Strategies for raising fees

[Joe Flacco]

In lending, we don't have much control over fees.

The only way to raise your fees is to find clients that pay higher fees. And then you can say no to clients with lower fees.

 

[Terrel L. Shields]

C and R does not mean the same price.

If you bid high, the AMC will tell you that yours is not the typical fee and they will tell you what that fee is.

 

[gregb]

If you bid high, the AMC will tell you that yours is not the typical fee and they will tell you what that fee is.

Per D. Wiley, the appraiser sets the fee.

 

[Terrel L. Shields]

the appraiser sets the fee.

Anyone countering with a reasonable fee will not get the job.

 

[glenn walker]

C & R was a hoax from the beginning. There is no C & R. That's like saying everyone will pay the same price for auto repair regardless of what is broken.

C & R in economics equates to the lowest price or fees a mass group of worker's will accept.

Like it or not residential appraisers have never been recognized in our society or academia as profession.

We fall into the field workers or trades class and thats why many appraisers love to use plumber's wages when talking about their fees. The fact is after building and rehabbing over 100 homes we can attest to the fact that it takes more real skill and thinking to be a good plumber than it does to be a typical form filling residential appraiser.

Today the fact is there is not one reason to expect fees to go up it's no longer in the equation because it's no longer a profitable business to stay in unless ones has other income or resources.

 

[chad hampton]

neither the word customary, nor reasonable means lowest.

 

[chad hampton]

Per D. Wiley, the appraiser sets the fee.

I don’t think I’ve been asked to fill out a fee sheet in over a decade.

 

[djd09]

“This AMC low-balled me on the fee. I asked for an increased fee and the result was to reassign it to another appraiser in seconds.” The email thread shows an AMC representative asking McDougal why he wants more (for a field review) than the usual fee of $250. McDougal answers that the Veterans Administration’s published “customary and reasonable” fee for a field review in that market area is $275. The reply from the AMC is swift: “Unfortunately we cannot go that high. I will re-assign this order. Thank you.”

McDougal said, “They asked the fee to be $229.10, which is lower than their normal fee of $250. When I emailed to get an explanation, they refused to discuss it and would not take my call. I have not received any orders from them since.”

Feds Respond: Customary and Reasonable Fees

An exclusive interview with WRE, a Senior Attorney at the Board of Governors of the Federal Reserve sheds light on the meaning of the Interim Final Rule and customary and reasonable fees

www.workingre.com

the somalian day care centers are treated better then the appraiser...

 

[djd09]

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The Foundation Partners What it means to be a Partner, how to apply, and a list of our current Partners. Overview Apply to Become a Partner Frequently Asked Questions Current Partners Overview Partners are nonprofit organizations that have committed to work with The Appraisal Foundation®...

appraisalfoundation.org

are these paying partners...crn and revaa

 

[djd09]

AMC Fined Over C&R Fees​

AMC Fined Over C&R Fees
By Isaac Peck, Editor

The Louisiana Real Estate Appraisal Board (LREAB) has again taken action to ensure that Customary and Reasonable (C&R) Fees are being paid by AMCs and lenders in the state.

On December 8, 2015, after a hearing that lasted over 12 hours and was closely watched and attended by appraisers, AMCs, and lenders alike, the Board ruled against iMortgage Services, LLC and issued a Final Order that included a fine of $10,000 and a six-month license suspension. The suspension was stayed, provided that iMortgage provides a C&R compliance plan to the Board no later than March 21, 2016.

In contrast to Louisiana’s previous C&R enforcement action involving Coester VMS, where there was no admission of guilt by Coester, this is the first judgement against an AMC that leaves no question on the determination of guilt. The Board’s final order establishes that iMortgage failed to comply with Louisiana law and violated the C&R fee requirements set in place by the Board.

Initial Investigation
Demonstrating the glacial speed at which many state board investigations operate, the initial complaint against iMortgage was filed two years ago in January 2014 after iMortgage sent out an appraisal order for a full 1004MC FHA appraisal with a fee of $200. The investigation was not opened until May 2014, with the hearing taking place in December 2015.

In its written response to the initial investigation letter, iMortgage’s Chief Risk and Compliance Officer, Dean Kelker, explains that iMortgage’s fees were based, in part, on a fee survey that iMortgage was given by one of its large origination clients (later revealed to be Flagstar Bank), and that he “can’t speak to the details of the survey because it was conducted without our involvement.”

Kelker writes that iMortgage works on a cost-plus basis,

https://www.workingre.com/AMC-fined-over-cr-fees/

state boards are in cahoots...