If there is one thing I have learned post housing finance crisis it is that the term “soon” means different things to different people. Those “Inside the beltway”, I have come to learn, live on a different timetable than the rest of us. And if you pondered how sausage is made, you would wonder how anything ever gets done at all. After an excruciatingly long wait, the FFIEC (Federal Financial Institutions Examination Council) will finally be issuing AMC Final Rules.
The FDIC has announced their agenda for Tuesday, April 21, 2015 here. The AMC Final Rules will appear in the Federal Register “soon” thereafter.
The major components within the Draft AMC Rules were:
- Minimum AMC Registration Requirements
- Firms vs. AMC
- Appraisal Independence
- Customary & Reasonable Fee Enforcement
- Voluntary State Adoption
- Appraiser Selection
No doubt each of these issues will be addressed in the Final Rule. The draft was pretty comprehensive. Oversight of AMCs is a lot more complicated than it would appear on the surface. No doubt the blogosphere will be buzzing with activity with various interpretations.
On our ThinkRegs.com website we will be offering a webinar on May 20th at 2 pm (Eastern). Peter Christensen and Joan Trice will offer an engaging dialogue about the Final Rules. For more details go to www.thinkregs.com. While the intended audience is AMCs and Lenders, there certainly may be appraisers who are interested to learn about the AMC Final Rules.
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Written by : Joan Trice
Joan N. Trice is the founder and CEO of Allterra Group, LLC, publisher of Appraisal Buzz, and host of the annual Valuation Expo, the largest conference for the valuation community. Joan also hosts the Collateral Risk Network, a members-only group of more than 500 dedicated chief appraisers, collateral risk managers, regulators, and valuation experts who are focused on resolving the many challenges facing our profession.
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I’m interested to learn if these rules improve the lot of the “boots on the ground” appraisers or hasten their demise.
So far I’m betting on quicker demise given the allegiances in the battle for survival.
Get away from mortage work.
Get away from AMCs.
You will make more money and have a superior work environment.
Better yet…GET AWAY FROM APPRAISING!
So True
Amen
Joan N. Trice is the founder and CEO of Clearbox, this company “Clearbox” If I am correct (as I received an e-mail asking to join them for $39.00 ,so I can get paid from this particular AMC….who I will not work for now) does background checks on appraisers for various AMC’s, which to me appears to be another way B.S way to get into appraisers pockets. Appraisers go through background checks before we are licensed. Now companies like this are convincing AMC’s that they need more security at the expense of appraisers. Please respond if I am incorrect, and my apoligy in advaqnce if so.
You’re spot on. Buy my list, I’m the back ground check hub. You need this, that and this thing-a-ma-bob. Just sign here and pay, pay and pay.
So True. We are State Licensed or Certified! A background check is only to make management companies look good at our expense!
Why anyone would allow a private company to complete background checks is a mystery to me.
I have concluded that requiring a background check in addition to the one required by the state (Colorado) for licensing is just harassment. It is an added expense to the appraiser so the appraiser can work for somebody who is taking 1/2 of the fee for basically nothing in return
So ..I guess that bothers me a bit that the CEO of Clearbox also is the publisher of Appraisal Buzz which I actually like reading…..Seems to me on one hand Appraisal Buzz is good for the appraiser and on the other hand companies like Clearbox are part of the problem for appraisers …just someone else with their hands in our pockets …and once again please correct me if I’m wrong…and my apologies if so…(sorry for spelling errors in last post..was in kind of a rush)
Very True. But we could learn appraisal information all over the web. We don’t need Clearbox or BUZZ
Mike,
Please give me a call. I’d be happy to chat with you. Clearbox is only bad for bad actors. It is great for honest, competent appraisers. Your clients must engage the best appraiser in each market. The Final Rules make that abundantly clear.Clearbox provides a service to Lenders and AMCs to help you connect with each other.
I wish all could see a little more about Joan’s background….. Also I am sure these rules will just be more to make all appraisers more financially poor in the end. Lets face it: Fannie Mae does not want appraisers to be around at all someday. And the management companies are just helping them accomplish it! So Appraisers and Management Companies will both be a thing of the past in the future. I have no idea what roles will be in place of all of us once Fannie has their way, but it wont be the ” Appraiser or Management Co.”