Stories, good and bad, about experiences with AMCs
| Tue, Nov 3 2009 09:21am EST 1 |
Jeff
18 Posts
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please describe both good and bad interactions you have had with
AMCs
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| Tue, Nov 3 2009 12:59pm EST 2 |
ColoradoLender
18 Posts
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They take longer and cost more than non-HVCC appraisals. Recently
needed one done in Elko, Nevada. Bids sent out and best one ended
up being $500 and 17 days. Ridiculous waste of time and money only
to pad some AMC/Bank's pocket and at the same time allowing them to
control one more aspect of the transaction. Thanks WAMU!!
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| Tue, Nov 3 2009 01:24pm EST 3 |
Jeff
18 Posts
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Who do you work for. Nations (my company) would never have been
that high or that long
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| Tue, Nov 3 2009 01:30pm EST 4 |
ColoradoLender
18 Posts
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First National Bank of Omaha is our ''parent company''. The HVCC is
the biggest waste of time and money I have seen in this industry in
the last 9 years I've been in it. A stupid rule put in place by
stupid people who couldn't spell mortgage if you gave them the
first 7 letters. I mostly originate VA and FHA loans though so can
most times avoid the freaking idiocy.
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| Tue, Nov 3 2009 01:42pm EST 5 |
Jeff
18 Posts
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until Jan 1st when FHA goes the way of the HVCC
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| Wed, Nov 4 2009 09:11pm EST 6 |
Master of Her Domain
136 Posts
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I have one, even though the HVCC hadn't yet passed when I ordered
the appraisal, but was in effect through some of the transaction...
Appraisal needed two comps. Landsafe had used some idiot company
that had apparently never DONE an appraisal before. They used all
garbage comps. Anyway, we asked for the additional comps. Through
LANDSAFE, since that was our contact. One week goes by. Two weeks
go by. Client calls the appraiser, I call the appraiser. 'We sent
them in last week.' we were told. Oh, and also, 'don't call us
it's against the law.'. Great right? The two comps? In the queue
awaiting final review. So, sometimes it's not even the appraiser,
it's the AMC you are dealing with- they had the info, they were
just sitting on it. I wish I could remember more of this
nightmare, but I guess my brain is shielding me from the trauma.
It was the most frustrating, stressful appraisal situation I have
ever encountered.
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| Fri, Nov 6 2009 02:24pm EST 7 |
Jeff
2 Posts
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Let's just hope the bill passes that throws HVCC out the window. We
all know it's a cover-up for the real issues. If they want a model
to look at for mortgages they can look the VA side of things. They
offer 100% financing and have been doing so for years. They haven't
changed anything for a long time. And yet they still have a smaller
average of delinquencies than any other type.
I have not personally seen any issues thus far with HVCC, except
for the fact that it has dampened positive working relationships
that I have had with appraisers.
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| Tue, Nov 10 2009 09:35am EST 8 |
Jeff
18 Posts
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Again, LANDSAFE... Hate them...
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| Tue, Nov 10 2009 09:40am EST 9 |
Master of Her Domain
136 Posts
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I mixed up AMC's- it was actually LSI. Even worse. :)
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