Puzzle Pieces

I have heard appraisers say, “AMC’s don’t care about the appraisers, they only care about getting their money from the lenders”. I have heard lenders say, “just get a new appraiser, there are tons of them out there”. In between all these talks, lie us, the AMC.

How do we handle being in the middle of this ever changing appraisal market? Should we chase the money and not pay any attention to our appraisers? Not at all. Should we make our appraisers our one and only focus and pay no attention to our clients? Probably not a good idea. So what do we do? How do we handle this?

I think the key to a successful AMC and its relationship in the market is simple. Just like our society as a whole, there is one big key that is often overlooked… Equality. Being an attorney, I know a little something about the history of equality (I won’t bore you with Constitution speak).

Appraisers, Lenders, AMC’s, we are all just pieces to a puzzle. When you are putting together a puzzle, one piece is not more important than the other, is it? No, you either have a completed puzzle or you don’t. You need all the pieces for it to be a finished product.

I am sure there are some AMC’s out there who may believe that the appraisers play an insignificant role in the process. They may believe their one and only focus should be on the clients who are sending them business and money. In my opinion, the AMC’s who treat their appraisers as if they are not important, not only give other AMC’s a bad name, it is bad for the industry as a whole.

Our clients are important, they keep our business alive. Our appraisers are important, they keep our business alive. If those last two sentences sound redundant, that is intentional. Both sides are equally important, they are not mutually exclusive. To quote one of the best shows of the 1980’s and 1990’s, “You can’t have one without the other” (Married with Children, for those of you who didn’t get it!).

We could have lenders sending us thousands and thousands of orders, but if we don’t have the quality appraisers we need, those orders are obsolete. We could have a panel loaded with all the top appraisers in the country, but if we do not have any orders to assign to them, that outstanding panel is obsolete. Our focus and the focus of all AMC’s, should be to make sure that both sides of the transaction are treated fairly. We are all in this industry together and the best results will be seen when we are all able to work within the industry together.

We understand that there are appraisers out there who do not like AMC’s. We also understand there are appraisers out there who will adamantly refuse work from AMC’s. That is beyond our control. As an AMC, we do not write or create laws. We are not Chris Dodd or Barney Frank (Dodd-Frank). The rules are there, they are what they are, our next best option is to work within the confine of those rules and be the best at what we do.

Again, we might be the connection between lenders and appraisers, but we are still only one piece of the puzzle. For the industry to thrive and the puzzle to come together, all the pieces must adapt and coexist. Just like a puzzle, all the pieces must be cohesive and fit perfectly together to see the exceptional completed product.

John Hamameh –  In-House Counsel / Chief Compliance Attorney