Bill

I am not surprised BIG banks would be behind this but I sure would like to see more data and know which banks were involved. Can I take a guess....Bank of America and Wells Fargo? As for FHA, I know these loans skyrocketed after HVCC as the brokers still had control over the appraisal process, so let's see how the numbers look after January when FHA appraisals must be ordered by the BANKS or AMC's.

If there is still fraud involved then we have the real story here! The real problem is that the government still has not set up the overall entity whereby appraisers can complain if they are being pressured. The individual banks have numbers people can call, but what appraiser is going to call the BANK that gives them work to complain about that BANKS pressure on them. Chances are they will suddenly drop off their list without the appraiser knowing, although HVCC prohibits removing the appraiser from any list without notification and it has to be a good reason, like you are committing fraud or you are an incompetent appraiser. However they can work around that by reducing greatly the number or orders you get and just tell you that work has slowed down in your area. There is always a way around the GAME.  Trust me on that one.

I have real issues as you will see on my Active Rain posts with AMC's, they pay LOW fees to appraisers and charge the BANKS more than the appraiser would, but since BANKS own many large AMC's they are not out anything so it would seem. They are making big money off the backs of appraisers.

HUD has stated that the appraiser can now show in the report what they are paid from the AMC's for the appraisal and the AMC will have to show separately what their fee is. When people realize the Appraiser is being paid half the normal fee and the rest is taken by the AMC's AMC's heads will roll or so I would hope. Maybe if people stayed away  from these big banks, they would change their evil ways?