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Readers Respond to AMC Issues

September 20th, 2016

This newsletter belongs to our readers.

We received a large number of responses to our special newsletter on September 12th (Appraiser Coalition to AMCs: Your services are not needed!) and would like to turn this issue of AppraiserNews.com over to our readers.  Many simply responded “Bravo” or “Thank you!”, we apologize to the many readers who we simply did not have enough space to acknowledge in this newsletter.  Please feel free to connect with us at Facebook.com/AppraiserNews or at Twitter.com/AppraiserNews (@AppraiserNews).  If you missed our last newsletter, please go to AppraiserNews.com and see the special newsletter of Septeber 12th.

Reader Comments.

A (former) California appraiser writes:

“Thank you, this is EXACTLY, why I left the business.  Due to the stress of the current Appraisal Industry, I contracted Type 2 Diabetes.  Since I left, my Diabetes, is disappearing.  I was actually killing myself, in this profession”.

Another California appraiser simply wrote:

“AMEN!!!!!!!”

Missouri appraiser Gloria Johnson writes:

“Bravo !!!  It’s about time.

Every one of those 13 points is accurate.

I’ve been appraising for over 33 years. I stopped doing work for AMC’s years ago.

Thanks for what you’re doing”.

Another Missouri appraiser, Heather Warwin, writes:

“This is exactly how I feel and also would like to challenge them with the definition of an ‘employee’ with IRS with required acceptance time windows and requirements for updates etc.

They are breaking so many laws without any consequences.

The other issue I am running into, time and time again, is Real Estate Agents with very bad attitudes against appraisers.  They still continue to bully appraisers with direction from the loan officers and local MLS board teachers.   So the AMC in-between has little or no value with regards to coercion etc.  In fact, when they are faced with lack of orders they will black list the appraiser at the wish of the lender without justification.  Also turning them into the State Boards for no valid reasons is another tactic.

I have 23 years full time in this business plus 6 years prior of Real Estate Sales and am running on empty!”

A Florida appraiser writes:

“I think I cried a little.  Very truthful statement.  I wish my State showed this kind of support”.

Writing in support of AMCs, the president of a large AMC wrote the following:

“Please remove me from your email list.

Thank you in advance.

I am a proud owner of an AMC and work with thousands of appraisers who enjoy working with my company.

Your emails do no good for our profession and are inflammatory at best.

Please feel free to call me to discuss anytime”.

A Washington appraiser had this dissenting opinion:

“I have been appraising 32-years.

The AMC’s do serve a very important purpose.  They insulate me (and you) from loan originators who will (and have) put their finger in my back and tell you that ‘If you don’t make value this is the very last order you will get from us’.

I have been there, and I can tell you that it is a lot better now than it was before.

As far as fees go, if you don’t like the fee AMC’s pay, decline the order.  The low-ballers will eventually get filled up and the AMC’s will have to come back to you.  It is appraisers that are holding down the fees, not the AMC’s.  They are just like any other competent business person, if they can get a better deal they are going to try to get it.

If everyone charged higher fees, then the AMC’s would have to rise to the going rate.  Appraiser’s need to look to appraiser’s to correct the fee issue”.

Recent Real Estate Reports

Earlier today, Freddie Mac released their September 2016 Outlook which noted that:

~30 year fixed rate mortgages are expected to average 3.60% during 2016, the lowest average in more than 40 years.

~The approximate ½% drop in mortgage interest rates from the end of 2015 to the 3rd quarter of this year has more than offset generally rising home prices in maintaining home affordability.

~Home prices are expected to rise by 5.6% this year and by 4.7% in 2015.

~Mortgage originations are on track to reach $2 trillion this year, the highest level since 2012.

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Rates & Dates

Freddie Mac, the Mortgage Brokers Association (MBA) and HSH Market Trends reported mixed movement in mortgage interest rates last week.

In their survey on September 15th, Freddie Mac reported that 30-year fixed-rate mortgages increased to 3.50% from 3.44% the previous week. They also noted that last year at this time the 30-year rate was at 3.91%.

The MBA reported on September 14th (for the week ending September 9th) that 30-year rates with conforming loan balances ($417,000 or less) declined from 3.68% to 3.67%.   The average contract interest rate for 30-year fixed-rate mortgages with jumbo loan balances (greater than $417,000) also moved downward, from 3.66% to 3.64% and rates for FHA backed mortgages fell from 3.52% to 3.50%.

Mortgage applications rose by 4.2% from the previous period.  Refinance applications as a percentage of all applications dropped from 64.0% to 62.9%. The FHA share of applications increased to 9.6% from 9.5% and the VA share rose from 11.9% to 12.0%.

On September 16th, HSH.com Market Trends reported that 30-year mortgage rates increased from 3.55% to 3.61% while rates for FHA-backed mortgages also moved up, going from 3.40% to 3.44%.

Additional information from Freddie Mac can be found by going to: Primary Mortgage Market Survey PMMS – Freddie Mac

Additional information from the Mortgage Bankers Association can be found by going to their site at: Research and Forecasts – Mortgage Bankers Association

Additional information from HSH can be found by going to: HSH.Com

Ask Angie

Angie is back and here are today’s questions:

1. Who said: “Baseball is ninety percent mental and the other half is physical”.
a) Yogi Berra
b) Yogi Bear
c) Alex Rodriguez
d) None of the above

2. Who said: “A nickel ain’t worth a dime anymore”.
a) Yogi Berra
b) Brian Coester
c) Janet Yellen
d) None of the above

3. Who said: “The future ain’t what it used to be”.
a) Yogi Berra
b) Hillary Clinton
c) Donald Trump

d) None of the above

The first to respond win a free listing on AppraiserHelp.com.

Tell us what you think!

We invite your responses to any of the issues raised in this newsletter. Please e-mail us at: bill@appraiserhelp.com with your thoughts!

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We really hope you find our newsletter to be informative!  If you have any input on future topics for discussion, please email me your questions and I will do my best to address them in the next issue.  If you want to look back at past issues you can see our archive at www.appraisernews.com

Regards,

Bill Collins, Appraiser Help Inc.

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