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1004 MC - Fee Survey.

Discussion in 'Fannie Mae, Freddie Mac, USPAP' started by cbosshog79, Mar 10, 2009.

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  1. cbosshog79

    cbosshog79 New Member

    0
    Aug 28, 2008
    Professional Status:
    Certified General Appraiser
    State:
    Texas
    I wanted to check the pulse of the appraisal world and see what additional fee, if anything, people are intending on charging for the 1004 MC form...
     
  2. Wolverinefan

    Wolverinefan Member

    0
    Dec 7, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    Michigan
    I would love to charge $50, but I think $10-$25 is more realistic...

    I don't think its going to take much more time than I spend now on the market analysis. Its just a matter of an extra form (I have to pay $350 to get from ACI) and the headaches that are going to come along with the new form from underwriting.
     
  3. Dan Umstead

    Dan Umstead Senior Member

    22
    May 26, 2006
    Professional Status:
    Certified Residential Appraiser
    State:
    Georgia
    Most here in Atlanta are quoting $25 to $100, according to a lender we work with.
     
  4. CastleGal

    CastleGal Junior Member

    0
    Aug 5, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    Maryland
    I know that our state's Association of Appraisers told us in a class that we should be charging at least as much as rent schedule to be fair. Our instructor told us it takes just as long to fill it out correctly. After taking the 2 hour course and seeing how tedious it is with numerous searches on the MLS, I agree with them! Though they have no problem with us using N/A in any of the areas with inconclusive data.
     
  5. timd354

    timd354 Elite Member

    108
    Jan 11, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    Maryland
    $10-$25? You have got to be kidding.....grow a pair and charge a fee conmesurate with the additional work and liability.
     
  6. dobie

    dobie Senior Member

    2
    Oct 26, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    New Jersey
    Wait a minute.

    Haven't you been researching and analyzing this data all along?

    How do you establish your neighborhood price trends and absorption conclusions?

    And don't you include that data in your reports to support your checkboxes on page 1?

    Now you're just putting that data on a FNMA form instead of in your own graphs/charts/narrative.

    Where's the extra charge come from?

    I must be alone on this.
     
  7. cbosshog79

    cbosshog79 New Member

    0
    Aug 28, 2008
    Professional Status:
    Certified General Appraiser
    State:
    Texas
    Isn't this more of a "level of reporting" issue rather than a "scope of work" issue?
     
  8. Camp1

    Camp1 Sophomore Member

    0
    Jun 6, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    North Carolina
    Are you willing to do narrative appraisals for your regular fee as well?

    After all, that information should already be in your workfile.
     
  9. dobie

    dobie Senior Member

    2
    Oct 26, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    New Jersey
    I am going to wager that this data and analysis is not in the workfiles of those who clamor for more money. The clients I know have been wanting to see this "workfile" product for many months now.

    Do I do narratives for my normal fee. No. But rather than fill my addenda with repetitive boilerplate like many I include relevant market analysis.

    If anyone has been making time adjustments for the last six months do you not show how you got that adjustment?
     
  10. timd354

    timd354 Elite Member

    108
    Jan 11, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    Maryland
    Yes, I do show how I make the adjustment and I do include market data including charts, etc. However, I do that in a format which works well for my market areas and do not need or want a stupidly designed Fannie form that forces me to present data in a manner that I believe is often useless at best and often misleading at worst. Because of that, the form will cause me extra work (essentially to explain how and why the form is misleading and should be ignored by the underwriter who should really look at my addenda). Additionally, I have no doubt that the form will result in more stips and questions from underwriters who will not understand the form. Thus, in addition to the extra work, the form is going to cause a huge annoyance factor. Thus, clients will need pay for the extra work and annoyance.
     
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