AMCs Financial Trouble
The AMC model does not work & these companies are in serious financial trouble…
Stand Your Ground: A few weeks ago VaCAP reminded everyone to pay attention to the financial and economic side of your business. The article was titled “Stand Your Ground”.
Since that time, we have learned of the following:
- A VaCAP member shared a retro desktop appraisal request in a rural area. The AMC was paying $75. An appraiser posted on AppraisersBlogs’ repost of our article about being owed thousands of dollars by the same company. See the comment here. Also take a look at the stock price of this company and what the investors are saying here. This is a real eye opener!
- A federal tax lien $81,000 has been filed against an AMC. See the court recording here. The very same company has a $741,000 judgement filed against them.
The take away we all knew…. The AMC model does not work and these companies are in serious financial trouble. This is not the appraisers issue and appraisers should price their services according to their worth, not what an AMC is willing to pay. Find better clients and stand your ground!
Action Required by every appraiser: FHFA Requests Public Input on Fannie Mae and Freddie Mac
The Federal Housing Finance Agency (FHFA) has announced that it is requesting public input as part of the Agency’s consideration of proposed modifications to Fannie Mae and Freddie Mac’s (the Enterprises) 2018-2020 Underserved Markets Plans (Plans) under the Duty to Serve program. See the press release here.
This is a very easy way for every appraiser to contribute to our profession!
AppraiserFest is 27 days away. You can save $75 using the code “GOINGTOTHEFEST”. Virginia has approved 14 hours of CE. Check out the great line up of speakers at www.NOV123.com
VaCAP is now on Linkedin!
Please connect with us! This is a great way to share our articles with agents and other professionals. Connect with us here.
- AMC Engagement Letter: Appraisers Do Not Include Your Invoice - July 28, 2023
- We the People… - April 9, 2023
- Federal Valuation Agency Impact on Appraisers & the Public - July 22, 2022