I'm piling on....F the AMCs

[ZZGAMAZZ]

Here's is today's gripe:

It's a coincidence but a few borrowers who need a few residential appraisals being financed by different lenders desire my services, because of my competence and communication skills, etc., etc., etc.

All the lenders require the involvement of an AMC....although 4 or 5 or 6 AMC's with whom I am affiliated refuse to allocate the assignments to me....based upon what they refer to as "APPRAISER INDEPENDENCE.'

Now somebody please tell me WHAT THE **** denying me an opportunity to work ostensibly to maintain my professional competence makes any sense!!!! The Public Trust sure AF isn't being supported, nor can I think of any other MF professional occupation in the USA market economy in which a practioner has any reason to provide competent services because the client--typically a mortgage entity--has no authority whatsoever to request my services in the future. I have been a looooong-term supporter of the AMC concept but no F more. Thanks for asking/listening...

 

[glenn walker]

Your saying you want the broker or loan officers of the borrowers to be able tor to order directly from you ?

Okay i get it I never believed the broker's or loan officers shouldn't be allowed or the borrowers to request their trusted appraiser. BUT the appraisers demanded a firewall be placed between the appraiser and the loan broker or loan officer and that created Dodd Frank in 2012.

Today lenders are prohibited from allowing their loan officers or loan brokers from ordering or allowing the borrower from selecting the appraiser to be used. Either a AMC orders it or a the Lender orders it directly BUT borrowers can't choose your service's. Did you just realise how the system operates ? It's been almost 14 years since the law passed congress.

 

[Surf Cat]

BUT the appraisers demanded a firewall be placed between the appraiser and the loan broker or loan officer and that created Dodd Frank in 2012.

Yeah..... we thought the mortgage brokers we're going to get slapped on the wrist but appraisers got kicked in the b**ls instead.

Everyone should have continued to do comp checks and just found new clients when the mortgage brokers demands were to outlandish..... that's what I did... it was easy.

 

[Surf Cat]

All the lenders require the involvement of an AMC....although 4 or 5 or 6 AMC's with whom I am affiliated refuse to allocate the assignments to me....

Dude, you put the cart before the horse. That lady with the multiple ADU property and other properties to appraise is not your client.....She's the lender's client whom gives it to their favorite AMC. She got all this wonderful information from you..... for free.

 

[ZZGAMAZZ]

Your saying you want the broker or loan officers of the borrowers to be able tor to order directly from you ?

Okay i get it I never believed the broker's or loan officers shouldn't be allowed or the borrowers to request their trusted appraiser. BUT the appraisers demanded a firewall be placed between the appraiser and the loan broker or loan officer and that created Dodd Frank in 2012.

Today lenders are prohibited from allowing their loan officers or loan brokers from ordering or allowing the borrower from selecting the appraiser to be used. Either a AMC orders it or a the Lender orders it directly BUT borrowers can't choose your service's. Did you just realise how the system operates ? It's been almost 14 years since the law passed congress.

What are the primary reasons that a mortgage entity relies upon an AMC? Is it usually the entity's decision to do so, or FNMAE, OR investors, etc?

 

[Dublin ohio]

Here's is today's gripe:

It's a coincidence but a few borrowers who need a few residential appraisals being financed by different lenders desire my services, because of my competence and communication skills, etc., etc., etc.

All the lenders require the involvement of an AMC....although 4 or 5 or 6 AMC's with whom I am affiliated refuse to allocate the assignments to me....based upon what they refer to as "APPRAISER INDEPENDENCE.'

Now somebody please tell me WHAT THE **** denying me an opportunity to work ostensibly to maintain my professional competence makes any sense!!!! The Public Trust sure AF isn't being supported, nor can I think of any other MF professional occupation in the USA market economy in which a practioner has any reason to provide competent services because the client--typically a mortgage entity--has no authority whatsoever to request my services in the future. I have been a looooong-term supporter of the AMC concept but no F more. Thanks for asking/listening...

You are effectively wanting to let the borrower order the appraisal. Do you not see the problem with that?

 

[George Hatch]

This here is still America. Everyone has the right to order an appraisal from you and you have the right to perform appraisals for anyone.

It's the lenders who aren't allowed to use appraisals that they didn't directly or indirectly engage. It's their rights which have been curtailed.

 

[Sandra Koutsopoulos]

While I worked for a mortgage lender 2 decades+ ago, my job was to open files from the call center where Borrowers agreed to go forward to do a loan, and the file was forwarded from the call center to me. I reviewed the file for loan parameter compliance, and placed the appraisal orders with appraisers across the country who had proven themselves competent in providing appraisal reports in the past. After receiving those appraisal reports, the loan file was sent up the line to the loan officers. There was a process. Even after Dodd-Frank, anybody in the lender's office can be the appraisal orderer.... as long as they don't have a financial interest in the outcome.

That is NOT like having the borrower order their own appraisal.

 

[Dublin ohio]

That is NOT like having the borrower order their own appraisal.

Ok. What is your point

 

[djd09]

the AMC's have hidden the scum bag mortgage brokers behind a firewall meaning...dividers like to divide, same story a different day