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Who's appraisal is it now? AMC or the Mortgage Company?

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Debra

Thread Starter
Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
Hello!

I did an appraisal a few months or so for an out-of-town lender through an Appraisal Management Company. Then a Mortage Company in town wanted it so...they contacted the AMC (even though they didn't want to) and had that done by me through the AMC. It made the Mortgage Company mad. Now...the in-town Mortgage Company wants another comparable added to the appraisal and I don't think that they have figured out yet if they need a new date or not. The appraisal now says for: General American Company/Assured Mortgage and has the GAC address on it. GAC says that anything done or added to it has to still go through them to me. The Mortgage Company isn't going for that and has called about it the last few days. WHO IS RIGHT? WHAT DO I DO? Thanks! Debra :? :x
 

Mountain Man

Elite Member
Joined
Jan 15, 2002
Professional Status
Certified General Appraiser
State
Georgia
Okay.... let me get this straight.
Did you get two different request, for two different lenders over a period of several months, on the same property, but from the same AMC? Or did the second lender just get a copy of the report from the borrower, want a release, and made your previous client mad for asking for the release?

In general, I see the AMC as a service man, not the client. As for any discount on the fee, that would depend how long ago it was, any present business relationship (or lack of), and the disposition of the client. :p :wink:
 

Mike Garrett RAA

Elite Member
Gold Supporting Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
the appraisal is the property of the "named client". Rarely is the AMC named on the appraisal report. I would comply with the request but charge them accordingly.
 

Debra

Thread Starter
Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
Hello!

O.k. So...I should have just put the Mortgage Company's name and address and not put the AMC's name and address on the appraisal at all and it is totally the new lender's appraisal now so...I can just do the extra comparable and whatever for them without the AMC involved at all...correct? Thanks!!! Debra :)
 

Tater Salad

Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Missouri
Read your contract with the AMC. If you signed something with their version of a 'no compete', they won't be happy.

Not that those things are enforceable, but I've heard where some AMC's threaten to come after you for mucho $$$ if you work directly with a lender that you hooked up with through the AMC.

Anybody else seen those? I haven't done any AMC work since going out on my own, but thought I'd seen them when I was a trainee.
 

Debra

Thread Starter
Senior Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
Hello!

It sounds like to play it safe I'll have to do it through the AMC till I get this appraisal completed even though I don't think I've ever signed a noncompete I'll have to go back and make sure for future reference and I'd rather have this particular Mortgage Company mad at me than this AMC. Thanks! Debra :roll: :wink:
 
A

Anonymous

Guest
You might want to look at this as an opportunity to get a new client. I would do a completely new appraisal on the property and give it to the mortgage company. I would consider it a demonstration report. I would of course let the mortgage company know that I am prepared to give them great service should they contact me directly and forger the AMC.
 

Jo Ann Meyer Stratton

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Arizona
Has either the market or the subject changed since the original report? If so, then a new assignment with a new effective date, a new visit to the property, new market data could be done directly for the mortgage company as a new client. However, if they insist on using the old report, then you need to deal with the AMC before doing anything to the original report. The mortgage client's request for an additional comparable to the original report is out of line and doesn't make sense, they are asking for a change in the effective date of value. That original report now has comparables older than six months, which Fannie Mae doesn't like without explanation, adding explanations and new comparables at this late date changes the original report which is the property of the AMC.

New report with new date--new assignment with new client

Original report with original effective date--get written permission from original client before making any changes to THEIR report--soon as you sent it to them, it was no longer your report, it became theirs.
 

Ross (CO)

Senior Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
I am leary of any client strongly suggesting one sign some pre-nup agreement and all that non-compete mumbo-jumbo. While I did have a nice stint with one AMC (..but couldn't make it through one full year ! ) and I did sign some "paper" at the start up and fill out their "forms". I distinctly remember no such non-compete language.....and I do remember repeated comments about all communications going through the AMC and NEVER to communicate directly with their client. Then, in July of this past summer, after I had two straight reports not meeting the homeowner's estimate of value, that was the proverbial straw. While just completing the home inspection of that next assignment the h/o took a brief phone call.....saying "yes, he's still here, but just about finished....Un-huh....Un-huh....o.k. " I leave, I get back to office about an hour later, and there is a fax page in tray stating that the current assignment has been "Cancelled". My previous report was being processed by their staff that morning.....and the word was clearly, that's it, cut him off, and they did. Three months ago almost to the day. No more regular orders. As far as I am concerned, that working relationship is ended. I guess that means I could formally write THEM a letter and terminate the "contract" and legitimately receive requests, questions or assignments from any of their clientele.....because I don't "work" with them any longer. I have not though, as new managers and new staffers are an ever-present reality at these shops...and doors may open up again. Isn't that why we call it free enterprise ?....no one owns us.
 
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