Agree Baggs, I even know AMCs that would prefer a cost plus system and payment direct from lenders for their services. Only thing stopping that though is that the competition would do the same to thing to their fees that they did to ours.

That and the fact that lenders managers who select the AMCs could no longer solicit and accept under the table kickbacks on a per order basis ranging from $25 to $50 each.

Don’t take it personally, with amc’s it’s easy to cast a broad stroke. I agree though, all lenders should have limited panels. Per below, that can’t work without also following other standards. Let’s be honest, all amc’s shop or chop the fee because no amc’s are able to justify an additional fee over comparative lender direct C&R. I’ve never met an amc who did not advocate for the lender client. None of us would mind working with amc’s if we were not the ones paying for the service. Don’t need it, find no value in it, and why would we split a fee with a group whom advocates against our best long term interests? Bidding, alternative value products, downward fee pressure, speaking on behalf of licensed appraisers when amc persons are not licensed themselves, it all adds up to being red pilled and it’s unacceptable practice. Eyes are opening every day. I continue to hold out hope that amc’s and appraisers can work together. That starts with clearly separated fees for distinctly different services and a rollback of influence on behalf of the amc’s. Originator, order steward, valuation analyst.

Baggs, Nice to hear something positive but you seem to be of two minds. They are nice but then they micromanage???

BigAl, As used and possibly usurped  “Appraisal Management Service.” It appears to be an attempt to sidestep two troubling problems AMCs have: (1) licensing & state regulatory requirements in all states; (2) Having the ability to undercut competition without having to worry about C&R. In some states if they limit themselves to a clients self managed appraiser roster they may be able to “dissect” the regulations and sidestep AMC licensing rules.

Not sure it matters but I noted Mr. Danna is licensed in four different states per asc. MD., VA., DC and NV. – assume he gets a premium for driving out to do those Las Vegas appraisals.

Frank Danna, thank you for the creativity compliment.

However, the ONLY spin about the ad and article is your own. It is YOUR firms verbiage rather than mine, that state unequivocally that you will ONLY use the lenders selected appraisers unless they tell you otherwise.

IF your ad is to focus on the ability to use “legacy” appraisers, then why not say so? In fact if your “theory” is correct, then why not tell the lenders that they should be using services like yours or risk being non compliant?

Don’t take my word for it folks. Read Franks own firm’s comments in the graphic above. Click it and enlarge for easy of reading. See “Approved Appraiser Panel” on right side of picture above.

Frank if it is necessary to dissect rather than merely read and understand common language regulations in order to conduct routine business, then perhaps your services are just a wee bit too close to that line between being acceptable legally, and morally…and those that are not.