Law firms begin addressing AMC fraud

[Mejappz]

The fight isn’t for everyone. Not everybody has what it takes. It’s OK if a few of you sit this one out if you’re not up for it. We won’t think any less of you.

Back to the matter at hand—having been privy to some of the evidence the attorneys have against AMCs, I can tell you it doesn't look good. In fact, it looks really bad. The evidence includes serious violations such as Truth in Lending infractions, consumer price gouging, and price-fixing. After seeing the impact attorneys had on NAR, I honestly don't see AMCs being able to survive this. They were given plenty of opportunities to do the right thing, but their avarice ultimately got the best of them.

 

[George Hatch]

Creditors have TILA obligations in their disclosures.

 

[chad hampton]

Back to the matter at hand—having been privy to some of the evidence the attorneys have against AMCs, I can tell you it doesn't look good. In fact, it looks really bad. The evidence includes serious violations such as Truth in Lending infractions, consumer price gouging, and price-fixing. After seeing the impact attorneys had on NAR, I honestly don't see AMCs being able to survive this. They were given plenty of opportunities to do the right thing, but their avarice ultimately got the best of them.

That’s what’s really so frustrating. AMC‘s had every opportunity to come in and do the right thing and be a real partner. Appraisers were working with them from the start to try to create a better system. Then greed and unethical behavior took over. As it always does. Unfortunately, this relationship is too fractured to survive.

 

[George Hatch]

What are you talking about?

AMCs and the lenders which use them are acting the same way they have always acted. They have never acted any way other than what you're seeing. Nor will that change unless you can find a way to force them to change.

You have never had any leverage in the appraiser-AMC relationship beyond what exists in the supply/demand dynamic in the market. If you want bigger fees then you need to relocate to an area that isn't oversupplied. (you definitely don't want to come to Calif). Either that or cultivate a niche that isn't already oversupplied.

If you had the kinds of clients you wanted in sufficient volume to completely avoid the others then none of this would affect you. But you don't because the demand from those clients isn't enough in quantity for you to consider that an alternative. You and most other fee appraisers.

 

[alebrewer]

That’s what’s really so frustrating. AMC‘s had every opportunity to come in and do the right thing and be a real partner. Appraisers were working with them from the start to try to create a better system. Then greed and unethical behavior took over. As it always does. Unfortunately, this relationship is too fractured to survive.

It would have been the same set of motivating factors had it gone in favor of the appraisers - greed and unethical behavior. As evidenced by the events during the great windfall when appraiser fees skyrocketed overnight.

 

[George Hatch]

Why are AMC splits different in some locations than in others? Because neither their motivations nor the appraiser motivations are any different. It sure isn't because the "partnership" vibe is somehow different.

There's your control group for that "if they had been a better spouse I wouldn't be trying to take all their assets" threat.

"I told you for years that I wasn't happy and I couldn't go on living like this and I need you to change, but you wouldn't do it. Now I want a divorce and half your stuff." ​

 

[Mejappz]

That’s what’s really so frustrating. AMC‘s had every opportunity to come in and do the right thing and be a real partner. Appraisers were working with them from the start to try to create a better system. Then greed and unethical behavior took over. As it always does. Unfortunately, this relationship is too fractured to survive.

Right. It's incredibly frustrating when a situation that has so much potential to improve is derailed by greed and unethical decisions. The appraisers did try to work with them, but when that good faith is ignored, it becomes clear that the relationship can't be salvaged. It’s just disappointing to see it all fall apart like that. Well as the saying goes it's time to pay the piper.

 

[chad hampton]

What are you talking about?

AMCs and the lenders which use them are acting the same way they have always acted. They have never acted any way other than what you're seeing. Nor will that change unless you can find a way to force them to change.

You have never had any leverage in the appraiser-AMC relationship beyond what exists in the supply/demand dynamic in the market. If you want bigger fees then you need to relocate to an area that isn't oversupplied. (you definitely don't want to come to Calif). Either that or cultivate a niche that isn't already oversupplied.

If you had the kinds of clients you wanted in sufficient volume to completely avoid the others then none of this would affect you. But you don't because the demand from those clients isn't enough in quantity for you to consider that an alternative. You and most other fee appraisers.

How many AMCs have you done work for?

You don’t have any idea what you’re talking about. AMCs acted a whole lot different 10-15 years ago than they do today.

 

[George Hatch]

How many AMCs have you done work for?

You don’t have any idea what you’re talking about. AMCs acted a whole lot different 10-15 years ago than they do today.

I'm curious to see if you know what you're talking about.

You're making the same complaints about the AMCs in 2025 that you were making in 2009. If anything has changed during the interim you sure have never mentioned it, nor has anyone else.

So tell us, in what way do you think the AMCs are acting any differently in 2025 than they were in 2009 or before? I mean other than enforcing whatever changes in appraisal policies have occurred at the lender level.

 

[Non Sequitur]

Wonder which AMC Rocket uses?