Holy crap…!? I’ve never heard of this before and never experienced this. I hope I never do because I do work with a lot of AMCs and Direct Lenders that I’ve set-up ACH PMTs

Specializing for a time in work for the “Dishonest, Fraudulent and Greedy”…or as Congress likes to refer to them Wells Fargo.

Picture the future CEO of CoreLogic in front of Congress…”Mr. Lipshitz, isn’t it true that CoreLogic sells analytics analysis services? Isn’t it true that among CL product line are AVMs that you tout as being reliable and accurate because of your extensive data base?

Isn’t it true that your AMS portal Appraisal Port (or Mercury now) first selected and assigned the appraisal and later processed Mr. Low Fee Appraiser’s report right on through your system where the First American loan officer then uploaded it to the First American Mortgage Lender that in turn obtained the First American policy of title insurance through First American Escrow and that First American’s title insurance actually funded the loan that was serviced by First American Servicing before the loan went into a first payment default 90 days later? (Where it is now handled by First American Asset Management as an REO?

How is it that not one of these CoreLogic or affiliated firms and services picked up that the property was valued at 150%  of its market value? How is it that an unqualified buyer slipped through all the normal checks and balances? How did the property slip through at such a high value?

Impossible you say? Really?

I average about one bad check a year from a borrower. In almost all cases, my very first stop after a field collection assignment is to run by their bank before I even spend time looking at the comparable. Downside is that it ads a little time to my day in the field. Up side is I KNOW right off if I’ve been truly paid.

FNMA took that ability away from loans sold to them.

Of course the ‘always quote on an individual basis’ runs contrary to every single amc ad in the country. Ads that claim they have single set fees. Or, the contracts proposals and service level agreements between banks and AMCs (SLAs) that clearly show a ceiling of $650 in most areas.

Firefox is my personal spelling assistant.  Without that I’d be in big trouble and spelling cat would be after me instead.  Good thing there is not a comma cat, for improper use of parsing sentences or whatever.  I’m faking it, but don’t tell anyone.

Couple of spelling errors below. Better get on it.

Most of them were, but they did pay the fees I quoted.

Lenders Choice was mereged then merged into Rels. THE GOOD. THEN THE BAD. THEN TO UGLE.

LOL, I’ve got a meme for that, but which one to choose? This is already yesterdays news.

Take hope, MPA Appraiser.  You are a free market participator and are a force unto yourself.  Don’t let anyone ever tell you otherwise, your participation and consumer choices carry gravity and matter a lot.  So tell me, have you marketed till you dropped, reverse sold lenders away from amc’s, scoured lists, sent applications, tightened the belt, all of that?  As the old saying goes from before the day’s of amc proliferation;  All it takes is one reliable lending client to make your appraisal business great.  Flash forward to 2017, Great Again that is!

Great Again, 2017!  All direct, all day, every day.  For a long time now even.  The world is what you make it but more importantly, the appraiser is the dominant free market force in this fish bowl.  Without us, nothing happens.  Checks and balances are a mandate, not an option.

Although I never took an order from them, I did a lot of research on them.  It is my understanding they took the national flat fee approach.  Surely that puts one in a disadvantageous position in an increasing number of locales where appraisers have forced the return of both recovered fees to previous time periods, then also applied the necessary increase for time.

Amc’s paid under c&r for so long, many persons in that industry truly honestly believe 450 is a tremendous increase.  Like, good, now we’re back to 2002 with that fee.  Let’s provide full market correction and take this to 850 instead.  It’s sort of corny to trust people who don’t understand basic concepts like inflation, to federally regulated mortgage transaction process duties.  Accounting is not that difficult and neither is responsible stewardship of account monies.  Sadly, the amc’s are more likely to attract appraisers who may be on the verge of insolvency themselves.

I maintain my long standing request that it’s more important to run a credit check on your state licensed appraiser, than a background check.  If orders were assigned by responsible credit management comparisons, you’d all be working for me.

Do you think clear as day statement from tavma regarding amc’s being properly identified as agents of the lenders in a letter to the federal reserve just might perhaps clear that up?  Right there on page 2, clear as day.  Your challenge to agency Mr Pratt, is hereby denied.  I’m just messing around, but hey which came first, the bankrupt chicken or the federal oversight rules for appraisal net egg payments?

https://www.federalreserve.gov/SECRS/2010/November/20101110/R-1394/R-1394_110210_54213_570341919322_1.pdf

And then there was the interim final rule, pretty straight forward.  I’m not sure the precedent for paying 25c on the dollar for federally regulated transaction fees had been established or substantiated for free market participators whom are not in bankruptcy.  Especially not for agents of the lender whom are likewise under the same regulatory umbrella and ultimately are offloading this risk and penalty back to the lender.  But hey, give the amc’s credit. They’re good at offloading, that’s what they do.  If the lender did not see that one coming a mile down the track, they were blind.

https://www.federalreserve.gov/newsevents/pressreleases/bcreg20101018a.htm

Just yesterday norman hubbard, fee quote request and nope can’t provide consistent numbers for future or even regular expectations.  “We work with many different lenders, whom pay may different fees, we always place orders through competitive quotes.”  Oh man, that’s what I get for answering blind while on the other line.  They really have awful sales people if that’s how they’re structuring multiple client engagements, just on the fly and all.  One might struggle to explain fair billing practices for appraisers per ethics guidance, and the need for stable and consistent engagements for business stability.  But then one would be asking for too much specialty understanding from an unlicensed and under qualified telecom worker who simply can not relate.  They’re 9-5 and when the weekend comes they party.  If they’re not dressing up as pizza slices, santa clause, and witches and goblins several times a year while they’re busy fee shopping and managing those orders to appraisers.  That’s all types including big dogs, not just amc’s.  Appraisal distribution is where the party happens.  Many appraisers may be surprised if they were to look into the social network and internal job listing aspects of the amc’s whom ring them.  There is just so many of them though, it’s rather futile to research through all of that just to try and find the ones who at least try and keep it professional.  These guys will literally hang up the phone on you mid conversation if you beat down their rhetoric with logic and facts.  Sadly, the cheeziest remain.  Everyone hating on this one for going under, but at least he returned emails and is honest about the insolvency.  The same could not be said for some other notably infamous amc’s.  I say just keep working TCV, you’ll claw your way out of that debt based operational schedule eventually and hopefully can raise fees to lenders in the future so you might actually earn some positive monies not allotted for operational costs.  Get a smaller office in a less costly less new building, freeze all compensation until you’re in the green, and adopt a more comprehensive marketing approach.  As they say, if the shoe fits, wear it.  If the medicine is good, take it first.  If you endorse the product, let me see you try it.

Nope, try again. Hang in there bro. Hey dude, their lights are on. Yo, they’re having a party. There being place. Their being possessive. they’re being plural. Don’t make me upload a spelling police meme, I’ve got lots of those. There’s nm64 in them thar chips!

Is that all you have to contribute?