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amc: a recent email and my response - what do you think? - 02/22/10 11:23 AM
From: xxxxxxxxSent: Monday, February 22, 2010 10:29 AMTo: Mike LaySubject: HVCC (Sent via Activerain)
You've received a contact message from your Contact Form on the ActiveRain network.
Mike,I just read your letter and think it is great. Did you receive any response? I would also like to know if you are currently doing anything to fight the HVCC? I just received a link to sign a petition against the HVCC. The link is http://www.hvccpetition.com/ . I am trying to have as many people as I can sign it. My husband has been a real estate appraiser since 1992 and in business … (3 comments)
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amc: How stupid can this business get? - 10/14/09 09:46 PM
I've got an appraiser friend in NM that does a lot of work for the big AMC's. He emailed me yesterday to tell me he thinks he finally got the straw that broke his back. A new requirement from LSI that will "greatly reduce" the number of appraisal challenges (where the buyer/seller/borrower/realtor gets the chance to say "why didn't you use these comps?") is this gem:
"...appraisers (shall) provide a paragraph within the addendum of each report detailing the parameters used to narrow down their search for comps, including why the provided comps were the best and why others were not selected. … (9 comments)
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amc: Why the NAR call to action for HR 3044 is a joke - 07/23/09 12:16 PM
I recently received an email asking me to call my representatives and urge them to co-sponsor H.R. 3044, which would place an 18-month moratorium on the HVCC. Along with the email were links to several articles talking about how low appraisals are hurting real estate, essentially saying that appraisers are responsible for the slow economic recovery.
New Home Appraisal Rules Stir Industry Backlash - Associated Press (July 14, 2009)
Low Ball Appraisals Spark Uproar - Post (July 3, 2009)
Appraisal Management Chart
While I understand the real estate industry's frustration, yet another delay in implementing the HVCC is not the … (65 comments)
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amc: a letter to a good client I will be losing... - 04/09/09 05:23 PM
Here is an email I wrote to a good mortgage broker client I've had for the past few years, in response to one from them asking me to please sign up with Fiserv as required by Crescent Mortgage, one of their lenders:
Hi Bob,
Tom also sent me one for Taylor Bean & Whitaker, who is using some company called SecurityOne Valuation as their AMC. Both they and FiServ typically charge the borrower more than I do now, and then only pay the appraiser about $200, keeping the rest for themselves. I actually called SecurityOne to ask what their split was, but … (12 comments)
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amc: The benefits of using an AMC for appraisals - 02/06/09 12:40 AM
Lenders,
I would like to relay a firsthand account of what kind of quality you might expect when you choose to work with AMC's:
A very large bank, in fact one of the largest BANK's in AMERICA, uses eAppraiseIt for appraisal management services. Now, I would agree that if you wanted to deter having the LO's pressure the appraisers, a firewall such as an nonaffiliated AMC just might be a good solution. The AMC orders the appraisal, the chosen appraiser does the best possible work (or at least what you might expect for a +/-$200 fee split), he/she sends it back to the … (11 comments)
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amc: More on the HVCC - 12/15/08 02:13 PM
I've received a lot of calls and emails from my last post, so I want to thank all of those appraisers out there who (a) still believe our industry shouldn't be given away to the management companies, and (b) think that the current HVCC is a bad thing for our industry and needs to be revised or killed.
I remain hopeful that it will not go into effect anywhere near it's current incarnation. Personally, I don't understand how it COULD pass - I can't imagine there wouldn't be tons of lawsuits against Fannie and Freddie, since they (and the NY SAG) are essentially telling customers … (7 comments)
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amc: Update on the HVCC and the AMC's push for business - 11/21/08 11:25 AM
I'm annoyed today. I received two conflicting pieces of information on what has been going on with the HVCC. The first came from an appraiser friend in Maryland, who received an email from their state board representative who was at a national meeting of the appraisal foundation. That email said:
"I know you are all concerned about the HVCC that resulted from the FannieMae/FreddieMac agreement with the State of New York.
From what I could learn at The Appraisal Foundation's Board of Trustees meeting, it is highly unlikely that the HVCC will go into effect on January 1 of next … (19 comments)
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amc: reverse mortgage appraiser websites - 08/15/08 09:44 AM
I've been getting email advertisements lately for a website that "allows" you to register as a "Reverse Mortgage Appraiser". While I applaud the guy for creating a business, I cannot for the life of me figure out why anyone would pay $150 to "register" (for one county, $50 for additional counties) for this. I'm not sure if the marketing point is to sucker in appraisers who think that you need some special education or license to do reverse mortgages, or that a lender who wants to do one will think that instead of calling their usual appraiser they need to find … (5 comments)
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amc: More on the HVCC and a suggestion for a better way... - 06/11/08 02:44 PM
I have been getting more and more email about the HVCC (Home Valuation Code of Conduct) agreement, and the more I read it, the more I hate it. Once again (similar to prior attempts to curb lender pressure), it is a poorly worded document that only truly hurts the appraisers, while giving the equivalent of only a nasty look to the lenders and loan officers that created the problem. As appraisers have always stated, without having to worry about future business, we would never inflate a value. But when you are one of those crazy people that likes to eat and have … (5 comments)
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Mike Lay
Austin,
TX
More about me…
Appraisal House Texas
Office Phone: (800) 497-2660
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