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

[Surf Cat]

They're working on it Surfer Dude. Lol

View attachment 86718

 

[Mejappz]

Instead of Uzi's they had better bring briefcases full of cash.

 

[CGinMN]

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

It doesn’t even need to be permanent. If all appraisers were to go on vacation for just their AMC clients for 45-60 days during the height of the selling season, it would probably have a significant impact. Some poorly run ponzi AMCs would probably go out of business. Others would start threatening independent contractors like they’re employees. Organize this once a year, and it wouldn’t take long before lenders start seeing the benefit of direct engagement.

 

[Surf Cat]

It doesn’t even need to be permanent. If all appraisers were to go on vacation for just their AMC clients for 45-60 days during the height of the selling season, it would probably have a significant impact. Some poorly run ponzi AMCs would probably go out of business. Others would start threatening independent contractors like they’re employees. Organize this once a year, and it wouldn’t take long before lenders start seeing the benefit of direct engagement.

Do you think it would take that long? Borrower's would bail en masse and go to direct lenders whom hire their own appraisers pronto. Lender's would be all over their AMC's to resolve the problem and resolve it now. As they would be losing loans. Plus, the negative publicity from a press release of how these AMCs are operating wouldn't put the lenders in a good light. Could you imagine a complete shut-off of appraisals being accepted? 45 days? That wouldn't last a week.

I actually think that even the rumblings of a nationwide boycott against AMC's would get some action....It would be a huge undertaking, in the organizing, word would get out.

 

[David S]

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.

I got this:

UAD - FNMA 1073 / FHLMC 465 - Individual Condominium Unit Appraisal Report -
Total Charges $ 765.00
Fee Distribution
Field Professional Fee: $ 515.00
AMC Management Fee: $ 250.00

FNMA 1007 - Single-Family Comparable Rent Schedule - 1007
Total Charges $ 150.00
Fee Distribution
Field Professional Fee: $ 110.00
AMC Management Fee: $ 40.00

 

[Non Sequitur]

I got this:

UAD - FNMA 1073 / FHLMC 465 - Individual Condominium Unit Appraisal Report -
Total Charges $ 765.00
Fee Distribution
Field Professional Fee: $ 515.00
AMC Management Fee: $ 250.00

FNMA 1007 - Single-Family Comparable Rent Schedule - 1007
Total Charges $ 150.00
Fee Distribution
Field Professional Fee: $ 110.00
AMC Management Fee: $ 40.00

Field professional? Ladies and gents don't think that wording is random. We got screwed by the change of one word in Dodd-Frank, something stinks labeling the appraiser fee as "Field Professional."

 

[Charles West]

I'd find something else to fill my time and income requirements while simultaneously refusing laughable fees. If enough appraisers did that it might move the needle.

 

[Tiffany Gibbons]

I got this:

UAD - FNMA 1073 / FHLMC 465 - Individual Condominium Unit Appraisal Report -
Total Charges $ 765.00
Fee Distribution
Field Professional Fee: $ 515.00
AMC Management Fee: $ 250.00

FNMA 1007 - Single-Family Comparable Rent Schedule - 1007
Total Charges $ 150.00
Fee Distribution
Field Professional Fee: $ 110.00
AMC Management Fee: $ 40.00

Send to Rohit Chopra.

 

[Tiffany Gibbons]

I got this:

UAD - FNMA 1073 / FHLMC 465 - Individual Condominium Unit Appraisal Report -
Total Charges $ 765.00
Fee Distribution
Field Professional Fee: $ 515.00
AMC Management Fee: $ 250.00

FNMA 1007 - Single-Family Comparable Rent Schedule - 1007
Total Charges $ 150.00
Fee Distribution
Field Professional Fee: $ 110.00
AMC Management Fee: $ 40.00

Post that on LinkedIn.

 

[George Hatch]

I hear you.

The main reason for having AMC's order appraisals after the hvcc was to improve the independence and accuracy of valuations. AMC's we're supposed to act as a neutral third party, a "firewall" between lenders loan originators and appraisers supposedly helping to prevent conflicts of interest ensuring appraisals were conducted fairly and impartially. This was done in an effort enhance reliability and reduce the risk of inflated appraisals ordered by mortgage brokers.

We weren't supposed to be competing with AMC staff appraisers or only taking the complex assignments that the AMC and staff appraisers wanted nothing to do with due to the risk.

The whole purpose for an AMC has gone through a meat grinder and is unrecognizable from a Independence and conflict of interest lens.

MBs are not lenders, it's not their money, and they don't make loan decisions; and neither do the loan officers at a bank make loan decisions. That's the operative distinction in both FIRREA and D-F rules. Keep the loan salesmen out of the appraisal engagement loop.

Lenders can and do comply with FIRREA and D-F who employ their own in-house appraisal staffs which do not answer to anyone in the loan production side of the business. Chief Appraisers at these lenders are commonly a VP slot which (in theory) has parity with the VP of loan production. As in, peers with loan production, not subordinates to loan production.

That's not to say the lenders always adhere to these rules, but those are the rules from the regulatory side.