Who is responsible for regulating AMCs for AIR compliance?

[Raven59]

I am amazed by how much money can be made from selling books. Maybe TAF will consider adding videos to our book club subscription.

 

[djd09]

public trust and for profit cannot mix....they will hate one and love the other

 

[chad hampton]

public trust and for profit cannot mix....they will hate one and love the other

I remember 15 years ago meeting the chief appraiser for land, safe, they actually used to go around the country once a year and meet their local appraisers at a Bank of America conference room. It was him, a couple district and regional managers and the two staff appraisers they had in the area that performed reviews. He made a point of saying that landsafe was not a profit center for Bank of America, their goal every year was to break even. How times have changed.

Say what you want about land safe, but that’s how AMC’s should all operate. You are 100%, correct, you cannot serve shareholders and the public trust at the same time. Despite what the shills on here say

 

[djd09]

The Statement of Understanding also provides assurance to representatives that
adherence to it by members does not fetter a representative’s ability to provide comments
about the work, in the case of your membership, of TAFAC or the ASB. That said, a fair
reading of your references to Michelle Bradley and her husband, as expressed in the
second paragraph of your blog, suggest that you are questioning the integrity of both
individuals because they are married vis-à-vis USPAP updates and the cost of USPAP;
you’re not offering comments about the work of the ASB. We ask that in the future, you
refrain from engaging in such allusions.

just sign the nda...

 

[DWiley]

public trust and for profit cannot mix....they will hate one and love the other

Are appraisers and appraisal companies trying to make profit?

 

[chad hampton]

Do I sacrifice public trust, unbiasedness, impartiality, independence, and my morals and ethics for the sake of a profit? No, I don’t.

I was just sent an order today as a rush order from an AMC that I assume the GSE’s think is a wonderful AMC, on a FHA appraisal over 100 miles and at least 2 counties out of my work area. The AMC fee was well over $1000 due to a rush. Are you asking if I accepted this job because I wanted to turn a profit or did I decline it?

it would’ve been a good payday for a Saturday.

 

[Meandering]

The IFR addressed the “getting paid” part

 

[djd09]

Are appraisers and appraisal companies trying to make profit?

that is why i like you...the sense of humor

 

[DWiley]

that is why i like you...the sense of humor

I am not trying to be humorous. I am just confused by your posts.

You said that profit and public trust could not mix, and someone else supported that notion. But now it seems that supporter has clarified that it is possible for those two things to co-exist - which is good, given that is what appraisers (at least for-profit appraisers) do all the time.

Maybe you can straighten it all out for us. Do you stand by the original assertion that the two things are mutually exclusive? If so, how do you reconcile that with for-profit appraisal companies?

 

[Terrel L. Shields]

for-profit appraisal companies?

I suspect the most "profitable" appraisal companies care not about "public trust"...at least until caught not engaging the unicorn concept of public trust....and who gets to judge that:? The board? The public? TAF? inquiring minds want to know. Most will just be doing their job to the best of their abilities and the rest well, they will be doing something less.