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Appraisers left high and dry as AMCs shut down

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Mortgage Professional America | 24 May 2013, 03:00 AM Agree 0
Appraisers are facing delays to their payments - or even not getting paid at all - as appraisal management companies go under
  • 2BSquare | | 24 May 2013, 06:46 AM Agree 0
    It is my understanding that if the lender were to split the fee (appraisal and AMC) on the HUD and the Appraiser was not paid, the mortgage has a TILA violation, accompanied by all of the recourse TILA offers.
  • Baron Kahle | | 30 May 2013, 11:12 AM Agree 0
    There are services such as Mercury Network by Alamode, inc that provide legal, ethical communication between lender and appraiser without the AMCs who are middlemen who skim fees and manipulate correspondence between appraiser and lender. An objective, neutral electronic medium that accommodates transparent, efficient order and delivery of appraisal reports. The time has arrived for such services. Besides, you will find that appraisers who rely on AMCs are the ones to avoid since the highly professional appraisers can operate competently and ethically without them. why? The veteran appraisers remember when a well developed reputation was needed to gain assignments from major institutions. The newer slam-and-jam appraisers never relied upon a clean reputation but AMCs to attract business.
  • Burnell Thorley, State Certified General | | 12 Aug 2013, 03:47 AM Agree 0
    The Gov. created this mess, but they dont see to be stepping up to the plate to get us out. I lost $5000 to ES appraisal when it went down. I understand that Chase won the law suite so that is not really responsible for my fees. However, it my contention that Chase knew what was happening, what kind of Co. ES Appraisal Service was, and they were working with them all the way along, and they should be taking responsibility for my fees. Now that I have read this article I am more convinced of this.
  • Stan J | | 12 Aug 2013, 07:52 PM Agree 0
    Ask yourself, why was the appraisal industry so well respected and exhibited a high degree of professionalism for many decades prior to licensing?
  • Retired Appraiser | | 18 Sep 2013, 03:12 PM Agree 0
    The truly intelligent appraisers left the business years ago. Those who remain are one trick ponies who find it impossible to think their way out of the appraisal minimum wage box.
  • Burnell Thorley, State Certified General | | 18 Sep 2013, 05:11 PM Agree 0
    Retired appraiser - How long has it been since your did an appraisal.

    Baron Kahle - Sounds like you are not an appraiser. Arn't we all just trying to make an honorable living. Where do you get your high an mighty attitude.
  • | | 02 Jun 2014, 03:52 PM
    Deleted by moderator
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