More AMC and PDC Bull

[chad hampton]

Loan officers can hand pick their appraisers based on cost?

 

[djd09]

someone just told me that rockets origination fee is $8300...

 

[djd09]

Loan officers can hand pick their appraisers based on cost?

the fees are scripted...

 

[J Grant]

Of course, you're exactly correct. Your intimate knowledge of lending - stemming from your years as a RE agent - is vastly superior to my history of actually working for a lender for most of my career. No comparison - I get that. And for that, I bow to your vastly superior sagacity.

That said, we are 100% direct engagement and offer a very fair 'base' fee. We pull assignments from appraisers invoking silly upcharges every day - we do not (as you like to believe in that silly little head of yours) 'shave fees' off the lenders' commissions.

I am surprised you are pulling assignments from appraisers invoking silly upcharges every day. Give me some specific examples, please.

The many different lenders I have worked with over the years would not hesitate to shave a small amount off their points or fees if it meant getting thousands of profit from getting a loan deal done. e. Silly litle you- ( I can name call like a toddler as well! )

 

[alebrewer]

I am surprised you are pulling assignments from appraisers invoking silly upcharges every day. Give me some specific examples, please.

You may, or may not, be aware of TIL disclosures (although I'm sure you are with your extensive mortgage lending experience). When upcharge requests do not reflect bona fide reasoning, the requests are denied. I'm not surprised that you're surprised, though. Those evil apertures should just give appraisers whatever they ask for. Screw the borrower.

Ya know - appraisers are also borrowers when they're the ones buying the home...

 

[Carnivore]

Lenders compete for your money and for your business

I did a few reviews' I quickly stopped because the fee's were low and they always wanted YOU to state your own value aka 2nd appraisal
Rocket reviews suck I started one and said no mas They use multiple appraisers because some quit or the report sucks aka hit the bulls eye

 

[J Grant]

You may, or may not, be aware of TIL disclosures (although I'm sure you are with your extensive mortgage lending experience). When upcharge requests do not reflect bona fide reasoning, the requests are denied. I'm not surprised that you're surprised, though. Those evil apertures should just give appraisers whatever they ask for. Screw the borrower.

Ya know - appraisers are also borrowers when they're the ones buying the home...

Of course a lender would reject an upcharge due to TIL. But that is not the problem with AMC's gouging large splits off the appraisal fee which is the real driver of reduced appraisal income.

 

[chad hampton]

the fees are scripted...

Why worry about a fee? Go with a waiver.

No cash, no income, no credit? No problem!!!

 

[alebrewer]

Of course a lender would reject an upcharge due to TIL. But that is not the problem with AMC's gouging large splits off the appraisal fee which is the real driver of reduced appraisal income.

Can't help you WRT AMC's. I don't work for one and am not associated with one. I thought we were talking about lenders 'shaving fees' so that appraisers could maintain above market rents for their services?

 

[glenn walker]

You are projecting and guessing what YOU would do if you were a lender, but that is not how most of them operate. They already know what the appraisal fee is for most normal res non-complex orders. It is already established with their own panel or with an AMC if they use an AMC. A lender does not have time to dick around with different appraisers over a few bucks on each deal they quote borrowers for.

The lenders have a close range of title and RE appraisal fees they work with on regular properties for the good faith estimate. If a borrower is threatening to go to another lender because of the total costs, a lender can shave $ off their points or fees. Whether they choose to do so or not can be deal-specific.

A high end or complex property that needs an appraisal quote is another matter. Though many lenders now also have a wide range of higher fees they charge for jumbo loans, up to a point where a custom quote is needed.

The entities with the incentive to dick around with appraisers over their appraiser portion of the appraisal fee for regular orders are the AMCs, because that is how they make their profit.

A lender makes their profit from the loan, not from keeping a split off an appraisal fee.

Wrong the lenders mostly tell borrowers they aren't allowed to shop appraisers by the lowest fee and so most borrowers negotiate on everything but the appraisal.