1. Welcome to AppraisersForum.com, the premiere online community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

Disclosure of fees in appraisals

Discussion in 'Fannie Mae, Freddie Mac, USPAP' started by samfrank, Mar 2, 2009.

Thread Status:
Not open for further replies.
  1. samfrank

    samfrank New Member

    0
    Feb 27, 2009
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida
    USPAP requires that the "disclosure of fees, commissions, or things of value connected to the procurement of an assignment must appear in the certification and in the transmittal letter in which conclusions are stated."

    Do you think many appraisers are doing this for the annual fees and per assignment fees they pay to AMC'S and lenders? :icon_question:
     
  2. Peter LeQuire

    Peter LeQuire Elite Member

    94
    Jan 3, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    Tennessee
    I know at least one who does.
     
  3. Pamela Crowley (Florida)

    Pamela Crowley (Florida) Elite Member

    3
    Jan 13, 2002
    Professional Status:
    Retired Appraiser
    State:
    Florida
    "My standard fee for this appraisal in the open market place is $350. The appraisal management company that ordered this appraisal was paid $200 in order to procure this appraisal assignment."
     
  4. Mike Kennedy

    Mike Kennedy Elite Member

    96
    Sep 28, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    New York
    Unless an Appraiser cuts an actual check and sends it to a Client or Client's Order Originator (of any type) - accepting a Negotiated Fee is not payment to secure an order.
     
  5. samfrank

    samfrank New Member

    0
    Feb 27, 2009
    Professional Status:
    Certified Residential Appraiser
    State:
    Florida
    Disclosure of fees

    where does USPAP say that?
     
  6. leelansford

    leelansford Elite Member

    45
    Mar 29, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois

    There will soon very likely be a 2nd such state.

    Stay tuned.
     
  7. leelansford

    leelansford Elite Member

    45
    Mar 29, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    The OP is quoting from lines 237-239 in the "Management" section of the ETHICS RULE (USPAP).
     
  8. Howard Klahr

    Howard Klahr Senior Member

    83
    Oct 4, 2004
    Professional Status:
    Certified General Appraiser
    State:
    Florida
    In accordance with the agreement between the majority of AMCs and Appraisers, the Appraiser does not pay a fee for the procurement of an assignment. The appraiser in fact accepts an assignment based on a pre-negotiated fee. Therefore, no disclosure is required under current regulations.

    As Lee noted, several states are in the process of reviewing this issue and might impose new regulations, but currently I am not aware of any.
     
  9. Pamela Crowley (Florida)

    Pamela Crowley (Florida) Elite Member

    3
    Jan 13, 2002
    Professional Status:
    Retired Appraiser
    State:
    Florida
    OK, how about this one:

    "My standard fee for this appraisal in the open market place is $350. The appraisal management company that ordered this appraisal was discounted $200 in order to procure this appraisal assignment."
     
  10. panappr

    panappr Senior Member

    4
    Dec 5, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    First of all, I heard that base fees for some of the larger AMCs went up to $400.00 - $425.00 after the 1st of the year. But this was to cover their own expenses, so don't get excited. :unsure:
     
Thread Status:
Not open for further replies.

Share This Page