Comments on: Go Ahead, Just Ask…

By: Certresidential

Certresidential — Thu, 31 Jan 2019 17:57:56 +0000

It’s amazing how states with AMC regulations pick and choose which requirements need to be established to acquire a license to do business within a state. Where, in what law does it preclude proof of an AMC escrow accounts to safeguard a borrowers appraisal fee? Isn’t public trust supposed to be one of the first and foremost reasons for AMC regulations? How does the state regulator explain to a Lenders Borrower that they allowed a Borrowers fee, allocated to pay a creditor (Appraiser) to be squandered or reallocated to pay AMC employee salaries, marketing expenses, or fund a privately owned AMC owners new business venture after bankruptcy and/or a company dissolution? These are questions Appraisers, Lenders and Borrowers should be demanding answers too. Because it’s historically obvious many AMCs cannot be entrusted with a Borrower’s funds

By: Jack Of All Trades

Jack Of All Trades — Mon, 01 Jan 2018 20:21:49 +0000

In reply to Retired Appraiser.

Amen to that Retired ! Clint Eastwood said it best when he stated: “Dying ain’t much of a living boy”.

By: Retired Appraiser

Retired Appraiser — Mon, 01 Jan 2018 19:38:13 +0000

Someone should write a book about the role that appraisers played in replenishing banks after they were driven to the brink of bankruptcy in 2009. Let’s face it folks…appraisers have poured BILLIONS into the coffers of banks since the 2009 feejacking took place.

Side Note: I was pleased to see Franken forced from office recently because of the role he played in HVCC.

By: Baggins

Baggins — Fri, 29 Dec 2017 16:00:41 +0000

Mandated licensing for all appraisal order distribution workers, amc, direct, or otherwise. If it goes through federal insurance, mandated licenses for individual distribution workers.

Do you have fixed costs, and how much do you bill the lender for this order. Even ‘direct’ distributors are charging consumers hundreds more than is paid to appraisers. Variable fee billing based on contingency arrangements regarding sourcing others fees lower to earn more yourself, would be a violation of both the management and ethics rules if such an action was initiated by a licensed person. This problem is so widespread, good luck finding any mortgage lending client that has not by this time, stuck their hand in the appraisal fee cookie jar. If it’s out of escrow, it’s fair game for anyone to dip into, it’s not regulated money. If the volume gets high they just dip in more, and hire another distribution worker. If volume gets lean they cut the appraisers fee down to recapture some operational income.

By: Ronald Keeler

Ronald Keeler — Thu, 28 Dec 2017 19:03:12 +0000

The answer to all of this is simple. Request payment up front. I do, I get turned down 3 out of 5 times, but I’d rather be paid for 2 jobs than remain unpaid for 5 jobs. I still get enough work to keep me busy. I never liked amc’s very much and did as little with them as I could. When I do take an assignment it is on my terms, not theirs. My suggestion to all of you, is diversify. Quit relying on mortgage finance appraisal work for the bulk of your income.

By: Raymond

Raymond — Thu, 28 Dec 2017 18:46:19 +0000

lenders are using the AMCs because, so they can claim they have improve the appraisal process, in terms of quality and appraiser independence, etc. Quite laughable. We all know quality has not improved and appraisers are more dependent than independent. AMCs are just a smoke screen.

By: Don Clark

Don Clark — Thu, 28 Dec 2017 17:49:41 +0000

In my opinion, there is absolutely no need for AMC’s. Lenders have the right and ability to have a seperate department within their organization to do what they should be doing anyway. When Dodd-Frank was first published i lost a credit union account worth over $10,000 a year to me. That same credit union has the capability and does manage VA Loan applications, deals with assigned VA Fee Panel Appraisers, reviews and approves VA loans by having a staff SAR(Staff Appraisal Reviewer) review, question, correspond with the appraiser through the entire process. the only thing they do not have to do is hire and assign the appraiser. That could easily be accomplished if the CU really wanted to do so. Having a list of approved appraisers could be done by a seasoned appraiser as their staff appraisaer/assignment coordinator. All lenders could do that. it would save time, customers & clients money. Same is true for most lenders. No one really wants or needs an AMC. They “make work” where none is needed by stupid, meaningless requirements that no one benefits by.

By: Raymond

Raymond — Thu, 28 Dec 2017 17:04:20 +0000

the amc business model has to end.

By: Seneca

Seneca — Thu, 28 Dec 2017 16:55:58 +0000

Escrow Accounts? I’ll add it to the appraisal industry wish list.

By: David Wimpelberg on Facebook

David Wimpelberg on Facebook — Thu, 28 Dec 2017 14:32:20 +0000

There should be escrow accounts for AMCs, and I suspect this will occur in the long term. Abuse always invites regulation.