J Grant
Elite Member
- Joined
- Dec 9, 2003
- Professional Status
- Certified Residential Appraiser
- State
- Florida
OMG---- yes the AMC interst includes clearing a profit.The AMCs interests include clearing a profit from their operations but they can't even get the account without first competing for it. Nor can they retain the account without continuing to compete for it on the ongoing basis.
Not to mention your repeated allegations of "unqualified" and "incompetent" in those appraisals even though 90% or more of everyone has been doing most of their work via those conduits.
My argument is the AMC should get tehir profit by charging the lender a cost charge for the AMC service. If the lender passes that charge on to the borrower, so be it.
However, the current system sees the AMC profit is borne by the appraiser getting a much lower appraiser fee when bundled with the AMC charge in the appraisal fee. The AMC profit in this system is likely very usorious compared to similar management fees ( usually 10-20% ) And We can predict that if lenders had to pay the AMC a cost for an appraisal order processing, it would likely be unfirom in order to pass it on to the borrower, not a profit from a bidding war to sqwueeze a vendor down.