- May 12, 2007
- Professional Status
- Certified General Appraiser
Any thoughts are welcome.
Does it really matter to appraisers whether or not an AMC is owned by a lender or not? For instance, was RELS any worse (or better) to work for when it was owned in part by Wells Fargo than it is now that it is 100% owned by CoreLogic? Additionally, unless you are prepared to make the argument that lenders/banks also should not be allowed to directly order appraisals or run their own appraisal panel (which would result in some pretty dire consequences for appraisers if enacted) it is tough to make a logical argument that lenders/banks should not be allowed to own AMC's.Actually,
With the bill on the Senate floor to remove the cfpb.
Now might be an excellent time for appraisers to make some noise about checks and balances, bring the entire AMC issue back up in the face of checks and balances, as originally AMCs were required to be as independent as appraisers. Layout the reasons why AMCs were supposed to be independent of Lenders, and lean on a system of checks and balances that has disappeared.