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Statement of Compensation

Discussion in 'Illinois' started by Tony Bamert, May 6, 2011.

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  1. Tony Bamert

    Tony Bamert Junior Member

    2
    Jan 26, 2010
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    I have been contacted by a potential new AMC client to perform appraisal work. (In-House Connextions AMC out of California) They have a standard fee agreement schedule. However, they are requesting my credit card info and want to charge me $10 (automatically deducted from my credit card) for each appraisal I send them. It raises a question of what amount do you show for compensation on the appriasal report when the AMC is requiring a kickback for each order. Appraisal port does the same thing, there are others that do this as well. Thoughts ? (not looking for AMC bashing thoguhts just solutions/answers to this problem). It seems to me a possible attempt/loophole to avoid the new AMC rules.
     
  2. Brian Weaver

    Brian Weaver Senior Member

    3
    Apr 16, 2005
    Professional Status:
    Gvmt Agency, FNMA, HUD, VA etc.
    State:
    Illinois
    Management:
    An appraiser must disclose that he or she paid a fee or commission, or gave a thing of value in
    connection with the procurement of an assignment.

    Comment: The disclosure must appear in the certification and in any transmittal letter in which
    conclusions are stated; however, disclosure of the amount paid is not required. In groups or
    organizations engaged in appraisal practice, intra-company payments to employees for business
    development do not require disclosure.
     
  3. BrianMasterson

    BrianMasterson New Member

    0
    Aug 28, 2010
    Professional Status:
    Certified Residential Appraiser
    State:
    Illinois
    Here is what I am including in my reports for a client that uses a national "portal." Can't guarantee it's compliant but it covers all of the bases:

    In compliance with:
    TITLE 68: PROFESSIONS AND OCCUPATIONS
    CHAPTER VII: DEPARTMENT OF FINANCIAL AND PROFESSIONAL REGULATION
    SUBCHAPTER b: PROFESSIONS AND OCCUPATIONS
    PART 1455 REAL ESTATE APPRAISER LICENSING
    SECTION 1455.250 GROUNDS FOR DISCIPLINE

    Please note the client for this assignment is *****National Appraisal Services. The Lender is ****** Mortgage, which is identified as an Additional Intended User.
    The compensation for this assignment is $390.01. The original fee of $400 paid by ***** Mortgage has been reduced by $9.99, a fee paid to ***** National Appraisal Services by the appraiser.
     
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