Comments on: Nonexistent Shortage of Appraisers

By: Baggins

Baggins — Wed, 22 Aug 2018 00:27:16 +0000

These technology fees are relentless. Technology fees, aka; offloaded costs onto the appraiser. The only distribution platform which I have never paid that fee is the value link ams system.

Then these companies turn around and promote amc’s and give them free publicity. I object to having to pay towards a company whom colludes with amc’s and their anti competitive practices. I’m in a right to work state and should not be forced to pay to receive work.

By: Pete Deatherage

Pete Deatherage — Tue, 21 Aug 2018 22:41:47 +0000

In reply to Bill Johnson.

Bill, that is a great point! I have at least a dozen AMC’s who I won’t do biz with because I can’t stand their convoluted automated appraisal review process. I also know appraisers who will not work with AMC’s that require them to pay a “technology fee” or to use a specific software solution (.ENV, etc).

By: Bill Johnson

Bill Johnson — Tue, 21 Aug 2018 22:14:49 +0000

As it relates to lenders and regulators and there interpretation of appraiser supply and demand, as 80% of residential assignments get filtered through AMC’s, many misinterpret the numbers. One can not simply determine supply and demand by taking gross state population versus gross appraiser licenses, but rather the supply of appraisers to a particular lender depends on their clients (the AMC), ability to sign up appraisers. If ND has some 340 in state and out of state participating appraisers, but yet some 50% choose to boycott the AMC model, then the supply side changes. To assume that the remaining 170 appraisers have all signed with the upwards of 300, 400, or 500 (??) operating national AMCs, and thus all are available to every lender by way of their chosen AMC model, is completely false. If 50% of the appraisers (170) have only made themselves available to a limited amount of all the AMC’s (10, 20, 30% (??) then to judge supply and demand based on these filters, is completely misleading.

Seek the truth.

By: Baggins

Baggins — Tue, 21 Aug 2018 21:18:30 +0000

In reply to Pete Deatherage.

Sure there is a shortage of appraisers in some aspects. There is a shortage of appraisers willing to apply abide or even stay on amc approval lists. They always pocket the difference, play appraisers against each other, etc.

Lenders are advised to use mercury, appraisal port, or better yet, the value link ams distribution service which is the best of all three. Also less preferable but still available, appraisal scope and lender x.

There, 5 major companies whom allow lenders to comply with separation from loan production rules and not use amc’s. Building an appraisal panel is so simple. Set a fee that the majority of your appraisers on panel will accept without question. Amc’s do it wrong because they drive that fee to the lowest point where at least a few still accept it, most do not, then the time draws out and amc’s claim they can’t source vendors. Competing for appraisers service and patronage in a successful manner is so easy, pay more than the next outfit and watch your turn times drop and your appraiser panel grow almost immediately. We’re like any other business outfit, we go where the success is and avoid abusive vendor managers.

By: Cai

Cai — Tue, 21 Aug 2018 21:15:07 +0000

Do you think written complaints to the OCC might help our plight?

By: Raymond

Raymond — Tue, 21 Aug 2018 20:28:45 +0000

Mr. Ford, that was a very good letter. Let’s all hope it brings good results.

By: Koma

Koma — Tue, 21 Aug 2018 19:59:54 +0000

Good job Mike! I myself just moved back into a rural area that we got out of a few years back due to low fees. Well a good client called asking (several times) for me to go back into that area saying they have a job there, can’t find anyone and would have additional work there too. I informed them of the time it would take to get back up to speed in that area and what my fee would be. They sent it back over before getting off the phone with MY fee and a 14 day TT. That is how this should work.

By: Pete Deatherage

Pete Deatherage — Tue, 21 Aug 2018 18:25:47 +0000

If my fees were higher I could hire additional staff to schedule appointments and deal with the mundane aspects of the job, just like other professions. This would allow me to complete more appraisals in a shorter period of time. But as long as the fees are low and the turn times so short, it does not pay to hire people. Currently the only way to make more money in this biz is to work longer hours. When the pay is low, I focus on paying my bills and enjoying life. When fees go up, like they did for a year or so a while back, I worked nights and weekends to make as much as I could.

By: Diana N

Diana N — Tue, 21 Aug 2018 17:31:03 +0000

Nice job Mike, as you know those comments fit every state, when the bottom feeders stop taking these jobs, maybe we can all back to earning a reasonable living.

By: chris

chris — Tue, 21 Aug 2018 16:12:58 +0000

Excellent as usual!!!

By: Scott R.

Scott R. — Tue, 21 Aug 2018 15:53:44 +0000

That hits the mark in the bullseye.

Well written, honest and to the point.

Thank you!