Dick

How many of you, that are appraisers, think that Dodd-Frank ruined your business? It certainly affected mine! It was a bitter pill to swallow to have my income cut in half, literally over night, and it was harder to accept the fact that my peers were the ones cutting my fees. The AMCs bullied everyone by shopping for the cheapest prices, and they got what they wanted by hiring the least experienced of us for fees that often paid less than minimum wage. It was, and is embarrassing.

I will be very pleased, for all of us, if all states take the lead from NJ, and propose similar regulations. We deserve to be paid for our work, and it’s time for AMCs to stop riding our backs collecting fees for our product.

“Appraisal services were then increasingly obtained from in-house resources at the lenders, or from appraisal management companies (AMCs), often affiliated with lenders, rather than from the traditional third-party appraiser community. Concerns were raised that borrowers were being charged for the cost of appraisals, plus the added cost of in-house or AMC services.

Benjamin,

This is not an appraiser independence issue. It is a customary and reasonable issue. Although C & R is covered under appraiser independence in Dodd-Frank, this issue is very specific only to C & R as it pertains to reliance on a survey vs. market approach. The secondary factor is separation of AMC fees from appraiser fees. The NJ law has been in effect long before Dodd-Frank.  I’m not knocking you, just pointing out some facts. I happen to have been at the initial meeting in Trenton with the DOBI people some years back (it was a meeting I had asked for as the NJ chapter president of the Guild). I brought up the discussion of changes in the rules at that time. Our (IFA, and originally Guild) plan was to address this after the AMC legislation was in place (some of which I personally authored).  DOBI beat us to the punch in a manner which I support.

Are you referencing me as a “Troll?” I truly would like to know. This article is interesting, so it would be well for everyone to stay on topic. Are you referring me to a Troll?

Hopenosis for brunch? This has been the argument since pre hvcc; If the amc’s are worth it the lenders should pay for their services, not the appraisers. These efforts will remain stalled out for the national scene until we get confirmation if dodd frank remains in effect.

Good one Gail. Distinctly different services require separated fees. All NJ is doing is turning the clock back and applying the spirit of junk fee rules to the unregulated areas of amc fee billing.

Thanks for staying on topic dude.

Yeah, the first thing that came to mind for me after reading this article was that NJ was self correcting the obvious deficiency regarding improperly co mingled appraiser and amc fees in the hud 1 form.

Keyword; Troll.

This article was really interesting, please stay on topic if possible.

Again, U mad?  Problemo?

Well I’ve read enough to know this is simply necessary, and well aligned with the conversation at hand.

Please be respectful to your fellow appraisers. Snide or rude comments are not constructive and certainly not helpful. Thank you for your cooperation!

You know what is funny? I am not the Wizzard hiding behind a name on FB.

Wizzard, you are not putting out facts. You are allowing yourself to be your favorite fool.

It’s pure facts that I’m putting out there. I’m a big advocate for the industry and people pretending to be something they aren’t isn’t helping this profession. I’ve read his articles, seen his FB posts, checked out LA board and more. He does more damage then good. The industry needs leaders and people who actually participate in it. Mike ford is one of those people. Benji is not. I wish him the best in his quest to gain that independent license and hope he achieves it.

Wizzard, you better keep shoveling it. Do you need another shovel !!??

Diana, you just proved how weak you really are.

Thanks Wiz. I’ve been doing this for over 40 years and I hate dealing with idiots.  Glad you are calling his bluff.