensed people competing against appraisers for the business cuts into the $ that used to go to the appraiser when they did their own inspections as part of an order,

I

 

[NC Appraising]

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.

There is another regional lender on appraisalport.....that pays $665 base fee.

How many times do I ask for more? None! Their pay is excellent.

If you pay a good fee at the beginning, it equals out. Some are easy some are hard. Equals out.

Now for high end homes, in the millions, they will email before sending you the order.

 

[J Grant]

The max split should be 20% - for the AMC. Stick to that.

That would be an improvement over the way things are now. Cap the % an AMC can split from the appraisal fee paid by the borrower.

If a bank or lender values the AMC service more than the cap pays, the lender can pay additional money from their own funds to the AMC.