Comments on: Working for an AMC? How Exciting!

By: Baggins

Baggins — Mon, 20 Oct 2014 17:21:38 +0000

The amc model could have worked, if only the lenders would have required the amc have a seperated billing structure, and distributed orders in a fixed rotation. Instead what we’ve got is another episode of result based distribution. Not only might the amc assign in a valuation result based setting, just like the improper lenders used to do, but the amc will most certainly distribute orders to appraisers with the lowest fee, so they can make the most profit per order. A consequence of improperly entangled fees for distinctly different services. Call your lender up and demand they force a new contractual engagement with the amc where the amc must bill separate. may not depress the appraisers fees for variable unearned fee opportunistic profit, and also tell the lender to demand truly rotational based assignment to eliminate impropriety assignment methods involved with results based distribution. Kiss your client good by, and welcome to the national club of appraisers who have had their livelyhoods ruined by amc’s. Refuse amc service, charge them more than you did your lender client, or compell your lender client to control the amc terms. Welcome to the club, but the article is misleading. Only the appraiser chooses to work for less. I’d rather not work than be part of an improper distribution system. I refused to work for mb’s who assigned orders via result based distribution, and I likewise refuse to work for amc’s who force fees down for unearned profit. Those amc’s are promoting lower fees for higher profits. That is not synonymous with any appraiser obligation to work with companies like that. I’m not obligated to work with anyone, and I’ve got firmly set minimum fees. My absolute minimum is $350, but for amc’s, I usually apply a minimum of $450 or $550 to them, if they don’t distribute orders fairly. Been there, done that, not doing it again.

By: Harry

Harry — Mon, 20 Oct 2014 14:55:31 +0000

In reply to Dr Kenneth Nosewater.

Dr. Kenneth, There is no point in reporting violations because there is (and has never been) any enforcement of the regs.

By: Retired Appraiser

Retired Appraiser — Sun, 19 Oct 2014 19:16:31 +0000

In reply to Jay Yibm.

JayBird

Have you witnessed any other appraisers or ex appraisers attempting to help YOU out of this mess? I haven’t. I quit the business as soon as HVCC kicked in because I refused to be a willing participant in an extortion based business model. Afterwards quitting I spent another two years writing to every Congressman and Woman, writing to every group that was trying to assist appraisers, and I sat up a website to educate both appraisers and homeowners on the subject in hopes that both groups would boycott AMCs. Did I mention that I also wrote letters to every national news agency in a attempt to have them cover the story. I did manage to get Ken Harney of the Washington Post interested. He covered it several times but that was it.

I became so disgusted with appraisers and my state appraisal board after two years that I chose not to renew my license. I’m not an old puck; I quit the business at age 48. I’ve given up on appraisers lifting their fingers to help themselves long ago. I do however spend a lot of time trying to convince appraisers to do throw in the towel and choose a more intelligent career path. Life is too short to HOPE things will get better. Five years have passed; I assure you that things will only get worse for appraisers (FAR WORSE) as interest rates begin to climb.

Whining does NOT qualify as taking action.

By: Dr Kenneth Nosewater

Dr Kenneth Nosewater — Sun, 19 Oct 2014 03:23:32 +0000

If the amc is paying you less they are in violation as they are not paying you C&R as established by your client over the last several years. I believe you do have a case and this should be reported.

By: Jay Yibm

Jay Yibm — Sat, 18 Oct 2014 13:03:04 +0000

In reply to Retired Appraiser.

so you are retired and it bothers you that AMC’s are taking way too much of the pie and treating appraisers like crap and this guy complains and that is whining, hit the trail, if you are retired beat it and leave the rest of us who need to make a living deal with this without your smart ass comments

By: Dan Williams on Facebook

Dan Williams on Facebook — Fri, 17 Oct 2014 23:47:44 +0000

Good article. Thanks for writing what I’ve been thinking. Fortunately there are still a few non-AMC lenders out there.

By: Commercial Appraiser

Commercial Appraiser — Fri, 17 Oct 2014 21:29:58 +0000

Sounds like a good time for you to get out of the business. “It used to be my company and I had the ability to run it the way I saw fit. ” Very Problematic!

By: Retired Appraiser

Retired Appraiser — Fri, 17 Oct 2014 18:26:02 +0000

Would you care for some cheese with your whine? Some of us catch on a little slower than others; but five years after the crime was committed? THAT is the most interesting part of your story.

By: Retired Appraiser

Retired Appraiser — Fri, 17 Oct 2014 18:14:42 +0000

The fact that you are still engaged in this business (extortion racket) five years after the crime speaks volumes about your ability to adapt. Do you think that Colonel Harland Sanders sat on his thumb for five years after the new interstate bypassed his thriving restaurant and motel? Not quite. He said F it and moved on with a new plan (at around age 65 I might add).

Learn to adapt, and learn to quit when quitting is wise option. and you will go far. Don’t feel badly though; you chose to follow the herd and the herd chose to do nothing but whine about their circumstances.

By: Shahin Khordehpaz on Facebook

Shahin Khordehpaz on Facebook — Fri, 17 Oct 2014 16:40:48 +0000

How banks continue to screw others even further.