Discussion in 'Fannie Mae, Freddie Mac, USPAP' started by reliantappraisals, Jan 7, 2009.
Im not sure how to create a poll
Just wondering if your raising your fees for the 1004mc?
Guess I did it right.
Thanks for your answers.
In the future, my fee for a FNMA appraisal with the new form will be increasing substantially. We will see how it all pays out as currently, at least 75-80% of my mortgage lending related work is FHA appraisals. Of course, if the FHA or lenders start requring the new form on FHA appraisals, then my FHA fee will be incresed also.
I have a real problem with the new form because I believe that it will be meaningless and/or misleading in many cases because of the stupidity of the form and it will definitely not provide any more relevant information than is currently provided in my current Market Conditions Addendum.
the truth of the matter is we could hand 90% of the lenders and underwriters our whole workfile and they woudlnt understand what they were looking at. Just like this new form it would be meaningless and useless to them.
we can cram all the info in the world into our report but it wont help if the people reading it dont understand it.
More work, less fees
More work, less fees ...thats the American way, we just keep getting screwed with no representation.... appraisers are like the citizens of Washington D.C.
The positive note of this POP is more appraisers will leave, supply and demand will balance much sooner, allowing price increases across the boards to occur much sooner. Bear with, stay strong, and you will appreciate long term.
I figure 90% of the appraisers, or more, will create it once, then clone it to each and every report. No more work, really.
My report already contains something similar, spelled out with all the important facts, and I only have to run three MLS searches. I'm thinking it will take about 10 different searches to fill out this form, maybe more. Pain in my butt.
Oh man! I hadn't even thought of that. Maybe I should change my vote for increase in fee to no increase in fee.
I have included statistical data on average and median prices, days on market, and changes on a quarter over quarter and year over year basis for many years. I do it on a city or regional basis where there is enough data to draw reasonable conclusions. The 1004MC asks for filtered data related to truly comparable prpoerties, i.e. properties that you would consider to be used as comparables in the report. In the markets I work in, there relatively little data in any given 3 month period and far to little to draw any meaningful statistical concludions from. The whloe format is a complete waste of time in the areas I work in.
I do my statistical reporting on a city or regional basis and on a quarterly basis. I can reuse the same statistics for 3 months for all properties in any given market area. The 1004MC will require new statistical research for each and every appraisal report. I believe that it should add, at a minimum, $50 to each appraisal report. Do I expect that AMCs or the big lenders will pay an additional $50 or more an appraisal? NO!!!! We will be expected to provide this information for free. They'll say that we should have been doing this all along anyway and an additional fee is not warrranted. I've been in this business for 25 years and this is just the way it goes. Do all of the forms for a set fee that is dictated by the powers that be or go find another line of business.