AMROCK Low-Balling Your Talents
You know an AMC product is low-balling your talents when they express repeated concern about your car (in blue).
Our clients are collection product that would help streamline the lending process for low-risk loans. Below are the details, PLEASE REPLY WHETHER INTERESTED OR NOT SO WE CAN TALLY THE NUMBER OF APPRAISERS INVOLVED, THANK YOU!
What’s involved –
Product 1: A data collection: The first step of the process is Data Collection. This step is to capture the subject property characteristics, amenities, the site and any external influences. This is done using an Developed App. The Data Collection takes roughly the same amount of time as a typical inspection (30-45 minutes; at first may take a little longer until you get used to the program), but is complete before you leave the subject property.
* Fee is $60 and 2 day turn time
Product 2: a modified 1004 is completed by using the photos and info from the data collection. This is completed on a modified 1004 form, the form is the same; the only difference is the modified certification page.
- You will not have the drive time and save on fuel costs.
- You will not be putting miles on your vehicle.
- You will not have to drive by the comparable sales.
- You will not have to complete the 1004MC form.
- You will not have to enter the subject property characteristics. A sketch and photographs will be provided. These items will be provided at the time the assignment is ordered and automatically import into the amended 1004 product.
* Fee is $100 and 2 day turn time
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Wow, $100 for an appraisal report. I got the same email, but they wanted to pay $160 for thee report. Is n’t Quicken Loans and Amrock in enough legal trouble? I see all 50 states going after them for C&R fee violations.
Modified heart transplant surgery. You will not have to pay for a real doctor. An 16 to 18 year old with a GED will perform the surgery while reviewing the instructions on YouTube. You will not have to pay for an anesthesiologist, a bottle of Jack Daniels will be provide prior to your surgery at an extremely reduced cost.Â
Seems about right.
Can you imagine only desk work from only amc’s? That’s a chilling thought. Critique them all you want, appraisers that continue to provide services for these big box amc’s are just as much a part of the problem.
It’s a shame. Years ago Title Source (now Amrock) used to be one of the better AMC’s. Paid C&R and had reasonable turn times. I guess those days are over. I think I got the same email, but deleted it. There is concern that these hybrid appraisals are not even legal in my state. Besides, no matter how modified the 1004 is, we still have the same liability and same requirement to comply with USPAP. Unless I’m missing something, this requires a market analysis regardless of whether you have to fill out an MC form.
Any appraisal done for market value requires a market analysis.
Everybody say NO!! They are borrowing your license and reputation!
I can already see this turning out bad. Not to worry appraisers, so many problems will come from this.
The bottom line these AMC’s feel they can micromanage appraisers better than we can run our own business.
They need us and we don’t need them
Exactly! Anyone signed up for EXOS? I ran away from that.
I worked with EXOS for a while. I believe it is just a platform for Servicelink. There is a tab on the app for multiple clients but nothing else but servicelink. They paid me very well for the jobs they sent. $400-$450 and up. Never any issues when I asked for a fee increase. Busy as crazy for like 2-3 months then nothing….. They also sent me a pay schedule which was every 10 days. So I actually got a check every 2 weeks. I don’t get anything from them anymore. Sad….
So what changed? Why the drop off in orders?
They wanted to schedule my appointments! Fine – then make me an employee with those big corporate benefits.
I’m thinking some schmuck who charges less money stepped in and has taken all of the work.
Race to the bottom!
Lawyers are lawyering up as they speak!!
The 2018-2019 USPAP FAQ 255 states the following:
Examples of contributions made by appraisers that constitute significant real property appraisal assistance include identification of comparable properties and data, inspection of the subject and comparables, estimating …
If the person inspecting is not licensed and provides assistance, (not significant assistance) , Virginia law requires them to be directly supervised by the licensed appraiser. If the person is a licensed appraiser, their assistance must be disclosed in the report. This is problematic for Hybrid products.
My fees were considerably higher than their suggested fees.
ORIGIN OF THE AMC BUSINESS MODEL
Something similar…. Can’t quite put finger on it, but something is similar…
Seventh Mississippi Real Estate Investor Pleads Guilty to Conspiring to Rig Bids At Public Foreclosure Auctions
There are better clients out there. Just say no and move on! If the majority of appraisers were to say no….the AMC problem would end!
Just informed Amrock – no can do.
Just my initial thought, please correct me if I’m wrong and I’m just being honest… but this whole Data Collection seems to me like a complete exploitation of the signing agent. $60?? You’re basically completing an entire appraisal except for the comps which you can easily pull from Zillow. An appraiser gets somewhere around $450 and they’re offering us $60. Someone please enlighten me. Not being negative but this seems ridiculous
I just received this blast email and I am only certified in Florida:
1004 INTERIOR / DEFAULT SERVICING
ADDRESS: 6231 HAMILTON SCIPIO**OKEANA OH 45053
COUNTY: Butler
FEE: $ TURN TIME:
APPRAISER: DETAILS: We are in need of an FHA appraisal for a partial release of land. Attached is the survey and legal descriptions showing what is being released and what is remaining on the mortgage. The investor is requesting two values, the first the property as it is now and the second value of the property that is remaining on the mortgage after the release. Please make sure all supporting comparisons are in the report.
Borrower wants to release 8.580 acres of land. Tract A, B and C (Lot 1,2 and 3). Lot 1 containing 1.231 acres will remain on the mortgage.
This is for default servicing and is a 1004. The county is in the subject line. FHA/Conventional is not applicable.
FLAGSTAR
I would definitely charge mileage!!