No Mandatory AMC Use
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Dave Towne on e-AppraisersDirectory.com
- No Mandatory AMC Use - September 10, 2021
- 2022 7hr USPAP Update Course - September 9, 2021
- Objective Terminology - August 9, 2021
When you work with UWM Appraisal Direct… if a borrower pays $500 for an order, the entire fee goes to you. UWM doesn’t make $1 on the order. No appraisal management fees…
This announcement just popped into my email, from HousingWire:
UWM launches AMC-free appraisal program
UWM to coordinate appraisals in-house
United Wholesale Mortgage (UWM) announced today that it will no longer require its brokers to use appraisal management companies to complete appraisals.
The Pontiac, Michigan-based wholesale lender will instead coordinate appraisals in-house, contracting with appraisers directly, offering appraisers and brokers a way to bypass AMCs altogether, which UWM CEO Mat Ishbia characterizes as “middlemen.”
During a Facebook Live address, Ishbia proclaimed that while AMCs add value to the industry, appraisals have been a stumbling block for the mortgage industry.
UWM Appraisal Direct available in all 50 States Starting October 1.
Soon, mortgage brokers in our network will have UWM Appraisal Direct as an additional option for getting appraisals completed on UWM loans through Appraisal Manager in EASE. You’ll get greater transparency throughout the appraisal process, so you can more effectively manage your loans and support your borrowers. Keep an eye out for more information later this month.
In the meantime, a message to appraisers: UWM Appraisal Direct is looking to partner with the best appraisers across the country who share our goal of making the appraisal process easier so you can get paid faster.
When you work with UWM Appraisal Direct, you’ll have a dedicated in-house team available to assist with the scheduling and execution of your appraisals. We’ll provide support and timely communication to you, our broker partners and their borrowers — ensuring all parties know what’s going on at each step in the appraisal process.
Plus, you’ll enjoy these benefits and more:
- Full appraisal amount paid directly to you with no appraisal management fee — For example, if a borrower pays $500 for an order, the entire fee goes to you. UWM doesn’t make $1 on the order. No appraisal management fees. You work directly with UWM.
- Next-day payment — Get paid the following business day after successful completion of the appraisal.
- Consistent business — UWM is the #1 wholesale mortgage lender in the nation with over 60,000 closings per month, so there will be no shortage of opportunities for you with UWM Appraisal Direct.
- Strong partnership — We take pride in the entire mortgage process and will work closely with you to make sure that we are collectively successful.
Dave, Thanks for this information.
Sounds promising – but until the Fine Print is published & there’s no “indemnify & hold Harmless clause” buried in paragraph 21 – I’ll withhold my enthusiasm. For those who aren’t aware – the hold harmless & indemnify clauses that these entities bury in their sign up verbiage are translated as another layer of liability the Appraiser incurs to an entity which you know nothing about (hiring practices, business practices, etc), and to which you are held to the laws of a State other than your own (wherever the entity is based) if you are sued or involved in a suit with them or the company goes under owing money. Read the sign up forms carefully.
Great news! Thanks Dave
I’m a bit confused. The signup link is to Anow. Are they using Anow platform to place their orders and how much is Anow subscription going to cost?
They have 3 packages $50, $100 and $500. The $100 package is the most popular. Keep in mind that you’d still have to maintain your Alamode, Bradford, … appraisal software subscription for non-UWM work.
You don’t have to pay anything for the first year other than the $15.00 upload fee. If you want to buy a subscription you can but don’t have to right now to get UWM orders.
So it is like Mercury, but with lots of glitches…not new.