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The Validity Of Appraisal Management Companies (AMCs) Are Being Questioned. Congress seems to have taken an interest in the present appraisal process, especially as it relates to Appraisal Management Companies (AMCs). AMCs have taken on a bigger and bigger role since the creation of HVCC. In that short time AMC's grew from controlling 15 percent of the Appraisal Market to any where between 60 to 80 percent. That is a huge growth in such a short period of time, and along with the growth there have come several issues.
AMC's defend there existence by claiming that they provide a buffer between Lenders and Appraisers, and prevent Lenders, Brokers, and Loan Originators from putting pressure on Appraisers to fudge appraisals. While there is some truth to that, the cost and problems that have come with that buffer out weights the benefits in my opinion. Here are a few of the issues in my opinion that came into existence with the creation of HVCC and the Dodd/Frank bill.
Cost to Borrowers went up because the AMC needs to be paid for their services, yet the fee from the Appraisers remained the same.
Appraisers are assigned by AMCs to do appraisals in areas that they have very little or no knowledge of.
Appraisers being assigned by AMCs to do appraisals based on which Appraiser has the lowest fee, yet the overall fee from the AMC remains the same.
Appraisers are taking on a "you can't touch me attitude" (not all but enough for this to be a concern), and refusing to look at Comps that they may have missed or overlooked. As a result properties under appraising, and adjustments are being made, that were not made before HVCC
HVCC came into being, and later much of it was adopted by the Dodd/Frank bill. These guidelines came into being with good intentions, but the good intentions have created the issues that I mentioned above as well as others. A modification of these guidelines needs to take place to allow Loan Originator to be involved in the process again. The AMCs claim to be a barrier between the Lender and the Appraiser, but the reality is that they have eliminated the checks and balances that previously existed.
In an effort to try to eliminate one monster, a new monster has been created. The pressure monster has been replaced by a much more dangerous monster, the you can't touch me so I will do whatever I want monster.
I for one am glad that the Validity Of Appraisal Management Companies (AMCs) Are Being Questioned, and hope that new guidelines are establish to create a middle ground between these two monsters. Until that happens, or the present guidelines are eliminated, the Borrowers that the present rules were intended to protect, will continue to be the victims of the rules that were meant to protect them.
What we have today is a perfect example of the "Cure being worse than the Disease".
Who To Call For Your Mortgage Needs In Connecticut:
George Souto NMLS# 65149 is a Loan Officer who can assist you with all your FHA, CHFA, and Conventional mortgage needs in Connecticut. George resides in Middlesex County which includes Middletown, Middlefield, Durham, Cromwell, Portland, Higganum, Haddam, East Haddam, Chester, Deep River, and Essex. George can be contacted at (860) 573-1308 email@example.com, or visit my McCue Mortgage Homepage.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.