The Appraiser Shortage Myth Part 43

[TRESinc]

Ask Evincere about the appraiser - cooperative run AMC...it was called National Valuation Service (NVS), I am sure that she can tell you everything that you want to know about it...assuming that she is willing todiscuss it.

I know that they tried to set up an AMC that was supposedly run on a cooperative non-profit model and that it did not work out in the long run. I heard different rumors about why it failed, but I am not going to repeat those rumors because I have no way of verifying the rumors and I don't have any personal knowledge of what happened.

ok.

so EVINCERE - what's the story with NVS? what happened to cause it to fail?

 

[Meandering]

(I'd like to see elimination of the blended fee on the HUD- fee for appraisal, fee for processing or management if AMC is used.

Do you have a copy of the current RESPA law (TRID is part of it), that says the appraisal fee can be blended with the appraisal management fee???

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???

???

Oh my!

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[The Warrior Monk]

Requiring a fixed cap or requiring a fixed percentage IS price fixing. That's not even open to debate. Familiarize yourself with the laws pertaining to this issue; they're well established.

 

[J Grant]

Yes, let's just start capping this fee and that fee, whether we do it as a dollar amount or cap it as a percentage of something because once we start down that road, nobody will want to cap appraiser fees, right?

Capping a fee is not the same as capping a percent of contribution toward the total fee from a source (such as borrower paid)

The premise of once we start, where does it stop; such as it would lead to capping an appraisal fee- If I eat an ice cream cone, then it leads to the road of I eat 10 gallons of ice cream ...one does not have to lead to another.

However, it was just one option put forth- and the fact that it is being twisted around by DW and TMD to instead of exploring it as an option, they pounce on it as an opening to cap appraisal fees, shows their mindset. .

We can see by the responses in this thread no AMC intention of complying with C and R as intended, no initiative to switch to cost plus, nor indication they will stop selecting appraisers with lower fees as a component of appraiser selection

Which only brings us back to the only viable option at present for appraisers- don't work for an AMC unless they pay well. Since the two are mutually exclusive in most cases, least try to limit AMC work if you must do some and seek out other clients.

 

[timd354]

Requiring a fixed cap or requiring a fixed percentage IS price fixing. That's not even open to debate.

There is no use in bothering to reason with her, she is immune to all logic regarding this issue.

 

[DWiley]

We can see by the responses in this thread no AMC intention of complying with C and R as intended,...

Hmmm. Somehow I think the obligation is to comply with the law as it is written - which just does not happen to coincide with how you wish it was written.

 

[Meandering]

J,

The appraiser fee is already capped, as it's being quoted by a loan officer, and paid by a borrower.

Try that the next time you order a pizza.

What do you mean $12? I was quoted $8 and a pizza management company was hired to make sure my pizza won't cost more than $8.00. I don't care if they're only paying you $4.50 to make my pizza.

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[The Warrior Monk]

Once again, the examples: Price is for AMC management service

A price AMC charges the lender,: $200. Lender pays AMC $200.

Not price fixing; fee was negotiated.

( $100 of the $200 came from the fee split cap %) Since the lender paid to AMC the $200 price AMC wanted how is that price fixing?

You stated fee split cap. If you mean a 50% split was negotiated, then no price fixing is involved. If you by split fee can is required and not negotiable, then it is price fixing.

You're arguing with people that actually have to understand the laws pertaining to this issue as part of their job, and telling them they are wrong.

 

[Deleted member 130081]

Sure.

 

[Meandering]

Hmmm. Somehow I think the obligation is to comply with the law as it is written

You do know the C&R law was in effect 4/1/2011??

Finding legal religion now?????


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