Alamode/Mercury Fee report

[ockyappraiser]

What is your opinion of the new study on fees done by Alamode? I am going to try to attach a link below. It is broken out by state and county.

In my state, the average fee for full appraisal was $300 with the two "metro" counties at $240 according to this report.

Alamode states that since these figures run through Mercury where there is no fee split, they indicate what is "customary" for each area and can be used when dealing with AMC's and FHA orders.

Since HVCC my average fee is running $244 to $255 for a full appraisal and $250 to $275 for FHA. Based on the Almode figures, the "non AMC" fee for my area would be $240 in the large metro county and $300 in the rest of the state.

http://www.mercuryvmp.com/analytics/reports

 

[jnordquist]

What is your opinion of the new study on fees done by Alamode? I am going to try to attach a link below. It is broken out by state and county.

In my state, the average fee for full appraisal was $300 with the two "metro" counties at $240 according to this report.

Alamode states that since these figures run through Mercury where there is no fee split, they indicate what is "customary" for each area and can be used when dealing with AMC's and FHA orders.

Since HVCC my average fee is running $244 to $255 for a full appraisal and $250 to $275 for FHA. Based on the Almode figures, the "non AMC" fee for my area would be $240 in the large metro county and $300 in the rest of the state.

http://www.mercuryvmp.com/analytics/reports

I have the same problem in PA, Allegheny County (Pittsburgh) is at $275, I refuse numerous AMC assignments per week for $275, I like the Alamode report, but I think there are some mistakes. This is a monthly report so hopefully next month shows something different.

JN

 

[ockyappraiser]

I guess my question is that if these are based on "non AMC" "non split" fees. . .then are they truly representative of the average or median fees?

If that is the case I have been charging over the average prior to last May for some time.

It would also imply that in my market where the report says that the average fees are $240 to $300 that my present average full appraisal fee of $245 to $255 after HVCC has basically fallen back to the low end of the average before HVCC.

Doesn't feel that way!

 

[ockyappraiser]

This link may work better to access the report:

http://appraisersforum.com/noref.ph...p.com/news/release/mercury_analytics_released

 

[sunsetvalley]

Mark - I don't think that can be accurate simply because companies like Providential use that and they won't pay more than $300 in our area. The fees are $400 here. Most appraisers put $300 so they can get Providential work.

 

[ockyappraiser]

In my market, prior to HVCC, appraisers were charging $275 to $325 for full appraisals. . .$325 to $375 for FHA. That dovetails pretty well with the HVCC information.

Provident, as you noted, pays better than most appraisal companies. There are also AMC's that are paying $215 to $230 for full appraisals in this market. On the average, however, the average rate I have experienced post HVCC is $255. Average rate before HVCC was approx $305.

The person really getting screwed is the homeowner. Most AMC's are charging $400 to $550 in my market for an appraisal that before HVCC the homeowner would have paid $300 to $325 for.

 

[sunsetvalley]

Mark here in Portland it was $400, now it's $475 (for our client). Appraisers are getting $375 based upon our negotiations. Basically the fee increased $25-$100 depending upon the area. If my fee has to go above $100 I will quit because I don't think what I do is worth more than that. I had it at $75 but had to up it to cover the increase in taxes and all our registration fees.

The companies that think they need to charge $200-$300 are doing so because they can get away with it. That and they are agreeing to buy back loans for the lenders. I can't compete with that.

 

[Tim Hicks (Texas)]

According to the report it is non-AMC fees. It is data from hundreds of thousands of reports through their Mercury system. Not everything goes through Mercury, but even so, it gives a cross section of typical fees throughout the country. It is for typical URARs, nothing else.

 

[jimmyfrank]

What is your opinion of the new study on fees done by Alamode? I am going to try to attach a link below. It is broken out by state and county.

In my state, the average fee for full appraisal was $300 with the two "metro" counties at $240 according to this report.

Alamode states that since these figures run through Mercury where there is no fee split, they indicate what is "customary" for each area and can be used when dealing with AMC's and FHA orders.

Since HVCC my average fee is running $244 to $255 for a full appraisal and $250 to $275 for FHA. Based on the Almode figures, the "non AMC" fee for my area would be $240 in the large metro county and $300 in the rest of the state.

http://www.mercuryvmp.com/analytics/reports

Alamode does not have sufficent data in rurual areas to judge what is "customary."

 

[jimmyfrank]

Mark here in Portland it was $400, now it's $475 (for our client). Appraisers are getting $375 based upon our negotiations. Basically the fee increased $25-$100 depending upon the area. If my fee has to go above $100 I will quit because I don't think what I do is worth more than that. I had it at $75 but had to up it to cover the increase in taxes and all our registration fees.

The companies that think they need to charge $200-$300 are doing so because they can get away with it. That and they are agreeing to buy back loans for the lenders. I can't compete with that.

Please explain to me, down here in Alabama, what type of taxes and registration fees you are refering to. Thanks,, Jimmy