Comments on: NAIHP Letter Regarding Appraiser Independence Regulations

By: S K

S K — Tue, 03 Apr 2012 19:58:01 +0000

Most of us saw the “unintended consequences” coming at us like a runaway freight train by early 2007, but nobody with power listened. The AMCs with their arbitrary & ludicrous demands have so monopolized lender work that our client base consists of only about 5 AMCs, & if we don’t salute & are not totally on board, we’re kicked off the train over a gully, and the gold & silver goes missing. Back in the day, we had 200 clients & would remove the bad actors from OUR train before compromising value & quality. Starting over to rebuild that business would be extremely challenging, but beats the heck out of the current system. No “comp checks” please.

By: Baggins

Baggins — Fri, 23 Mar 2012 20:30:18 +0000

This has got to be one of the best HVCC comment letters. Talk about an inside play. The secret is out, and at this point appraisers nationwide are saying – non-amc work, or bust. Working for companies after learning this type of information challenges personal ethic and social responsibility.

By: Baggins

Baggins — Fri, 23 Mar 2012 20:25:15 +0000

An excellent article. I’m completely finished with amc’s. Instances of demonstrating appraiser independence are constantly met with punitive results by amc’s. /// On the bright side though; It’s really easy to get amc work most places. All you have to do is provide the amc appealing results ahead of time by reducing your fee so they can rake more profit from using you. It’s so simple, it’s like taking candy from a baby, or in this case; taking work orders away from much better qualified appraisers. Appraisers who take work this way and are an embarrassment to the profession. Providing appealing results to these types of companies to attain more orders is supposed to be against ethical rules. All you need is a license and a discount beyond the next appraiser. It’s a race to the bottom.

By: Noble Appraiser Inc. via Facebook

Noble Appraiser Inc. via Facebook — Sat, 17 Mar 2012 01:58:43 +0000

Great job!

By: Desiree Mehbod

Desiree Mehbod — Fri, 16 Mar 2012 21:25:05 +0000

Great letter, it nails the whole AMCs’ scam. This is Wild Wild West on steroids with consumers and appraisers without any amo! Appraiser Independence Regulations have so far done nothing for appraisers but protects those who have a vested interest in controlling appraisers and the appraisal process. It seems that the banking industry is untouchable when it comes to controlling appraisers and the appraisal industry.

By: Retired Appraiser

Retired Appraiser — Fri, 16 Mar 2012 16:51:33 +0000

Those three proposed solutions go a long way towards helping mortgage brokers rerig the valuation outcome but they do nothing to help homeowners or appraisers.

Your odd solutions lead me to believe the NAIHP is an alter ego for the NAMB.

I strongly suggest that you include these solutions:

Clear separation of the appraisal fee and the AMC fee on the HUD-1 statement.

Fair fees for appraisers as seen in the VA appraisal fee schedule.

Mandatory subcontracting of all appraisal work based upon experience rather than profit to the AMC (aka bank).

A clear time line to abolish all AMCs in lieu of an automated, unbiased rotation system where distribution is not based upon profit to the distributor.

By: Retired Appraiser

Retired Appraiser — Fri, 16 Mar 2012 13:14:19 +0000

They may force this beast to cough up the bird it ate three years ago but I doubt the bird will do much flying afterwards.