Positive Development - Maybe

[Fnbpos]

Back about 6 months ago I made comment on the fact that Fifth Third was going the way of the AMC with ServiceLink. 5/3 wanted to keep their existing appraisers; however ServiceLink was only willing to pay somewhere in the neighborhood of 60% of the regular 5/3 fees. Needless to say, I told them my office would not work for those fees as well as notifying 5/3. My guess is few if any of the 5/3 panel went along with this plan. Eventually, the 5/3 - ServiceLink deal fell apart.

Fast forward to last week....A letter reaches my desk; from 5/3. They are re-establishing the ServiceLink relationship HOWEVER, this time, the appraisers will be receiving the regular 5/3 fees. Sounds like good news to me. I called Servicelink and sure enough, its true.

So, how can this be. I can only speculate, but it would appear that one of two things happened:

1) 5/3 is charging their customers over $400 per appraisal to enable Servicelink to pay me the going rate 300-350...or

2) 5/3 is PAYING Servicelink for their services INSTEAD of having ServiceLink paid by ripping it off the backs of the appraiser.

I'm hoping its "2"

Is there any logical reason WHY the banks who use these AMC's SHOULD NOT BE PAYING FOR THAT SERVICE. They are after all receiving the "benefit"; whatever "benefit" that may be.

As it stands now, the AMC is being funded by ripping off the appraiser. I hope 5/3 has seen the light and that others will follow. 5/3 now has their preferred appraisers back on board. I would have no problem with the AMC concept if the lenders who were using an AMC were paying the AMC; not having the AMC make their money via a "pay cut" from the appraiser.

Could it be that its starting to sink in....if you pay $190 for an appraisal "you get what you pay for" ...

A potentially positive development ...possibly....maybe
I can dream, can't I ?

 

[Wolverinefan]

Thats good news if its true.

 

[mopickled]

This is at least a "workable" analogy. The appraiser is able to survive financially - be independent, pay his bills, insurance, fees, retirement etc etc. It is still a degrading system in how we are treated by these companies on a daily basis for the most part - status calls hourly - get this in today or your fired kind of crap without regard to complexity.

I will again call for ACCOUNTABILITY - until Skippy is held accountable for the crap he puts out - NONE of us will be regarded with any respect for our opinions.

If the regulators had been doing 1 ounce of their jobs for the last 5 years - we wouldn't be in this mess. :new_2gunsfiring_v1:m2:

I don't even blame Skip anymore as much as I blame them.

 

[Karl]

Read the SMALL print: UNLESS they can find an APPROVED Appraiser that will offer the same service for less.

 

[Craig Farr]

Have we given any thought to this:

For years the lending industry has been paying $350 +/- for appraisals.....many of which were lousy if not fraudulent appraisals........many of which contributed to the current housing debacle.

Might the lending industry be thinking, "Hey, why should I pay $350 for a lousy appraisal when I can get one for $175?"

Get my drift? I'm saying that maybe we don't have a clue as to just HOW MUCH the Skippies have damaged our profession........and just HOW MUCH the lack of enforcement (chasing lousy-appraisal Skippies) by Appraisal Boards has contributed to the likely demise of our profession?

 

[Lloyd Bonafide]

Could it be that its starting to sink in....if you pay $190 for an appraisal "you get what you pay for" ...

I hope so. It's possible that some banks may see it that way before too long.

But Craig may be correct about the incredible damage that has been done to our profession by some appraisers.

 

[Karl]

WOW!!! Took 10 years for Appraisers to realize that JUST maybe they're own profession contributed to the down fall of the profession. YET they're whining now for the Government to help them!! To late we have proved beyond a doubt that a PERCENTAGE of Appraisal's, is no more accurate than a PERCENTAGE of, AVM, BPO.

"I'm saying that maybe we don't have a clue as to just HOW MUCH the Skippies have damaged our profession........"

Sure wish we'd had more that have FINALLY made this FACT finding mission a priority, 7 -10 years ago. Sorry but there were a FEW (very few, ) that knew this was coming so long ago. But back during the "BOOM" to many greedy Appraisers were producing greedy Appraisers, to care what the very few had to say. So now ALL Appraisers get to suffer !!! YES!!! even during the "BOOM" Appraisers were cutting the fees. SO Oh BOO HOO to those that now actually believe they MUST cut the fee in order to get work.

Actually I am enjoying reading about the suffering, cause I see that even with the suffering, not many want to do anything about it.