A lender cannot pay a national AMC $495 per appraisal; knowing that NON AMC customary rates are $500 for a specific assignment; knowing that the AMC is going to take $100 to $150, and think the left over is getting them top quality work OR an adequate internal appraisal review.

Altering or misrepresenting E&O insurance is presenting a misleading appraisal if it is included in the appraisal. Lets not parse it with PC verbiage. IT IS FRAUD!

I don’t like AMCs insisting on my E&O be included with reports. I stopped giving it to them, but I KNOW they either attach or upload a copy of it with every order. I consider attaching E&O to ANY appraisal to be an invitation for some legal parasite down the road to sue me.

Companies buy defaulted loans for pennies on the dollar. They AUTOMATICALLY look to the E&O for profit. Even where they have no valid claim they figure they can get $5,000 to maybe $10,000 simply because that is what it will cost the appraiser and E&O insurance company to fight them…minimum.

I try to carry a $2,000,000 policy and I certainly don’t want THAT fact or amount to be easily known if down the road (say in three years), the loan goes bad and gets sold to some bottom feeder. They wont even know or be able to easily find out if I have E&O unless some moronic AMC insisted it be attached to the appraisal.

IF they are flipping through a portfolio of 500 loans, Id rather they focus on others that attached their E&O, than on my appraisals where I did not.

Again, my premise is that no appraiser did anything wrong other than letting someone know they HAVE E&O.