You Are Being Robbed Blind
You Are Being Robbed Blind (24 Hour Membership Deadline)
AMCs are concealing their profits within YOUR appraisal fee, and using coercion to drive down YOUR income as far as they can. This government-permitted process allows them to rob you blind while building their appraiser-squeezing power even stronger.
NOW is the time to take a stand to fix this broken industry and the career you have spent a lifetime building. The Appraiser Prosperity Coalition was formed to fight for the legislative and regulatory changes needed to save this devastated industry. If you are willing to join us today, we can defeat the bullies and reclaim your career! (www.AppraiserProsperity.com)
Attention! Our funding deadline is 24 hours away. We need your help to save the profession, and we need it fast. Please read the rest of this email, review our web site, and strongly consider confidentially joining this noble cause today!
Does this situation look familiar?
As you know, in an effort to remove value pressure from real estate appraisers, the Dodd-Frank law affirmed a move made by the HVCC to transfer most real estate appraisal ordering power from the hands of the 250,000+ loan officers in this country, to a small handful of national Appraisal Management Companies (AMCs).
The results of this change have been devastating to the real estate appraisal profession for several reasons:
- AMCs are for-profit businesses that currently succeed on the margins between what they charge and what they pay Appraisers. So, the LESS they pay appraisers, the MORE money they make. The Dodd-Frank law calls for them to pay “Reasonable and Customary” fees to appraisers, but the law gives no real direction or oversight, and this clause simply has no power and can never be enforced – it just doesn’t work (something appraisers know all too well).
- The move to incredibly consolidate ordering power gives the national AMCs enormous strength to squeeze appraisers’ fees down. Squeeze they have, and will, as long as they are able to.
The industry consolidation is continuing to heat up as well. The stranglehold is getting tighter. Larger AMCs looking to grow are buying up other AMCs so that they can increase their leveraging power and squeeze appraisers even harder. Many appraisers are simply opting to leave the business altogether. If nothing is done to correct this problem soon, the appraisal industry may end up being a total wasteland.
In order to solve these overwhelming problems, the Appraiser Prosperity Coalition has put together a set of powerhouse solutions and partnered with a professional advocacy group that has the knowledge, experience, and plan to get this done. If you care at all about the future of the real estate appraisal profession or your own career, please take a few minutes to visit www.AppraiserProsperity.com. By rising up and joining this Coalition, you are fighting for your career and creating hope for a brighter future.
Again, our funding deadline is 24 hours away. To save our profession we are prepared to launch a strategic advocacy effort. But this can only happen with YOUR help. Please strongly consider confidentially joining us today by visiting www.AppraiserProsperity.com!
Funny, I did not see anything from them on the recent request for comments from the federal agencies on the proposed minimum AMC requirements even though there were over 80 submitted publicly to the OCC and the CFPB combined from both individual appraisers, companies, groups, state regulatory agencies, professional organizations, etc. Who is trying to rob appraisers blind again?
These guys are asking for money but they have the resources to robocall every appraiser in our state and do a mass marketing campaign.
Do something first and then I will decide whether or not to support your “anonymous” group.
I assure you that we are beginning our work behind the scenes with the federal agencies. When the request for comments came out we were only just starting up our fundraising and we quite honestly did not know if this would “take off” as it has. At this point, we are closing in on 100% of our funding goal, which will allow us to fully launch our advocacy efforts.
As for marketing, yes, we have been reaching out to every appraiser we possibly can so that we could make this a reality. We wouldn’t have wanted a situation where we accepted even one cent in membership fees without putting forth every possible effort to hit our goal. That would be unfair to our members, since like us, most are living appraisal-to-appraisal. Like I said, I’m happy to say that at this point we are very close to our goal.
Peter, I think they are trying, and knowing who their sponsors are helps, but I still think they are on the wrong path. They are not bad folks, but they are also not primarily appraisers.
Merely hiring another lobbyist group with no ability to regularly provide input and direction is ineffectual. Other organizations are already doing that. I personally think the AGA has the potential to be more effective.
Mike,
We’d love to have your input on your view of the right “path.” Please email us: contact [at] appraiserprosperity [dot] com.
not everyone uses AMCs and there was never a “rule” that said anyone had to
True Enough. The few that don’t use AMCs however pay beans however. There are few if any full few orders out there when you consider that full fee today would be around $500.