• 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.

Time to act?

Status
Not open for further replies.

Don Fiore

Thread Starter
Junior Member
Joined
Sep 7, 2005
Professional Status
Certified Residential Appraiser
State
Illinois
There's been a ton of discussion under the various Forum headings about the inevitability of AMC dominance of our industry once the HVCC kicks in. I believe that those of us who have experience with AMCs will agree that some are not bad at all to work with, but far too many of the others...including a few of the biggest and most well established...fully live up to the worst of their bad reputations.

Whatever you may think of its depth or content, the AI's proposed AMC legislation is a good thing at least from the perspective that it calls attention to the fact that unbridled AMC predominance will be problematic.

But this alone is hardly enough. I believe an open letter, a petition, manifesto, whatever the format...should be put together by residential appraisers clearly itemizing our problems with the way most AMCs do business and on how their business models actually detract from the process of accurate valuations. I would like to see this circulated with as many appraiser signatures as possible and then forwarded to Fannie and Freddie, all the major lenders, TAMVA, all appropriate government agencies and departments, and, of course, the media.

If nothing else, something like this will provide evidence to all parties that there is some sense of cohesion and consensus on this side of the field..among the people who are actually doing the appraisal work..in opposition to this very flawed system.

I would like to open this thought to discussion here.
 

J Grant

Elite Member
Joined
Dec 9, 2003
Professional Status
Certified Residential Appraiser
State
Florida
  • good idea, but forwarding it to Fannie, Freddie etc is a waste. I wrote numerous letters to them, and sent two very detailed papers on AMC abuse to two prominent reporters, heard nothing back, sent the paper to Washington liason of Appraisal Institute, he did incorporate some of the ideas ( most likely they already had them anyway) I think the paper has to go to congress and senate and finance comitees. Obama has a new website, maybe we can post a paper there and petition for the public to sign. The public, and instiutional investors, don't realize how they are being ripped off by the AMC's. Esp if AMC's are allowed to be bank owned or partially bank owned. I agree, a minority of AMC's are ethical and pay decent, if not full fees. But the largest ones are monsters and deliberately driving down fees which affects quality, and asking for such artificial turn times no proper research/verification can be done in those brutally short amounts of time. Look at the new Obama website and see if we can post there with a link to the original appraisers petition, as well as a new petition. Also any other populat sites the public visits. The original petition already has over 10,000 signatures and shows appraisers were concerened years ago, not just today.
 

mopickled

Senior Member
Joined
Dec 6, 2007
Professional Status
Certified Residential Appraiser
State
North Carolina
It is past time to act - ask USPAP Compliant - he and others on this forum have been begging for years for people to take the wax out of their ears. Dodd/Crowley IVPI is actually becoming old news..... but more relevant now than ever I hope.

FINALLY - people are starting to at least hear the voices from Whoville (very tiny people who live on a spec of dust for those who haven't read Dr Seuss lately) aka appraisers.

EVERYBODY KEEP YELLING - and maybe one day soon we will find the point to our spear. At least we now know who will be in office- but the people there now are still active and may want to make an impact before leaving - don't wait.
 

Don Fiore

Thread Starter
Junior Member
Joined
Sep 7, 2005
Professional Status
Certified Residential Appraiser
State
Illinois
thanks guys, for responding. Whether or not it's too late to act or a waste of time sending it to Fannie and Freddie, my point is that i would at least like to see a sizable number or appraisers (a majority is probably too much to hope for) at least go down on record as trying to call attentin to this issue.
 

J Grant

Elite Member
Joined
Dec 9, 2003
Professional Status
Certified Residential Appraiser
State
Florida
Thinking about it, it makes more sense to forward the link to the existing appraisers petition, along with a paper outlining concerns about AMC's and solutions. Starting a new petition is too time consuming, one already exists, and has recent signatures with comments re AMC's on it. Maybe people can just start forwarding it to the legislators in each of their states, reporters, anyone they think will listen. I will be happy to post exerpts from my paper here so people can copy it/use it in conjunction with their own personal comments . The intent is not to derail the well run AMC's ( the few that exist) but their compeition, but put the spotlight on the monstor ones who cut fees , intimdate appraisers, blacklist them etc. Will post exercpts from paper later when have time. PS even if HVCC passes in a way that favor AMC's, there is still chance to make reforms and change it, the public/congress/administration is very focuses on the economic mess and how mortgages tie in to it, and the focus will be there for some time.
 

Don Fiore

Thread Starter
Junior Member
Joined
Sep 7, 2005
Professional Status
Certified Residential Appraiser
State
Illinois
At a glance, it seemed to me that the referenced petition focused on comp checks and other issues that are indeed problems, but not major AMC issues (in my experience0. if i missed something, sorry.
 

panappr

Elite Member
Joined
Dec 5, 2007
Professional Status
Certified Residential Appraiser
State
California
The core problems with the AMCs as I see it are; The hold-harmless agreements and indemnification clauses, price fixing (say it isn't so??), unreasonable turn times, black listing, lack of regulation and over-site, closed panels, and preferred lender appraisers as well as comp checking (really). I don't work for AMCs, never have and until these issues are resolved probably never will. I have to believe that there are 10's of thousands of honest compliant appraisers and honorable businesses that feel the same way and will find themselves out in the street as far as mortgage work after January or sooner. The mortgage market (or biggest portion of the appraisal pie) has always assured me that I would be able to survive somehow. Taking this away will undoubtedly cause me and many others to close their doors permanently. Enough said. Restraint of trade, maybe so, but if no one on the other side is participating in our cause, I feel there will be little anyone can do at this point. It seems every attempt to inform has been exhausted and to say that Fannie Mae, the AMCs and all the GSEs are not aware of our concerns would be a delusion. Someone mentioned on another thread that Obama has a relative who is an appraiser, perhaps that will be our last hope, doubt it, but I assure you they all know what is happening to our profession at this point. The fact that AI is just now addressing the issues with the AMCs tells me that even they realize that there is little hope of changing this course.
 
Last edited:

Workbox

Elite Member
Joined
Mar 2, 2005
Professional Status
Certified Residential Appraiser
State
Colorado
Pan, I think that a Forumite's relative has spoken to Obama. I do not think he has relative that is an appraiser. But this appraiser has personally spoken to him and told him our concerns. We will just have to wait and see.
 

Roscoeman

Member
Joined
Aug 18, 2005
Professional Status
Certified Residential Appraiser
State
Oregon
Whether you think it is time to act or past time to act, I would say that complaining and sitting on you thumbs and not doing anything is ridiculous...

I have started working with my local appraisers to improve our circumstances, but that is not enough.

We need to either start another petition regarding the AMC’s abuse and how it is damaging the housing industry. It is worse now and getting worse all the time.
Stand up and fight is what I say! It may not make a difference, but if all we want to do is complain and not take action, that is getting us nowhere fast!!!

Whether we need to contact Obama, Fannie, Freddie or whoever let's get started today!

If I can help with anything, please pm me. I am ready to take a stance.

Don thank you for your post concerning this matter!
 
Last edited:
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