UWM Brings Appraisal process in house == NO MORE AMC'S, a heads up from ATX based Lender Jerry Price

Please pass this along to any fellow agents, appraisers, or anyone else you know complaining about how long it takes to get appraisals done.

The issue with the appraisal industry is not necessarily a shortage of appraisers. It is the Appraisal Management Companies or “AMC’s”. AMC’s are taking more and more of the fees paid on appraisals. United Wholesale Mortgage, my #1 lender did a study. It is not unusual for AMC’s to keep over 50% of the appraisal fees. This is extremely unfair to the appraisers, many are independent practitioners just trying to feed their families. Then, due to the market lenders and realtors need the appraisals rapidly often, further driving up fees.

It is the portion of the Dodd Frank Act enacted after the 2008-09 mortgage meltdown that is causing this issue. The law, which is supposed to protect not only lenders but borrowers, is only driving up the costs of appraisals, I just ordered one which is expected to cost $1,800 and take up to 6 weeks. This is unfair to our end customer, the homebuyer.

UWM is now hiring appraisers in house, or direct. They are stopping the use of AMC’s. This is absolutely HUGE in the mortgage business. Appraisals will be ordered by the lender via input from the mortgage loan originators.

Please pass the attached word document along to anyone you know that could benefit from faster appraisers. UWM is already taking appraisals direct but the process kicks off publicly on October 1^st.

As usual, I am always here 24/7/365 to answer questions or assist you in anyway I can.

Thanks

THE BROKER FOR TEXAS!!

Jerry Price | Mortgage Loan Officer | Edge Home Finance

C: (214) 718-6829

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www.jerryfprice.com

NMLS# 1720457

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