AMC asking for UAD 3.6 fees, what's everyone thinking?

[djd09]

Appraisers haven't set their fees in years.

how can there be public trust when they are swindling independent appraisers...and the borrower at the same time

 

[gregb]

how can there be public trust when they are swindling independent appraisers...and the borrower at the same time

Do you feel swindled at the door knock? Prayer helps with anxiety...

https://www.jw.org/en/

 

[Zoe]

I don't even have an ipad. I guess an ipad or similar is required or is it?

 

[Steelers74]

If the AMCs think its only going to be a 10 to15% increase, they are in for a shock

 

[djd09]

Do you feel swindled at the door knock? Prayer helps with anxiety...

https://www.jw.org/en/

resist the devil...and he will flee from you

 

[NC Appraising]

Yeah, a shock to their wallets.....by having more of the borrowers money in their banking account. It will even surprise them. A instant raise for AMCs.

After a couple of months, it will be back to normal. They would have the lender to believe....we had to increase fees....our appraisers were demanding it.

Then they will find the cheapest appraiser and pocket *our* fee increase.

The AMCs will be back to pocketing (stealing) the borrowers money within no time.

 

[Vermonter]

In my area (Los Angeles), as I know, typical fees are roughly
1004 / 1073: $350–$600
1025: $550–$800

Serious question, how do you survive LA on those fees?

 

[glenn walker]

Serious question, how do you survive LA on those fees?

Volume or a wealthy spouse.

 

[GWISC]

Increasing fees to the same percentage of the time involved does not repay you for your newly expanded talent at writing up a 3.6 UAD. If the new UAD takes 50% longer and you only charge 50% more, you are working for the same hourly wage, but are just doing fewer reports per week. We collectively have all increased the fee another $X/hour we were working every time a change is made to the forms. That is not an increase in fees, it is just spreading out more money for reports that take longer to complete. At the end of the week, you are making the same wage, but producing less.

If you find that the new form takes more nuanced work and piecing together more moving parts resulting in more time, then I would suggest that each of has a new set of skills which should be priced at a premium more than just the increased amount of hours to complete said report. I agree with some of you that it is a great time to increase fees. The problem with our profession is that we collectively work for roughly the same hourly wage we did 10 to 15 years ago and we simply just add that same rate we are making to the report's longer estimated time to complete.

We seem to forget to increase our fees based on cost-of-living increases, increased costs of MLS fees, other data sources etc.. We have a skill set that is not easily replaced, as well as our vast working knowledge of the local markets. Maybe this new form is just what we need. The more complex and stressful, the fewer skippies will want to enter our profession to water down the quality and prices. I am going to embrace this thing and let my clients know what it all entails. I have a short client list anyway and have so far avoided AMC's.

I know the profession is shrinking. I believe another post indicated we are losing appraisers at 5% per year. I think the November 2026 mandatory roll-out will see an avalanche of appraisers quitting the profession.

 

[Alsie35]

*SNIP*

I think the November 2026 mandatory roll-out will see an avalanche of appraisers quitting the profession.