USPAP and Fannie Mae/Freddie Mac about data usage

[Raven59]

What the local MLS rules states: Protection of Listing Information - No Selling Participant or REALTOR® shall, without the consent of the Listing Participant or REALTOR®, divulge information to a non-member Participant concerning any Multiple Listing or Multiple Listed property. No Participant or REALTOR® shall divulge to any person not associated with a Participant or REALTOR® the URL address and password to the on-line computer system which is used to give listing information to Participant or REALTOR®. No Participant or REALTOR® shall divulge information concerning any Multiple Listed Property to movers, tradesmen, mortgage Brokers, or others for the purpose of solicitation of business.

 

[Tiffany Gibbons]

Ah Dude..... I loved collecting at the door! Especially if the mortgage broker was my client.

The "fee" was rarely the issue. The push, push, push would be annoying at times but, it was always easy for me to say no. Their threats of not using me if I couldn't make it work just made me laugh. There were lots of mortgage brokers out there so, it was never an issue if one dropped me. Quite a few came back to me anyways because of my dependability and work ethic. They'd tell me the story about their number hitter getting blackballed by the lender.

I miss the camaraderie, providing customer service, the verbal sword play and banter back and forth.... Working for an AMC is soulless.... you're just a cog in the process. They might as well push the AI button.

I was on a fee split back then as an employee. I found home owners were confused that it wasn't "their" appraisal after writing me a check, and the old "you were here for 30 minutes, how many of these a day can you do?"lol.

 

[Terrel L. Shields]

how many of these a day can you do?

The private clients are shocked at 40 page reports. They expect maybe a couple pages with a letter head

 

[Surf Cat]

The private clients are shocked at 40 page reports. They expect maybe a couple pages with a letter head

They grab the stack of pages with their thumb to get to the value....

 

[Raven59]

They grab the stack of pages with their thumb to get to the value....

That's the purpose of a narrative report cover letter. It gets to the point and allows the reader to nod, smile, and pretend they read the whole thing. The cover letter is like the trailer to a movie—you get the gist without the 3-hour commitment.

Dear Client,

I understand your time is precious, and your patience for wading through 40 pages of appraisal jargon is nonexistent. So, let’s cut to the chase:

Your Property’s Value: $XX

That’s it. That’s the number you’re here for. Feel free to dive into the detailed report if you’re feeling adventurous or have insomnia. It’s packed with all the juicy details, thrilling methodologies, and exciting market analyses.

 

[chad hampton]

Yeah.....those blast emails with those ridiculous amounts called fees ( you can find a few posted here on the AF) for a multi-million dollar home is in no way dictating.

Look DW..... maybe the AMC you worked for was one of the "good ones".... I am currently not on any AMC rosters because I didn't have any "good ones" that paid customary and reasonable fees with the exception of when "they were in a bind" and those were typically complex assignments anyways.

The main point being, it is extremely hypocritical for an AMC to be demanding proof of an appraiser being the owner of an MLS account when they take 40, 50, and sometimes over 60% of the appraisal fee.

“we pay appraisers their fee” has been the bull**** line these folks have been saying for years now. They can’t get caught admitting otherwise.

 

[George Hatch]

"We pay the fees the appraisers want" would be a BS line, if anyone ever used it. "We pay the fees the appraiser agree to work for" is an honest line.

 

[J Grant]

"We pay the fees the appraisers want" would be a BS line, if anyone ever used it. "We pay the fees the appraiser agree to work for" is an honest line.

"We pay the fees the appraiser agree to work for" is a BS line from an AMC.

The honest version would be:, "We pay the fees the appraiser agree to work for, as long as it is the lowest or among the lowest fees we could find..

One has to constantly point out the truth of what they actually do, vs. what they say, since they have lawyers who coach them on the verbiage to stay out the penalty box.

When an AMC calls the appraiser " a valued vendor partner," it is not a casual choice or a coincidence that they nearly all use that term. "Partner" implies equality of contribution, as if the vendor is also a partner,, which entitles the AMC to take 50% of the fee, as opposed to the typical 10-15% management usually takes off any other professional.

 

[Terrel L. Shields]

"We pay the fees the appraiser is FORCED to work for" is an honest line. Otherwise, zero work and we (AMCs and Lenders alike) go whining to the regulators about how there are "too few" appraisers.

fixed it for you. In a market dominated by a few players with monolithic powers, there is no real open bidding when the regulators, who have tasked the AMC/Lender to utilize the most appropriate appraiser, not the lowest fee and shortest turn time, look the other way. Regulators who should seek to find poor appraisals then identify if those appraisers were chosen by low fee and short TT. If so, then the regulators (say FDIC or CFPB) should be allowed to simply fine the lender and ban the AMC from doing ANY work for ANY bank. Put a few out of business and see if the model does not change to a cost plus system.

 

[George Hatch]

Same thing. Whether an appraiser does or doesn't have better alternatives is immaterial to the statement as it is actually being made.

Independent fee appraisers don't sell the package and as a result they have no access to any of those assignments in those packages except via the AMCs which do sell the package.

AMC or no AMC, if there was a shortage of appraisers right now your fees would be a lot higher. If the number of appraisers significantly increases your fees will be lower. Same thing happens on RIMS; Terrell sometimes loses poultry farm assignments to the city boys from 200 miles away because they have nothing better to do with their time and the fee is more important to those lenders than the competency.

Same thing in my own book of work. I sometimes get outbid by my competition and my client chooses based on the price. Sometimes I am the low bid.

It ain't that deep.