Forum Header

Georgia Appraiser Forum

Provided by:   John M. Bryant, Inc., A Georgia Appraisal School

School Calendar | Phone Book | Appraisal Topics | Appraisal Questions | Other Topics

Forum Rules
Online Courses
Appraiser Search
MLS Analyzer


Register Calendar Latest Topics
 
 
 


Reply
  Author   Comment  
BChip

Avatar / Picture

Platinum Member
Registered:
Posts: 621
Reply with quote  #1 
This is what AMC's are charging THE BANKS....ANYONE ANGRY?? I KNOW I AM...We are being robbed.  2017-10-17_16-25-05.jpg 

__________________
Baseball is wrong - man with four balls cannot walk.
0
BChip

Avatar / Picture

Platinum Member
Registered:
Posts: 621
Reply with quote  #2 
OH LOOK AT THESE TURN TIMES...... 2017-10-17_16-40-55.jpg 

__________________
Baseball is wrong - man with four balls cannot walk.
0
BChip

Avatar / Picture

Platinum Member
Registered:
Posts: 621
Reply with quote  #3 
Quote:
Originally Posted by BChip
This is what AMC's are charging THE BANKS....ANYONE ANGRY?? I KNOW I AM...We are being robbed.  The next time these AMC's say I got check with the client just know they are USED F******* car salesman laughing at us. We are a freaking joke...2017-10-17_16-25-05.jpg 

__________________
Baseball is wrong - man with four balls cannot walk.
0
Meatloaf

Avatar / Picture

Platinum Member
Registered:
Posts: 2,134
Reply with quote  #4 
who the hell is JMAC lending?  I don't know of any AMC's even charging this much.
__________________
The AMC is my B!TCH!
0
BChip

Avatar / Picture

Platinum Member
Registered:
Posts: 621
Reply with quote  #5 
Quote:
Originally Posted by Meatloaf
who the hell is JMAC lending?  I don't know of any AMC's even charging this much.
That is part of the problem. WE DON'T KNOW WHAT THEY HELL THE AMC'S ARE CHARGING. NOW WE DO. I don't like the view either.

__________________
Baseball is wrong - man with four balls cannot walk.
0
Meatloaf

Avatar / Picture

Platinum Member
Registered:
Posts: 2,134
Reply with quote  #6 
I think this is referring to "maximum" fees.  Maybe its for fee quotes or something.  I know I have had a few deals where the fee exceeded this.  I suspect this is the max that the amc can approve without additional approval from the lender.
__________________
The AMC is my B!TCH!
0
BChip

Avatar / Picture

Platinum Member
Registered:
Posts: 621
Reply with quote  #7 
https://static1.squarespace.com/static/56c2020a746fb9eb0f5d20e5/t/599deab3a803bb1828c66850/1503521467655/Appraisal+Fees+by+AMC
__________________
Baseball is wrong - man with four balls cannot walk.
0
Bobby

Avatar / Picture

Platinum Member
Registered:
Posts: 5,974
Reply with quote  #8 
This can’t be real.
__________________

"America First".   President  Trump

0
BChip

Avatar / Picture

Platinum Member
Registered:
Posts: 621
Reply with quote  #9 
Quote:
Originally Posted by Bobby
This can’t be real.
It's real. I spoke with an LO at the company. It's 100% factual. Makes it more shocking.

__________________
Baseball is wrong - man with four balls cannot walk.
0
Bobby

Avatar / Picture

Platinum Member
Registered:
Posts: 5,974
Reply with quote  #10 
And that folks, is how you run a business!

__________________

"America First".   President  Trump

0
Bobby

Avatar / Picture

Platinum Member
Registered:
Posts: 5,974
Reply with quote  #11 
No seriously, if you go buy a candy bar at the store, you are not paying what the seller has paid. They mark it up at minimum100%. This is exactly why we don't have a better market presence.

__________________

"America First".   President  Trump

0
Meatloaf

Avatar / Picture

Platinum Member
Registered:
Posts: 2,134
Reply with quote  #12 
Think about this for a second though.  You have seen the quality of some appraiser's work.  Could you imagine being in the AMC's shoes trying to field the plethora of appraisers to find the few that are worth a damn?  You would think that the higher the fee the better the quality but thats not necessarily the case.

I got a review landed on my desk this week.  I didn't get it because I quoted too much but the original report was done for $500 and this was as simple as simple cookie cutter could be... AND HE STILL FUGGED IT UP!!!!!!.

__________________
The AMC is my B!TCH!
0
RubberStamp

Platinum Member
Registered:
Posts: 2,061
Reply with quote  #13 
Well now we all know why we are being threatened out of business. These are the fees everyone is complaining about and Fannie/Freddie are trying to avoid...    A glaring example of the parasite killing off its host.

What we have all been probably missing is the fee the banks are paying the AMC to be their outsourced appraisal dept.  So they are getting paid already for that..  So the fee they can steal from us is just bonus.

Why oh why didn't I start an AMC...

__________________
We argue this: Meanwhile the agent's assistant just did 5 unofficial appraisal inspections they paired with a Zestimate and granted 90% LTV - all guaranteed no buy back.
0
Bobby

Avatar / Picture

Platinum Member
Registered:
Posts: 5,974
Reply with quote  #14 
It doesn't make sense that they would pay an AMC that much and not just hire someone for $10 an hour to assign work.  Unless these AMC's are owned by the banks.  But if they were owned by the banks, why would they try to cut out the appraisals that they profit from???
__________________

"America First".   President  Trump

0
Meatloaf

Avatar / Picture

Platinum Member
Registered:
Posts: 2,134
Reply with quote  #15 
I don't think these are the typical fees for the industry.

I think the typical GFE fee that is quoted is around $750 and the typical actual fee charged is between 5-600.

__________________
The AMC is my B!TCH!
0
RubberStamp

Platinum Member
Registered:
Posts: 2,061
Reply with quote  #16 
Quote:
Originally Posted by Bobby
It doesn't make sense that they would pay an AMC that much and not just hire someone for $10 an hour to assign work.  Unless these AMC's are owned by the banks.  But if they were owned by the banks, why would they try to cut out the appraisals that they profit from???


Well Bobby if you remember after Dodd Frank the banks sought refuge and got rid of their appraisal depts. thus the advent of the AMC era.

Now these same AMCs have pushed costs beyond triple of what it would take to keep appraising as it always was..  

So we usher in a new era as the market looks for refuge from these extorted fees...  As always, blaming the appraiser for the higher fees because we have no representation to tell the world otherwise.

Meanwhile we are dumfounded they would do anything to save $100 on such an important collateral transaction..   But in reality they are looking to save $1000.

And Meatloaf, the great defender of the AMC, this is what I meant that the cancer eventually kills the patient.  Yes and the cancer will die too...  but the AMC cancer just wanted to make millions off of us before it said goodbye.  The AMC cares not if it exists for long.   It is the few guys owning the AMC that is making all the money and they have made more than they ever imagined.

Meanwhile a very useful whole profession is on the brink of extinction.

So sad...

__________________
We argue this: Meanwhile the agent's assistant just did 5 unofficial appraisal inspections they paired with a Zestimate and granted 90% LTV - all guaranteed no buy back.
0
Meatloaf

Avatar / Picture

Platinum Member
Registered:
Posts: 2,134
Reply with quote  #17 
The AMC's fund TAVMA which is fighting for the proliferation and survival of AMC's and thereby appraisers.  Without appraisers, the AMC is dead.  At this point TAVMA and the other AMC PAC is the only thing we have remotely fighting for us.
__________________
The AMC is my B!TCH!
0
RubberStamp

Platinum Member
Registered:
Posts: 2,061
Reply with quote  #18 
But when they are charging 2 to 4 times the amount the appraiser is being paid..   It is dead in the water.  The whole AMC system needs to be blown up and unfortunately we will be collateral damage because 5-10 years of this and to the mortgage world AMC and Appraiser/Appraisal are synonymous.
__________________
We argue this: Meanwhile the agent's assistant just did 5 unofficial appraisal inspections they paired with a Zestimate and granted 90% LTV - all guaranteed no buy back.
0
Meatloaf

Avatar / Picture

Platinum Member
Registered:
Posts: 2,134
Reply with quote  #19 
Dude.  No one said they were charging 2-4 times what the appraiser was getting paid.  These are the maximum fees.  This doesn't represent the typical fee.

Sure, the AMC's are making money off of us.  To the tune of $25-150 per report.  No one is getting $1000 to simply pick up the phone and order an appraisal.

__________________
The AMC is my B!TCH!
0
RubberStamp

Platinum Member
Registered:
Posts: 2,061
Reply with quote  #20 
Incorrect.  The left column is MAX - which equates to the top amount paid to any AMC.   All the other columns are standard fees.

Now you know how Corelogic has been able to buy up companies left and right.  Off of our backs.

__________________
We argue this: Meanwhile the agent's assistant just did 5 unofficial appraisal inspections they paired with a Zestimate and granted 90% LTV - all guaranteed no buy back.
0
Meatloaf

Avatar / Picture

Platinum Member
Registered:
Posts: 2,134
Reply with quote  #21 
This chart is for setting the GFE.  Nothing more.  BTW, I have charged more than the MAX for residential reports.
__________________
The AMC is my B!TCH!
0
dunwoodyappraiser

Platinum Member
Registered:
Posts: 159
Reply with quote  #22 
That is not true, I did a few reports for Suntrust which turned out to be nightmares, but they paid $375 which at first I thought wasn't a bad fee, but then the homes were all difficult once I got out there, and the AMC was charging $475 for their cut. 

It's like having a painter hiring firm that all painters have to go through to get work, and they charge the customer $2000 for the paint job, and keep $1200 while paying the PAINTER who is actually DOING the work $800.  It is just not right.

We are doing the work, and they are sometimes keeping more of the appraisal fee than we are!

Surely even Meatloaf can't think that is right.  And if you try to charge more, they will just find a cheaper appraiser.
0
RubberStamp

Platinum Member
Registered:
Posts: 2,061
Reply with quote  #23 
Quote:
Originally Posted by dunwoodyappraiser


Surely even Meatloaf can't think that is right.  And if you try to charge more, they will just find a cheaper appraiser.


Which goes to show there aint no appraiser shortage...

__________________
We argue this: Meanwhile the agent's assistant just did 5 unofficial appraisal inspections they paired with a Zestimate and granted 90% LTV - all guaranteed no buy back.
0
Previous Topic | Next Topic
Print
Reply

Quick Navigation:

Easily create a Forum Website with Website Toolbox.

Appraisal Topics | Appraisal Questions | Other Topics