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  #1  
Old 02-03-2009, 10:00 AM
Ed Woodruff, MSA Ed Woodruff, MSA is offline
 
Join Date: Mar 2003
Location: Houston, Tx
State: Texas
Professional Status: Certified Residential Appraiser
Posts: 272
Default Anyone Do Work For Lsi?

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!
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  #2  
Old 02-03-2009, 10:39 AM
fifteen fifteen is offline
 
Join Date: Nov 2008
State: Washington
Professional Status: Certified Residential Appraiser
Posts: 2,561
Default

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/produc...aluations.aspx

Quote:
Originally Posted by Ed Woodruff, MSA View Post
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!
  #3  
Old 02-03-2009, 10:41 AM
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Mountain Man Mountain Man is offline
 
Join Date: Jan 2002
Location: North of the ATL.
State: Georgia
Professional Status: Certified General Appraiser
Posts: 15,269
Default

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  
Old 02-03-2009, 10:44 AM
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Pamela Crowley (Florida) Pamela Crowley (Florida) is offline
 
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Location: Wherever We Are Parked
State: Florida
Professional Status: Retired Appraiser
Posts: 25,254
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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.
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  #5  
Old 02-03-2009, 10:46 AM
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Mountain Man Mountain Man is offline
 
Join Date: Jan 2002
Location: North of the ATL.
State: Georgia
Professional Status: Certified General Appraiser
Posts: 15,269
Default

Yeap, I have to correct my answer... someone has just shown me an email, they are now paying $145 in our area.
  #6  
Old 02-03-2009, 12:30 PM
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Paul Isolda Paul Isolda is offline
 
Join Date: May 2004
Location: Stamford, CT
State: Connecticut
Professional Status: Certified Residential Appraiser
Posts: 998
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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.
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  #7  
Old 02-03-2009, 02:28 PM
panappr panappr is offline
 
Join Date: Dec 2007
Location: Los Angeles
State: California
Professional Status: Certified Residential Appraiser
Posts: 4,733
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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  
Old 02-03-2009, 05:38 PM
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JRS at OBX JRS at OBX is offline
 
Join Date: Jun 2006
Location: Outer Banks of NC (OBX)
State: North Carolina
Professional Status: Certified Residential Appraiser
Posts: 5,242
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Run away!!!!
  #9  
Old 02-03-2009, 05:53 PM
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USPAP Compliant USPAP Compliant is offline
 
Join Date: Jan 2002
State: North Carolina
Professional Status: Certified Residential Appraiser
Posts: 8,913
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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  
Old 02-03-2009, 06:01 PM
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Riick Riick is offline
 
Join Date: Aug 2007
Location: DuPont: "Better Living through Chemistry"
State: Delaware
Professional Status: Certified Residential Appraiser
Posts: 9,006
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I thought LSI stood for Lousy, Stingy, & Inadequate;
referring to both the Firm and the Fees they paid.
Please correct me if I'm mistaken.
.
.
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