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HVCC question - Can your broker clients have their own 'approved list'?

By
Real Estate Appraiser with Estimation Nation Corporation

I've been tossing a question around in my head and the clients that I've spoken with about it really don't know the answer.

If your client, a local brokerage, signs up with an AMC, can they submit an 'approved appraiser list' to that AMC so that they are still working with the same group of appraisers they have built a relationship with?  It only stands to reason that if lenders and AMCs have approved lists, then the brokerage should have the right to have that much control left, right?

The brokers that I have spoken with are all pretty confused about what is to happen starting May 1st.  Most that understand what the HVCC means (believe me, there are still quite a few that are in the dark) are planning on tagging along with whatever AMCs their primary lenders use as not to make waves during the transaction process.  So my suggestion to all appraisers that don't want to lose their clients is to sign up with these companies.  It doesn't mean that you have to take the work, but it doesn't hurt (and might be a good idea) to be on their roster, regardless.  Who know's?  We might have some leverage as to fees and conditions if we're on a smaller 'approved list', aye?

Comments (8)

Robert Rauf
CMG Home Loans - Toms River, NJ

We can, not sure about the big guys, but we are building our list with our approved "good guys/gals" that we have loved and trusted over the years. We cant hand pick, but they can be part of the revolving list when we order through our AMC

Apr 25, 2009 06:38 AM
Michael Zollo
Coral Springs, FL
Certified Residential Appraiser, South Florida, FH

Sara, I think, the way it sounds to me, the appraisal will be order by the bank, not the local broker. With less than a week to go, nobodies has a idea, how it will work! Sad, very sad.

Apr 25, 2009 07:27 AM
Sara Goodwin
Estimation Nation Corporation - Portland, OR
Portland, Oregon Appraiser

Robert - That's great news that you get some control.

Michael - Very interesting that brokers in your area are just letting the banks do it for them.  Let us know what the outcome is...

Apr 25, 2009 07:47 AM
Robert Rauf
CMG Home Loans - Toms River, NJ

We still will not be allowed to talk to the appraiser, but at least we will have a revolving list of appraisers that we have trusted.  I have seen this in larger companies, that have had their own AMC for years, it is more of a disservice to the client... But Big Brother knows better than we do!

Apr 28, 2009 01:01 AM
Bela Toledo, CPA
McMichael & Toledo, CPAs - Grants Pass, OR

It's my understanding that Michael is right and the banks/wholesale lenders will do the ordering.  We will be able to make the request on their website, but they pick the AMC and they pick the list of appraisers.  Fortunately some of our best lenders have asked us for the names of appraisers we'd like to have on the list, but I think that's about as good as it gets for brokers.

May 01, 2009 05:39 AM
Sara Goodwin
Estimation Nation Corporation - Portland, OR
Portland, Oregon Appraiser

Hi Robert - Are you using a large or small AMC?... or multiple AMCs?

Bela - Good to know.  I kind of thought that made more sense and that's what I'm seeing with some of the smaller AMCs, too... but not from the large ones (at least yet).

May 04, 2009 03:55 PM
Myrtle "Mert" Lemon
Nomel Real Estate, Eagle One Appraisal - Hagerstown, MD
Certified Appraiser & Real Estate Broker

I have had local lenders request me be placed on AMC lists, I have filled out the paperwork, they say i'm on the lists, but have yet to receive an order!!! So much for local appraisers that know what they are doing.

Mar 01, 2010 03:49 AM
Sara Goodwin
Estimation Nation Corporation - Portland, OR
Portland, Oregon Appraiser

Myrtle ~   I am under the impression that is the 'norm', but you would think a lender (as an AMCs client) should be able to hand over a list of approved appraisers (as long as it is more than one). 

Mar 10, 2010 02:20 AM