What happened to all the work? No orders, no refi, no foreclosures, no purchases,

[Sandra Koutsopoulos]

Just to add to the worthlessness of AMCs which take their "more than half" out of the middle for being the middleman between loan officers and appraisers, they are dipping even deeper into our appraisal fee for the WORK of an appraisal, by charging an additional fee for reviewing our work... Got this email from UWM a week or so ago. So I'm guessing the consumer fee is like $600, and UWM keeps $275, pays appraiser $325 and then bills appraiser for another $29. I'm guessing; I don't work with them.

"Starting Monday, April 15, there will be a $29 Lender QC Fee added to all new appraisal orders. This $29 fee will be taken from the upfront cost of the appraisal charge."

So consumer fees are 'keeping up with inflation', but pay to appraisers for their 8-30 hours-per-appraisal work most certainly does not (fees offered often same as 20 years ago). And considering the 3 minutes it takes for an AMC to broadcast an appraisal fee/turntime request to 1000 appraisers who can choose to waste their time bothering to even look up the property, it looks like the push-button AMCs are making at least 100 times the hourly income that us schmucks make for doing the work these parasites live off of. How many of their "hosts" have these parasites killed off/forced out of doing appraisal work due to low remuneration? Lots, I'll bet. So now UWM thinks they're going to start a trend to have us pay for their review processes to? Starve the Beast.

 

[alebrewer]

The main reason for having AMC's order appraisals after the hvcc was to improve the independence and accuracy of valuations.

almost... the main reason many lenders chose to move to the AMC model after hvcc was to promote the appearance of independence. Of course those of us who were around back then know full well there was never independence from the loan production function - and there never will be. It's all smoke and mirrors.

 

[Mejappz]

Just to add to the worthlessness of AMCs which take their "more than half" out of the middle for being the middleman between loan officers and appraisers, they are dipping even deeper into our appraisal fee for the WORK of an appraisal, by charging an additional fee for reviewing our work... Got this email from UWM a week or so ago. So I'm guessing the consumer fee is like $600, and UWM keeps $275, pays appraiser $325 and then bills appraiser for another $29. I'm guessing; I don't work with them.

"Starting Monday, April 15, there will be a $29 Lender QC Fee added to all new appraisal orders. This $29 fee will be taken from the upfront cost of the appraisal charge."

So consumer fees are 'keeping up with inflation', but pay to appraisers for their 8-30 hours-per-appraisal work most certainly does not (fees offered often same as 20 years ago). And considering the 3 minutes it takes for an AMC to broadcast an appraisal fee/turntime request to 1000 appraisers who can choose to waste their time bothering to even look up the property, it looks like the push-button AMCs are making at least 100 times the hourly income that us schmucks make for doing the work these parasites live off of. How many of their "hosts" have these parasites killed off/forced out of doing appraisal work due to low remuneration? Lots, I'll bet. So now UWM thinks they're going to start a trend to have us pay for their review processes to? Starve the Beast.

Yes, now you will be subsidizing the underwriter's salary. The public trust.

United Wholesale Mortgage Underwriters Subsidized by Appraisers - Appraisers Blogs

UWM will charge a $29 lender QC fee for appraisal orders, which happens to match the average hourly base salary of $29 for their underwriters

appraisersblogs.com

 

[Surf Cat]

I always got ridiculed by Glenn Walker when I stated this....

There needs to be a nationwide, full stop, on accepting orders from AMC's.

No......not a lame petition....a full stop with a simple 1 page press release to a few major media outlets to bring to light the major issues that this profession faces when dealing with these for profit, anything but transparent, entities.

Will it work? Well.....remember when ACI got hacked and caused a disruption in turning in reports?

Shoot....Starbucks Baristas got a nationwide audience. Hotel workers here in So.Cal striked...(40 to 50% pay increase I believe) and I'll wager that many of those workers weren't even legal citizens of the U.S.

Licensed & insured appraisers whom value most Americans most valuable assets can't say enough's enough? Sheesh...

 

[Elliott]

The refi- application 'index' when rates were below 3% was about 3000. It is now about 400, so about an 87% decline. That would indicate income of about 13% of what an appraiser was making during the go-go years. And then there are fundamental changes by the GSE to do away with racially biased humanoids and replace them with hybrids done by PAVEd vidits.

Mortgage Applications - Charts and Data

The Weekly Mortgage Applications Survey contains 15 indices covering home loan application activity for fixed rate, adjustable rate, conventional and government loans for home purchases and refinances.

www.mortgagenewsdaily.com

 

[J Grant]

What happened to all the orders - low volume, a cut in the total orders due to waivers /value acceptance and hybrids-pretty bleak unless rates go down and even then IMO it will not be as busy as it used to be unless rates drop very low - the waivers/value acceptance whatever total % of loans are done with it then add in hybrids - all of it a big secret how much of appraisals it replaced but the % is clearly vastly reducing the volume even in a slow period. Thee are also far fewer REO's and reviews then there used to be.

 

[Mejappz]

I always got ridiculed by Glenn Walker when I stated this....

There needs to be a nationwide, full stop, on accepting orders from AMC's.

No......not a lame petition....a full stop with a simple 1 page press release to a few major media outlets to bring to light the major issues that this profession faces when dealing with these for profit, anything but transparent, entities.

Will it work? Well.....remember when ACI got hacked and caused a disruption in turning in reports?

Shoot....Starbucks Baristas got a nationwide audience. Hotel workers here in So.Cal striked...(40 to 50% pay increase I believe) and I'll wager that many of those workers weren't even legal citizens of the U.S.

Licensed & insured appraisers whom value most Americans most valuable assets can't say enough's enough? Sheesh...

They're working on it Surfer Dude. Lol

 

[Non Sequitur]

I find it rather sad that "upholding public trust" includes watching practitioners getting run over by so called stakeholders.

 

[Surf Cat]

They're working on it Surfer Dude. Lol

View attachment 86718

That's probably where that lender QC Fee came from that Sandra mentioned above.

 

[IlliniApp]

They're working on it Surfer Dude. Lol

View attachment 86718

Surely you don't begrudge them a fun trip to D.C.