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additional comments on "Real Estate’s Greatest Challenge"
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Here is a interesting thought………..Lets get rid of the AMC’s?….I feel the pain from both sides as a mortgage broker who has done loans for 4 appraisars in the last few months(and heard the complaints from them of waiting to get paid and the constant badgering to change their reports to fit the AMC’s policies I thought this is why we had them??) and also having had a complaint filed by an AMC on me with my state regulatory agencey for questioning certain material defects on an appraisal…Oh and by the way for all of you out their ..You as a mortgage broker or banker can question a report’s validity thru an AMC(read 1026.42 and Fannie AIR requirements)…and the AMC has to ask the appraisar the question…at least thats what it says…LOL..The AMC’s I believe are the real issue and they hold all the cards …And quite frankly after this episode they are above reproach…Even if they are doing business under an unlicensed name(which is the case with my complaint)…..Imagine if we signed papers for a different name than what are license says…Jail time anyone?…I truly believe with all the checks and balances in place with FHA,Fannie and Freddie …Its time to eliminate the use of AMC’s ….Get back to ordering our appraisals from qualified appraisars who know the area …Get a more consistent report every time( which I have seen them all over the board)…a more consistent turntime …and having the appraisars get paid what they are due for the work completed ……let me know what your thoughts are from both sides of this ??…
GET RID OF AMC’S!!!!!!!!!!!!!!!!!
Who is paying $2K+ for an appraisal? Sign me up! The AMC’s are worthless and rob the appraiser of very hard earned fees. I personally have “fired” 4 of them over the past year and refuse to sign up with new ones even though I receive at least one request a day to do so. I’m even receiving request for a fee and turn time from AMC’s I’ve never worked for before. Oh boohoo they can’t place an order and get it back to the lender in a timely manner. If they had more attractive fees they would get qualified appraisers to work for them. The lenders have options to use portals for delivery of their reports like Mercury Network of Appraisal Port that meet HVCC requirements and the appraiser gets the full fee (minus the minimal portal fee) but they are too ignorant or hard-headed to explore their options. I don’t feel sorry for them at all.