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  #1  
Old 10-19-2010, 12:45 PM
ScottAAustin ScottAAustin is offline
 
Join Date: Mar 2008
State: Alabama
Professional Status: Certified Residential Appraiser
Posts: 16
Default My New Email Signature - Fee Too Low

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

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  #2  
Old 10-19-2010, 01:01 PM
Riick's Avatar
Riick Riick is offline
 
Join Date: Aug 2007
Location: DuPont: "Better Living through Chemistry"
State: Delaware
Professional Status: Certified Residential Appraiser
Posts: 9,020
Default

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


Quote:
DATES: This interim final rule is effective [insert date that is 60 days after the date of publication in the Federal Register], except that the removal of §226.36(b) is effective April 1, 2011.
Compliance date: To allow time for any necessary operational changes, compliance with this interim final rule is optional until April 1, 2011.
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  #3  
Old 10-19-2010, 01:03 PM
Terrel L. Shields's Avatar
Terrel L. Shields Terrel L. Shields is offline
 
Join Date: May 2002
Location: Springtown, AmeRica
State: Arkansas
Professional Status: Certified General Appraiser
Posts: 39,393
Default

April's Foooolss... If they intended to not pay in the first place, why do they still argue over price?
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  #4  
Old 10-19-2010, 01:31 PM
ScottAAustin ScottAAustin is offline
 
Join Date: Mar 2008
State: Alabama
Professional Status: Certified Residential Appraiser
Posts: 16
Default

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  
Old 10-19-2010, 01:44 PM
eld2310's Avatar
eld2310 eld2310 is offline
 
Join Date: Jan 2008
State: Washington
Professional Status: Certified Residential Appraiser
Posts: 821
Default

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  
Old 10-19-2010, 01:58 PM
Jo Ann Meyer Stratton's Avatar
Jo Ann Meyer Stratton Jo Ann Meyer Stratton is offline
 
Join Date: Jan 2002
Location: Safford, Arizona
State: Arizona
Professional Status: Certified Residential Appraiser
Posts: 6,264
Default

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  
Old 10-19-2010, 01:59 PM
Captain Common Sense's Avatar
Captain Common Sense Captain Common Sense is offline
 
Join Date: Oct 2006
Location: Armpit
State: California
Professional Status: Certified Residential Appraiser
Posts: 714
Default

Very nice! I think most of the wording is way above their vocabulary level but, they should still get the gist of it.
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  #8  
Old 10-19-2010, 02:34 PM
ScottAAustin ScottAAustin is offline
 
Join Date: Mar 2008
State: Alabama
Professional Status: Certified Residential Appraiser
Posts: 16
Default

Quote:
Originally Posted by eld2310 View Post
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.
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  
Old 10-19-2010, 02:37 PM
Bigrock's Avatar
Bigrock Bigrock is offline
 
Join Date: Jun 2007
State: Georgia
Professional Status: Certified Residential Appraiser
Posts: 885
Default

i just used it, I will let you know what happens
  #10  
Old 10-19-2010, 02:55 PM
Flygirl 152's Avatar
Flygirl 152 Flygirl 152 is offline
 
Join Date: May 2006
Location: Northern California
State: California
Professional Status: Certified Residential Appraiser
Posts: 1,164
Default

Quote:
Originally Posted by Bigrock View Post
i just used it, I will let you know what happens
Please do update. I have a feeling they will not respond, but you never know.
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