AMC terror (AMC's)

by Michael, Monday, June 01, 2009, 21:26

AMCs have absolutely no respect for the appraisal profession. They are turning into appraisal mills taking advantage of true professionals. A major appraisal company which turned AMC is now hiring appraisers for $40K/year requiring them to complete at least 40 appraisals before bonuses even kick in. They do offer health insurance and 401K, but that's like a bribe to perform appraisals for $ 60/report (after taxes). Once appraisers allowed them to get away with ridiculous fee splits they took the greed to a whole new level. Any appraiser taking $ 150 per complete report from an AMC has no respect for his/her work and deserves to be paid $ 60/report in a not so distant future, while AMCs which were sued by New York's attorney general and are the reason for this mess make a killing. It's all about lobbying and our lack of organization. AMCs basically lobby clients not to order reports from independent appraisers. In addition there are plenty of ads looking for people to perform BPOs in newspapers and Craigslist. I wonder how long AMCs would stay in business if we formed a professional organization which would prohibit licensed appraisers from paying referral fees to get business, naming any third party that takes any fee from appraisers to receive work as referral business. HVCC will degrade this profession because human greed has no limits, unless people act. Unfortunately, when you bring people to their knees they'll work for food.