• Welcome to AppraisersForum.com, the premier online  community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

Letter To AMCs From Vcap

Status
Not open for further replies.

julinva

Sophomore Member
Joined
May 4, 2007
Professional Status
Certified Residential Appraiser
State
Virginia
As a proud member of the Virginia Coalition of Appraisal Professionals, I just received an email that I hope to share with you once I receive permission. It thanks them for their interest in the profession and then proceeds to list all the reasons they are not needed. It is very nicely done. I did not want to post it without first asking permission. Hopefully they will grant permission or someone from the governing body will post it.
 

bnmappraisal

Elite Member
Gold Supporting Member
Joined
Nov 9, 2011
Professional Status
Certified Residential Appraiser
State
Florida
I hope they grant permission, too! Thanks for posting and keep us updated any anything new! would love to hear/read it (y)
 

Meandering

Elite Member
Joined
Feb 26, 2006
Professional Status
Real Estate Agent or Broker
State
Pennsylvania
vacaplogox110.jpg


Dear AMC,

Thank you for your interest in our profession. The trial period we have conducted is over and the appraisal profession has determined your services are not needed. The reasons for our decision are as follows:

  • The use of an AMC is not required by any federal or state law.
  • The use of an AMC does not provide any benefit to the appraiser.
  • The use of an AMC does not provide any benefit to the consumer.
  • The use of an AMC has not protected the consumer.
  • The use of an AMC has failed to protect public trust.
  • The use of an AMC has increased the cost of the appraisal to the consumer.
  • The use of an AMC has decreased the income of the appraiser, thereby harming local economies.
  • The use of an AMC has increased the turn time for the delivery of the appraisal.
  • AMCs operate on a fast and cheap model which has deteriorated the quality of appraisals.
  • AMCs have caused undue stress on the appraiser by demanding constant updates.
  • AMCs hire unqualified employees that lack comprehension of the appraisal process.
  • AMCs have caused a great number of experienced appraisers to discontinue completing appraisals for financial lending purposes.
  • AMCs have failed to provide any benefit to the appraisal profession, the financial industry, or to the consumer.
Again, we thank you for your interest in our profession and wish you luck in future endeavors. Your services are no longer needed.


Sincerely,


The Appraisal Profession

.
 

Michigan CG

Moderator
Staff member
Moderator
Joined
Nov 1, 2006
Professional Status
Certified General Appraiser
State
Michigan
OK, who did they send this to? Their members or did they send it to AMCs?
 

J Grant

Elite Member
Joined
Dec 9, 2003
Professional Status
Certified Residential Appraiser
State
Florida
It does not matter to the AMC's if appraises think they are not needed. They know that. What does Sending a letter to them about it accomplish? Though it if accomplishes anything, even to make the members feel better, I applaud it

The letter needs to be sent to lenders, not AMC's . The problem for lenders is even if they would like to get out of dealing with AMC's, they have a need for reviews of compliance, dealing with CU feedback etc. If a company could be formed to do all that efficiently and charge a streamlined amount, that might be an option.

The problemwe face is in current business model, AMC service is FREE to the lender. (their profit comes from our share of the fee). So how do we compete with lenders getting free service they need for appraisal compliance and being relieved of cost of assigning and payroll? We can't, unless the product or service they get from the AMC is so poor.... appraisers can participate in that by refusing to work for low paying AMC's If lenders cant' get good service /product from these AMC's they will turn elsewhere (or form their own dept which some have done

No matter how we look at it, the ONLY way appraisers can be well paid is holding out for good pay, which is admittedly very difficult to do with res license alone,. The tactics to keep fees down both by lenders and AMC's are relentless. Realize what we think of as AMC's are also lender owned ordering divisions, enjoying the profits that an AMC used to get...when they saw the split the AMC was keeping from the fee, the lenders formed their own ordering division, and instead of paying the appraiser better, kept that portion of the fee for their own profit.

The other option is to consider letting regulators know how poor the system is working for appraisers...though they have been made aware of it , not high on their radar.

Appraisers need to pool money to hire a lobbyist to work on appraiser advocacy.

Sorely needed since the flagship of the profession, the AI, .though they do speak out on appraiser issues, they are compromised since it is designated members who are the chief appraisers at the worst paying AMC's. Akin to some of America's cardiologists also acted as spokespeople for the tobacco industry. Which again, leaves the fight for decent fees solely to the individual working appraiser, making their daily life dealing with these companies and fee issues an impediment to focusing on the work.

I have nothing against AMC's per se if they paid well and treated appraisers decently (normal turn time, not nagging for updates constantly). But their own competition with each other precludes that. The system is terrible for long term health of the business and attraction/retention of good appraisers...unless regultors or lenders take that seriously enough to make changes, what would make the system change?

The meek staff appraisers accepting low pay and churning out volume, they are part of the problem to. Write THEM letters asking them to stand up and ask for better salaries not contingent on higher than X volume might be of use. .
 
Last edited:

A K

Elite Member
Joined
Jul 31, 2013
Professional Status
Certified Residential Appraiser
State
Maryland
lol.. This can't be a real letter that was distributed. Or it must be a joke?
 

A K

Elite Member
Joined
Jul 31, 2013
Professional Status
Certified Residential Appraiser
State
Maryland
"Your services are no longer needed." But VaCap appraisers will continue to accept your orders. Thank you. LOL
 

Eli

Elite Member
Joined
May 12, 2007
Professional Status
Certified General Appraiser
State
Tennessee
Virginians doing ok when compared to their competition who set on the bench!!!
 
Status
Not open for further replies.
Find a Real Estate Appraiser - Enter Zip Code

Copyright © 2000-, AppraisersForum.com, All Rights Reserved
AppraisersForum.com is proudly hosted by the folks at
AppraiserSites.com
Top

AdBlock Detected

We get it, advertisements are annoying!

Sure, ad-blocking software does a great job at blocking ads, but it also blocks useful features of our website. For the best site experience please disable your AdBlocker.

I've Disabled AdBlock
No Thanks