19th June 2012

60 Minutes to investigate AMC issue

posted in Appraiser News |

According to AppraiserNews.com, 60 minutes will be coming out with a report on two appraisal management companies in September, so keep your eyes peeled as more people become of the issues we appraisers face when dealing with Appraisal Management Companies.

In their investigative report they cover how and why they were created. Why appraisers dislike them and how the AMCs are eroding appraiser earnings and leading to inferior quality reports.

We look forward to this news piece to bring some light to the rest of the financial industry on how some AMCs are negatively influencing the profession.

There are currently 4 responses to “60 Minutes to investigate AMC issue”

Why not let us know what you think by adding your own comment! Your opinion is as valid as anyone elses, so come on... let us know what you think.

  1. 1 /*On June 19th, 2012*/, SAM said:

    Possibly a small step forward, but, for as long as appraisers accept low unreasonable fees, for as long as appraiers continue with the competitive mentality of looking out for themselves, and for as long as banks lend their own money, nothing will change.

  2. 2 /*On June 19th, 2012*/, sandiegohelp said:

    Sam, I totally agree with you. But hopefully this will open up the issue a little more and help litigation get passed to protect our industry. If you want to work with a bunch of other forward thinking appraisers that are helping each other out, please visit http://www.appraisersclub.com

    Thanks!

    Bryan

  3. 3 /*On June 19th, 2012*/, Retired Appraisers said:

    Those folks are really on top of the latest news! I’ve contacted them about this story at least three times over the past year.

  4. 4 /*On June 19th, 2012*/, Tony said:

    The link from the source..
    http://www.appraisernews.com/current-issue/#2

    There are several issues with this “announcement”.
    Lara Logan is the chief foreign affairs correspondent Why would 60 Minutes would put that type of a correspondent on the AMC story.
    and from the articule..
    “”One of the employees commented to me about how amazing it was that we were able to get three appraisers to immediately agree to accept an appraisal assignment for $225 which involved a 20,000 square foot mansion on a ten acre waterfront property in the Hamptons on Long Island.””

    Properties of this nature would, most likely be handled by the Concierge or private banking portion of the lender. Due to the “status” of owners of these types of properties I find it comical that an appraisal of the above type of property would be sent to the AMC “sweat shop” floor to be ordered.
    We handle these types of properties in the Hamptons and these types of properties are usually sent out to bid out to the appraisal companies that are on their exclusive lists.
    FWIW, a property like this, as David said, wouldn’t be bid on my end by 10x that fee due to the amount of work that would be required.

    And an added thought…a report on a property like that would most likely cause a serious meltdown of the “checklist” reviewer as 1 mile, style, 6 months, 15% and 25% “guidelines” would be blown out of the water..I would love to see the “”stip list”” that would be generated from that report.

    I am calling B S on this one, but I wouldn’t mind being wrong…



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