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Old 05-06-2011, 10:46 AM
Tony Bamert Tony Bamert is offline
 
Join Date: Jan 2010
State: Illinois
Professional Status: Certified Residential Appraiser
Posts: 179
Default Statement of Compensation

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.
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  #2  
Old 05-06-2011, 07:08 PM
Brian Weaver Brian Weaver is online now
 
Join Date: Apr 2005
Location: Chicago area
State: Illinois
Professional Status: Gvmt Agency, FNMA, HUD, VA etc.
Posts: 2,515
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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  
Old 05-07-2011, 11:16 PM
BrianMasterson BrianMasterson is offline
 
Join Date: Aug 2010
State: Illinois
Professional Status: Certified Residential Appraiser
Posts: 42
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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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