Bifurcated Appraisal Inspections/new Ny Legislation?

[Michigan CG]

You state - a direct lender. Did your discussion with your direct lender (presuming no AMC ) regarding reasonable fee of $300 to you include the use of another 3rd party - an agent - doing the inspection?

3rd Party inspection, yes. They don't use an AMC.

- IOW - would you be doing both components - inspection and valuation..............

Why would I do both for a reduced fee?

- The crux of many if not most of these hybrid discussions are those running through AMC management. Not those being ordered via Direct lenders

The AMCs have shown their true ignorance with the $75 or $100 offers. They aren't relevant in this discussion as anyone who takes that type of fee is an idiot. If one is dumb enough then they get what they deserve.

 

[DWiley]

...have shown their true ignorance with the $75 or $100 offers. They aren't relevant in this discussion as anyone who takes that type of fee is an idiot. If one is dumb enough then they get what they deserve.

So true. Those who are soliciting 1004Ps at those price points have done nothing but fan the flames of anger. It is/was a terrible move, and as I have stated before, I have told Fannie that in order for the 1004P tests to have any degree of success there will have to be fair compensation (to the appraiser) for the work involved. If significant fee reduction is/was the goal, then the 1004P form was NOT the right place to start, because it simply does not facilitate any significant time savings.

 

[ucbruin]

So true. Those who are soliciting 1004Ps at those price points have done nothing but fan the flames of anger. It is/was a terrible move, and as I have stated before, I have told Fannie that in order for the 1004P tests to have any degree of success there will have to be fair compensation (to the appraiser) for the work involved. If significant fee reduction is/was the goal, then the 1004P form was NOT the right place to start, because it simply does not facilitate any significant time savings.

What fee amount will SL be offering?
Let SL tamp down those flames....

 

[The Bob]

I wonder when Fannie will update their selling guide....

B4-1.1-03: Appraiser Selection Criteria (01/31/2017)

Appraiser License and Certification
Fannie Mae requires a lender (or its authorized agent) to use appraisers or supervisory appraisers that are state-licensed or state-certified (in accordance with the provisions of Title XI of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 and all applicable state laws). The lender (or its authorized agent) must document that the appraisers it uses are licensed or certified as appropriate under the applicable state law. The lender must ensure that the state license or state certification is active as of the effective date of the appraisal report. The appraiser must note his or her license or certification number on the individual appraisal report forms, in compliance with the Uniform Appraisal Dataset Specification, Appendix D: Field-Specific Standardization Requirements.

Fannie Mae’s appraisal report forms identify the appraiser as the individual who

• personally inspected the property being appraised,
  
• inspected the exterior of the comparables,
  
• performed the analysis, and
  
• prepared and signed the appraisal report as the appraiser.
  

This does not preclude appraisers from relying on individuals who are not state-licensed or state-certified to provide significant professional assistance, such as an appraiser trainee or an employee of the appraiser doing market data research or data verification in the development of the appraisal. Under some state laws, a lender’s use of an unlicensed or uncertified appraiser that is working as an employee or sub-contractor of a licensed or certified appraiser will satisfy the state’s licensing and certification requirement, as long as the appraisal report is signed by a state-licensed or state-certified supervisory or review appraiser. The state-licensed or state-certified appraiser that signs the appraisal report must acknowledge in the report the extent of the professional assistance provided by others and the specific tasks performed by each individual, and must certify that each named individual is qualified to perform the tasks.

https://www.fanniemae.com/content/guide/selling/b4/1.1/03.html

 

[DWiley]

What fee amount will SL be offering?
Let SL tamp down those flames....

As you should know by now from my prior posts, will will not be "offering" any fee. We will be asking appraisers what their fees are, just as we do with any appraisal service It is my sincere hope that appraisers will be smart in their pricing.

 

[Evincere]

What fee amount will SL be offering?
Let SL tamp down those flames....

I recall You asking this question on more than one occasion in various threads? It would appear that you’re asking again because there was no definitive answer forthcoming

 

[ucbruin]

As you should know by now from my prior posts, will will not be "offering" any fee. We will be asking appraisers what their fees are, just as we do with any appraisal service It is my sincere hope that appraisers will be smart in their pricing.

Cowardly....

 

[DWiley]

Cowardly....

WTH? How is it cowardly to rely on the actual service provider to set the price for his/her service? I have told you guys many times, it is YOU that set fees, not the lenders or AMCs. Do you set the fees for your doctor, your accountant, your attorney? Or, do they tell you what the fee is? For professional services, it is the service provider who sets the fee.

As I said before, if I were pricing it out as an appraiser, I would look at my hourly billing rate, figure out the average hours and just do the math. It would be no different than how I would price any assignment. And, the $100 rate I have heard some cite is just plain foolish, IMO.

 

[Evincere]

Michigan CG, post: 2909570, member: 99171"]3rd Party inspection, yes. They don't use an AMC.”


I’m dumb. Please, humor me. Just to be clear. You have a Direct Lender will be hiring inspectors to do a separate “inspection” which will be forwarded to you - upon which you will base your value. And your lender implied a $300 fee for your service is reasonable?


“Why would I do both for a reduced fee? “

Had you been clearer in your explanation I wouldn’t have asked

“The AMCs have shown their true ignorance with the $75 or $100 offers. They aren't relevant in this discussion as anyone who takes that type of fee is an idiot. If one is dumb enough then they get what they deserve”

Why aren’t they relative in this or any other hybrid thread or discussion? . Unless or until Appraisers start reporting otherwise, AMCs requesting these products seem to be in the majority.

 

[ucbruin]

WTH? How is it cowardly to rely on the actual service provider to set the price for his/her service? I have told you guys many times, it is YOU that set fees, not the lenders or AMCs. Do you set the fees for your doctor, your accountant, your attorney? Or, do they tell you what the fee is? For professional services, it is the service provider who sets the fee.

As I said before, if I were pricing it out as an appraiser, I would look at my hourly billing rate, figure out the average hours and just do the math. It would be no different than how I would price any assignment. And, the $100 rate I have heard some cite is just plain foolish, IMO.

"...I have told Fannie that in order for the 1004P tests to have any degree of success there will have to be fair compensation (to the appraiser) for the work involved."

IMO it is cowardly of you to continually post statements, either as the initiator or in response to someone else's statement about fees (not necessarily regarding SL) and then conveniently cop out every time you are asked what does SL pay....

So let me ask you....
What do you think the "fair compensation" fee range should be?