I heard of AppraiserSupport today, and this website is worth a look to see one of the core complaints about the Home Valuation Code of Conduct (HVCC). Certain AMCs (Appraisal Management Companies) are charging Borrowers big money for appraisals, but then turning around and giving appraisers less than 50% of the amount charged, while pocketing the rest of the fee. Ouch!!
The AppraiserSupport website lists a handful of these AMCs – what they charge and what they pay appraisers. Don’t get me wrong though. Despite the “AMC” topic being a sore subject around many appraisers, there are definitely some upstanding AMCs out there who respect appraisers and pay them reasonable fees too (I do business with a handful of the “good guys”). It’s just unfortunate to see what some AMCs are doing because it hurts the consumer, the appraiser trying to stay afloat in this economy, and definitely the overall quality of real estate appraisals (HVCC only applies to certain types of loan appraisals).
Have a look at www.AppraiserSupport.com and let me know what you think. And just so you know, I did not build this website.
For more on HVCC, have a look at my “Talking to Appraisers in an HVCC World: Tips for Real Estate Agents” and “Can Realtors Still Talk to Appraisers After May 2009? (HVCC went into effect on 05/01/09)“.