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What are the benefits of creating an Appraisal Management Company?

George Hatch said:
There is nobody in this business who is more bitter about being beat out at their own game than the scumbag sweatshop operators who flooded their own market to begin with via exploiting the poor desperate trainees.
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I received 95% of my assignments from the "PRxxxxx" AMC located in Orange County, CA. Every single interactive for about four years was seamless, every phone rep was helpful, the Chief Appraiser was salt of the earth who was available to discuss complex assignments with the fee appraisers, etc., et., etc. Then suddenly one day about 4 months ago my orders stopped--completely by 100%. My calls, emails, personal visits to ownership, etc., etc., unanswered. [Kinda like a failed romance when your partner just up n leaves without an explanation; it's the ambiguity that is most troublesome--and in this scenario, the loss of annualized $50K+ revenue, athough such is the sword hanging above the neck of every independent contractor--kinda reminds me of my employment as a line manager in a public hospital, in a non-represented job classification, which gave the organization carte blanche to formally lay me off, ostensibly integral to an organization-wide business reorganiztion, although I was the only employee affected--although with 100% recall rights to any position identical to mine (although I was the only employee about 2,500 with that classification!!!! Recall rights to a position that doesn't exist!!!!! Of course the lay-off process entitled me to unemployment benefits that I massaged til the benefits expired in 18 months, during COVID when the $480 weekly benefits were enhanced by an additional $250. or so. Such is life.
 
I let an AMC talk me into accepting an order this week. It was a new manufactured home on one acre. It took them two days to get me the contracts and builder packets while I was getting the "please set an inspection appointment" notices twice a day. I received the documents after I told them I would cancel the order within 24 hours if they did not fulfill their obligations of the order.

I completed the report quickly and I actually had a new manufactured home (same size) on an acre lot on the MLS within two miles to base my value. I included six sales to bracket all the improvements and for overkill. I thought the report was bullet proof. Silly me.

Within a week they sent me a ROV with four properties to consider. One I had actually considered, but it represented a lower adjusted value and had more gross adjustments than my other six sales. So I explained why I did not use that one. Then I had to address why I did not use a 29 year old manufactured home. A 15 year old manufactured home on two acres and owned solar panels that also would support the lower end of the range. Then they had a pending sale on 6.89 acres that was 26 years old that I had to address. None of these sales or pending sales helped raise my value one penny, but I had to address them. I wasted about an hour tonight addressing those four ROV properties.

Then I had to run my report through their checker. So, saying a property is 29 years OLD reflects bias????

Lesson learned. It will be another few months before I drop my guard and do another AMC order.
 
Many people don't think AMCs will survive. Many have not survived already. Banks and AMCs lobbying for commingling of fees is part of the problem. If the bank would have paid the AMC directly, or the borrower, or gse, it would have been different.

All of that would have had to be disclosed on truth in lending disclosures who was paying who.
 
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