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.

My New Email Signature - Fee Too Low

Discussion in 'General Appraisal Discussion' started by ScottAAustin, Oct 19, 2010.

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

    ScottAAustin New Member

    0
    Mar 25, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    Alabama
    In response to yesterdays announcement by the Fed, I have a new auto signature which I just sent to an AMC regarding a request for an appraisal which included a fee which is below market rates.

    Enjoy!

    Scott Austin

    - - - - - -

    Unacceptable Assignment Condition: Violation of Federal Reserve guidelines regarding "Reasonable & Customary Fees".

    The Federal Reserve Board Oct. 18, 2010 released interim rules on real estate appraisal standards required under the Dodd-Frank Wall Street Reform and Consumer Protection Act.

    The federal guidelines state that: "Under the interim final rule, a creditor or its agent must pay a fee appraiser at a rate that is reasonable and customary in the geographic market where the property is located."

    The customary fee for appraisals completed on the form(s) indicated in your letter of engagement is higher than the fee indicated on your request. The market fee for the requested product is $____. If you wish to proceed, please forward a new letter of engagement with the corrected market rate fee indicated.

    Best regards,

    Scott A. Austin, IFA

    Scott@AustinAppraisal.net

    Austin Appraisal, LLC
    P.O. Box 481
    Alabaster, AL 35007

     
  2. Riick

    Riick Elite Member

    32
    Aug 14, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    Delaware
    Ummm Mr. Austin?
    You might make a note for yourself that per the interim rule released yesterday, C&R fees are not obligatory until April Fools Day 2011.
    Of course I may have read the rules wrong.....?
    Oh, wait, no, not really, there it is, on page 1


     
  3. Terrel L. Shields

    Terrel L. Shields Elite Member
    Gold Supporting Member

    248
    May 2, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Arkansas
    April's Foooolss... If they intended to not pay in the first place, why do they still argue over price?
     
  4. ScottAAustin

    ScottAAustin New Member

    0
    Mar 25, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    Alabama
    Friends, I assure you I am am well aware of the mandatory compliance date.

    The point is not however to delay doing the right thing, it is to put the AMCs on notice ASAP that the days of making the appraiser pay for the AMCs profits are over.

    Should we tell the AMCs that yes it is still perfectly acceptable to continue to insult appraisers by sending out such rediculous requests? Heaven forbid! ("As a dog retuns to it's vomit, so a fool to his folly")

    I assure you that I have never been one to accept below market rate fees. I welcomed this announcement. I cannot understand why every appraiser would not now finally stand up for themselves. I have never understood this. I especially cannot understand it now that such an opportunity has arisen out of the long efforts of so many.

    Perhaps I am alone?

    Scott A Austin, IFA
     
  5. eld2310

    eld2310 Member

    1
    Jan 3, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    Washington
    I like it. The AMC employees that read it probably won't have a clue about the April 1 mandatory compliance date anyway, or much of a clue about anything else. At the very least they might waste a little time reading it before pressing the delete button. At best they might refer it to someone with some knowledge about the situation who will then waste a little time reading it before pressing the delete button. At least it's some kind of response that indicates that appraisers are aware of HR4173 and intend to see it enforced.

    You know, I'd borrow your verbiage to respond to a Clear Capital order I got this morning, but I'm worried that they might actually accept.
     
  6. Jo Ann Meyer Stratton

    Jo Ann Meyer Stratton Elite Member

    25
    Jan 16, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Arizona
    Last week an AMC broadcast an order, but the address was not available until I accepted it. The fee was for $200--so I sent them an email that my fee was $***. Their response back was the most they could go was $325. So then I sent the following email to them:

    "Please cancel the order, as the minimum fee I charge any one is $*** which is the minimum of customary and reasonable fees of competant, local appraisers that are knowledgable for Graham and Greenlee Counties, Arizona. A large per centages of sales and offerings for sale are by owner and not listed in the local MLS."

    Next email they had raised the fee to my standard fee and placed the order with me.. So I make the appointment for yesterday, get to the street in front of subject and the owner comes knocks on my window that they had decided not to go with that mortgage company so everything was canceled.

    But something similar will be what I send to any client that offers a substandard fee. Which has been my policy since 1997 (before I was in offices with supervisory appraisers that made the decisions for the company). Now I will include the wording and references from Fannie Mae and Freddie Mac.
     
  7. Captain Common Sense

    Captain Common Sense Member

    0
    Oct 30, 2006
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    Very nice! I think most of the wording is way above their vocabulary level but, they should still get the gist of it.:new_2gunsfiring_v1:
     
  8. ScottAAustin

    ScottAAustin New Member

    0
    Mar 25, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    Alabama
    Send it to Clear Capital. I didn't really want the order either. I haven't heard back from them, but getting a second exact response will be a second shot over the bow.
     
  9. Bigrock

    Bigrock Member

    0
    Jun 6, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    Georgia
    i just used it, I will let you know what happens
     
  10. Flygirl 152

    Flygirl 152 Senior Member

    0
    May 3, 2006
    Professional Status:
    Certified Residential Appraiser
    State:
    California
    Please do update. I have a feeling they will not respond, but you never know.
     
Thread Status:
Not open for further replies.

Share This Page