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Anyone Do Work For Lsi?

Discussion in 'Running an Appraisal Business' started by Ed Woodruff SRA, Feb 3, 2009.

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  1. Ed Woodruff SRA

    Ed Woodruff SRA Junior Member

    0
    Mar 12, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    Texas
    Years ago (early 1990's) I had considered signing up with LSI, but as I recall, the fees were less than what I normally charge, so I declined to persue the application. Now, in this day and age, it seems we must "fall in line", bend over, and sign up with AMC's. I have an application from LSI, and there is a fee schedule to fill out. They want $125 per appraiser for a background check, plus I do not want to waste my time. Can anyone say - do they pay anywhere near a full fee for appraisals? Will they pay at least $300 for an appraisal (that is still way below what I charge). Please let me know, because I do not want to go through all that, only to find out they only pay $200, or $225, or some other crappy low fee. Thanks for your input!
     
  2. fifteen

    fifteen Senior Member

    0
    Nov 15, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    Washington
    Hey Ed, typical fee up here for a full 1004 is $450, LSI pays $180. I would never work for them. It's astounding to me that they would actually want you to pay to "join".
    If you check out their offerings website they are offering many alternative valuation products, so the appraiser is not even a secondary concern for them.

    http://www.lendersservice.com/products/appraisal/drivebyandalternativevaluations.aspx

     
  3. Mountain Man

    Mountain Man Elite Member

    34
    Jan 15, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Georgia
    The typical fee I see in my area is $145...$195 tops. If it's complex and over a million, they'll give you an additional $25.
     
  4. Pamela Crowley (Florida)

    Pamela Crowley (Florida) Elite Member

    4
    Jan 13, 2002
    Professional Status:
    Retired Appraiser
    State:
    Florida
    I hear they pay $150 in my area. They also create a forgery of your appraisal report via 'converting' it into ACI and/or AI-Ready prior to sending it to the lender/client, and it appears they also send a copy of it to FNC for their AVM and property records databases.

    It would be kinder of you to stick a knife into your own back.
     
  5. Mountain Man

    Mountain Man Elite Member

    34
    Jan 15, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Georgia
    Yeap, I have to correct my answer... someone has just shown me an email, they are now paying $145 in our area.
     
  6. Paul Isolda

    Paul Isolda Senior Member

    2
    May 20, 2004
    Professional Status:
    Certified Residential Appraiser
    State:
    Connecticut
    Ed, I can tell by your post that you already know the answer to this. Trust yourself. I have never worked for LSI and have not done anything for over a year for an AMC. I would go beg for a job at Home Depot before I paid $125 to POSSIBLY get on a list to get grossly under paid.
     
  7. panappr

    panappr Senior Member

    15
    Dec 5, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    Hey, does that $125.00 guarantee you will be signed up? Or will you get your sample appraisals back with a bunch of stips to correct. I think that's what they charge for an appraisal review, and the appraiser gets $55.00.
     
  8. JRS at OBX

    JRS at OBX Elite Member

    10
    Jun 13, 2006
    Professional Status:
    Certified Residential Appraiser
    State:
    North Carolina
  9. USPAP Compliant

    USPAP Compliant Elite Member

    4
    Jan 15, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    North Carolina
    Never, ever never did anything for them. Never been contacted by them.

    How have so many of these AMC's survived this downturn. Slow appraisal and slow title work. I am surprised more have not bit the dust.
     
  10. Riick

    Riick Elite Member

    49
    Aug 14, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    Delaware
    I thought LSI stood for Lousy, Stingy, & Inadequate;
    referring to both the Firm and the Fees they paid.
    :shrug:Please correct me if I'm mistaken.
    .
    .​
     
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