Alamode/Mercury Fee report

[dbiggers]

I have to disagree with you there. See below.

I asked the forum about getting an xSite back in August and pretty much got the same response. One or two a year or nothing unless they are already in bed with a Mercury Network lender. I already get quite a few hits from my 12 year old basic website and I don’t think spending an extra $300 per year to get on or two extra $425 to $475 orders is cost effective. I still don’t understand HOW the Mercury Network works, but I guess I can call the sales staff when I get a chance.

Understood. You don't believe transasctional stats versus your own experience plus what some guy posted here about what he charges, and you don't accept revenue generation stats across 20,000+ XSites versus posters here who got no or a few orders. As I said several thousand words ago, you appear to be one of the people who prefer anecdotal over statistical evidence. That's cool. Go with your gut and stick with what you have.

Please, don't call my sales staff. I think this horse has been beaten sufficiently without wasting their time. ;-)

You like what you already have. You don't like what we have, and you don't like the data we report. My staff won't be able to change that, and I won't let them throw good money after bad trying. Just like you have potential clients to whom you say "No, thanks", I'm going to do the same here. We simply have contradictory philosophies.

Dave Biggers
Chairman
a la mode, inc.

 

[Kali the Boston Terrier]

I think Dave wins the second runner up award for putting up with nonsensical BS on a thread. George Hatch is the winner, but Dave you deserve a medal for your patience with that blabbering beaver

 

[Couch Potato]

I think Dave wins the second runner up award for putting up with nonsensical BS on a thread. George Hatch is the winner, but Dave you deserve a medal for your patience with that blabbering beaver

You may be right, but it was a very close contest. I'm not so sure George came in first.

 

[Kali the Boston Terrier]

I guess being a winner here is kind of like being the skinny kid at fat camp.

 

[EileenJ]

Alamode Median fee Report

We switched over to Alamode exclusively a number of years ago after using both ACI & Alamode and will never go back. While it is pricey..imo it is well worth it. Yes it hurts to write that check but then I remember how many times ACI crashed and the cost of downtime. Not sure why we don't really receive orders on the Mercury Network (3-4/year) Thanks for reminding me I need to look into that.

As for Alamode's Median Fee Report, I found the fees for a URAR to be fairly accurate in my area however I have some concerns.

1) It's not clear to me whether the median fees reported were for conventional loans, FHA loans or a mixture.

2) If the date represents both conventional & FHA then the fees would no longer be accurate in my area.

3) If the date represents both conventional & FHA then I would like to see the breakdown of fees prior to Oct 1,2009 and after Oct 1, 2009 (since that's when HUD changed to having only CERTIFIED appraisers.

4) We charge a minimum of an extra $100 over our conventional fees to perform an FHA appraisal and I'm concerned that lenders will consider the customary & standard fee of a conventional and an FHA appraisal to be equal.

5) Forgot to add, it's also not clear whether the 1004MC is included or not..as we also charge extra for that but lender don't order it as a seperate form usually they just note it in their instructions

I would also be really curious to see a further breakdown of this list by the level of certification/licensure of the appraisers.

 

[Karl]

Looks like it boils down to some Appraisers were charging less than they claim to have. Can you believe that?? Remember SOMEONE took those IF you'll lower the fee we'll give you ALL our work.

Dave has done more to asist Appraiser's than any other Software company. Is his the best software probablly NOT but I continued to use it cause he supported us back in 99.

 

[Carnivore]

Dave has done more to asist Appraiser's than any other Software company. Is his the best software probablly NOT but I continued to use it cause he supported us back in 99.

Karl, I am with you big guy. I dont get it. I treat my dog very well. If he started biting my hand I would eventually kick him like an extra point. If that did not work I would turn him loose and let him fend for himself.

 

[NC Appraising]

http://www.HUD.gov/offices/hsg/sfh/appr/faqs_ML09-28.doc

What does FHA consider customary and reasonable fees for preparing an appraisal report?

Customary and reasonable appraisal fees are reflective of those fees established and negotiated by an FHA approved self employed independent fee appraiser or an appraisal firm that may directly employ FHA approved roster appraisers or retain FHA approved roster appraisers as independent contractors, for appraisal services rendered, regardless of whether a lender, AMC or a 3rd party company or vendor is ordering/requesting appraisal services. The fee charged must be commensurate with the level of services provided and should reflect the amount of research, level of difficulty, and due diligence required on the appraiser’s part to produce a credible, reliable and accurate appraisal report that is in compliance with all FHA guidelines and USPAP.

Customary and reasonable Appraisal fees, for purposes of FHA, do not include:
· AMC or other third party fees.
· Management or review fees charged by lenders.

Disclosure of appraisal fees is not required by FHA. However, FHA approved lenders must ensure that appraisers are not prohibited by the lender, AMC or other third party, from recording the fee the appraisal firm or self employed independent fee appraiser was paid for the performance of the appraisal within the appraisal report.
Does the term fee refer to the amount the appraisal firm is paid for an assignment or the amount the appraisal firm actually pays as income to the FHA roster approved employee or independent contractor for completing the assignment?

An accurate reflection of customary and reasonable fees does not include fee splits or other internal compensation arrangements in the appraisal fee disclosure. Because lenders must ensure that appraisers are paid a reasonable and customary fee, appraisers are encouraged to record the fee received so the lender may utilize this information as a data point in order to comply with the requirement that appraisers are compensated commensurate with the level of services provided.

The appraisal fee recorded within the appraisal report must not include:

· AMC or other third party fees.
Management or review fees charged by lenders.

 

[valuequestor]

I'll take mine Alamode.sorry

I've already seen two email "letters" from AMC where they are twisting or omitting the FHA language to make it appear that they ARE paying reasonable and customary fees to appraisers. Appraiserloft was the last one I saw.
-------------------------------------------------------------------- Mr. Dave Biggers, thanks for all of extracurricular advocacy for us (Yourself included). I certainly hope you continue to do so. I'm sure you are sending this data to people who might aid us in securing reasonable fees for our work. My feeling is that we as individual appraisers could shove this data down the throats of these wolves (not you Winston) all day and it wouldn't matter. Eventually its going to have to be mandated or the AMCs will do as they please.

PS. I've been a Wintotal client since the days of Super Sized Sewing Machine "portable" computers with the pretty 6" green CRT screens. Ouch! I remember the Alamode guy coming to the bank I worked for and giving us the pitch. Sorry...the bank didn't bite. I went independent 2 years later and called you up and never looked back. Thanks.

 

[DaveH]

Who was the genius that made it so the average appraisal fee in your area is the right fee? What type of dumbass thought that was important. Mr Biggers hope you are looking at this one, because to charge me $13.75 per order then say that if I raise my fee it is over the average for the market or you ****ing crazy?