You need to be more competitive in pricing!

[Riick]

Dear SVP,

Are you a publicly traded company? If so, can you tell me what your average fee paid to an appraiser is?

I need this information to help me in determining whether to short your stock.

TIA

-Dave

Oh... and also send the names of the lenders you do busiess wth since they're also good short candidates.
Do... of shpuld I say DID you folks work with Countrywide, IMB, Saxon, or H&R Block??

.

 

[David Sawyer]

Which one???? I promise to pay them a visit!

It is in Knoxville!

Go SEC!!!

 

[liberated]

It is in Knoxville!

Go SEC!!!

We need to kick the AMC's out of Tennessee...don't need them...don't want them....

GO SEC!!

 

[Mike Boyd]

I like that response!

The only time I lowered fees was for a client that provided volume orders. They referred their new employees to me and were a pleasure to work with, so I discounted by $25. Other than that it's hard to swallow lower fees - too bad they can't just have the cajones to say what their expectations might be. They should at least provide a RFP that states their benchmark ...we talking a 10% cut, 20% .....worse?

Obviously, they are asking for bids. Assignment goes to the lowest bidder. I have never responded to queries of this type.

 

[ghrousseau]

Latest from previous client:

"RE: Appraisal Pricing

Our company has enjoyed working with local real estate appraisers for many years. We hope that you have enjoyed our respect for you and the profession. As banking industry is facing one of the most difficult periods in many years there is increased pressure on pricing, performance, and quality of wotk in general. We know gas prices and the current real estate market is putting pressure on all of you, however, we are facing the realty that we must have more competitive pricing from you. Please email ****** with the lowest fee you are able to complete the following work for. Quality of work cannot be compromised and rest assured that we will also be lowering our fees to the lender

Cordially,

Senior Vice President."

and the beat goes on.

I work for a lender and numerous joint ventures on the lender's side. The only companies begging vendors to reduce their fees are companies that are week and soon to be gone themselves. We have actually raised our base underwriting fees this year to keep up with costs. Mr. Client is likely keeping the charge the same to the borrower and pocketing the difference at the closing table.

 

[Kevin Mc]

Quality of work cannot be compromised

They wouldn't know quality if it kicked them in the teeth. Quality has never been part of their equation. Who are these winners Ron?

 

[J Grant]

hey guys, write to your state boards, banking comittees, anyone who will listen why AMC's and thier choosing appraisers on turn time/low fees are detrimental to quality and protecting the public as well as investors

Thier fee should be a separate line item processing fee in addition to the fully disclosed appraisal fee, also, read RESPA as to contributing value of managment fees to a primary vendor ( in our case, the appraiser) adding 50-100 % above our fees is a RESPA violation, some AMC"s claim they contribute to quality control etc in order to justify their overly high add on to fee, but their "quality control" is at best an automated review process that picks up nothing of value, at worst ill trained staff members meddling in the appraisal. Whining to each is a great stress relief but will not further the cause, though of course it is valuable to vent!.

 

[Willie]

If you're havin' trouble with your overpaid appraiser/huh, huh, huh, huh
He's givin' you the blues/huh, huh, huh
You wanna closing that ain' going to happen w' him/huh, huh, huh, huh
Here's what you gotta do/huh, huh, huh
Pick up the phone, skips always home/huh, huh, huh, huh, huh
Call him anytime/huh, huh, huh
Just ring: three-six-two-four-three-six, hey
He leads a life of crime

Dirty deeds done dirt cheap
Dirty deeds done dirt cheap
Dirty deeds done dirt cheap
Dirty deeds and they're done dirt cheap
Dirty deeds and they're done dirt cheap

 

[Gregory Beck]

Education for what?

I received one of those emails once. I brought this to their attention, “the average mortgage has doubled in the past 10-15 years and so has the commissions. These commissions driven personal do not require education, skills or credentials and you’re asking the appraisal fees to be lowered to create unjust enrichment, not from me it will not happen.

So true It's becoming more difficult to become an appraiser all the time. After all the fallout as appraisers continue to bite the dust in this economy. Will the appraisers that hung in there and made it through make more money? I think only the most talented will survive, otherwise, if I have to have all the education needed what is my reward?
I hope not lower fees?

 

[luna]

i got that letter,too

yes i got that little e mail. i find it surprising because i have been on the regions/amsouth panel for quite a while and i didn't think that they wanted 2055 without comp photos. like it's going to drop the price, the liability, etc. and, although they claim that they are not pressuring us to lower our fees, if those of us who do "bank work" need to rely on these clowns, the AMC's, for business AND when we know that the "rotation panel" is based on rotation by cost first, then are they not pressuring us to lower our fees? please don't tell me that i don't have to do the work. yea, in a perfect world i could say no and i did that as long as i could. eating is a good thing.