AMC Sign Up/Report Form Pricing

[Surf Cat]

I haven't even formed an opinion yet.........................

Thank you for proving my point...

OP, put Zoe on ignore for the duration of this thread.... you'll obtain no useful info.

 

[Zoe]

Thank you for proving my point...

OP, put Zoe on ignore for the duration of this thread.... you'll obtain no useful info.

The opinion is appraisal fees to borrowers is what lender charges borrower for the appraisal.

The AMC gets a cut of that fee in many cases. The fee to the borrower may be $1,000 or more on truth in lending disclosures.

The appraiser that bids on assignments gets a fraction of that.

@Surf Cat are you feeling okay?

I am really worried about your health right now.

 

[Zoe]

Hello Everyone.

I’m a newly licensed Certified Residential appraiser and currently going through the joyous process of signing up with a bunch of AMCs in my state. A lot of them ask me to fill out my pricing for different report and form types during registration.

My question is, does it really matter if I fill that out? We all know we're bidding assignments based on complexity and scope anyway, so it feels a little redundant to set fixed pricing upfront.


Curious how you all handle this and whether it actually makes a difference on the AMC side. Appreciate any input. Thanks.

I am sorry for the distraction. Please feel free to post again. I have your back.

 

[Surf Cat]

As in my initial post, I would either go with the VA fee schedules.

https://www.benefits.VA.gov/HOMELOANS/appraiser_fee_schedule.asp

Or Working RE fee schedule survey conducted from 2024.

2024 Appraiser Fee Survey

Survey Results Please click on your state below to download the Customary and Reasonable survey results. If the PDF for your state doesn’t open, please make sure you have the latest version of Adobe Reader. This survey is sponsored by OREP Insurance—Serving Appraisers for over 23 years...

www.workingre.com

This way, you're in line with appraisers Nationwide on what should be garnered fee wise for an appraisal.

Additionally, I would write a note regarding the uad 3.6. This is what they want to know right now.

At this time, the fees for the UAD 3.6 update are unknown, as the version has not yet been released. Once more details become available, we’ll provide an updated fee schedule.

Thank you for your understanding.

Good luck.....

 

[Zoe]

As in my initial post, I would either go with the VA fee schedules.

VA.gov | Veterans Affairs

Apply for and manage the VA benefits and services you’ve earned as a Veteran, Servicemember, or family member—like health care, disability, education, and more.

www.benefits.VA.gov

Or Working RE fee schedule survey conducted from 2024.

2024 Appraiser Fee Survey

Survey Results Please click on your state below to download the Customary and Reasonable survey results. If the PDF for your state doesn’t open, please make sure you have the latest version of Adobe Reader. This survey is sponsored by OREP Insurance—Serving Appraisers for over 23 years...

www.workingre.com

This way, you're in line with appraisers Nationwide on what should be garnered fee wise for an appraisal.

Additionally, I would write a note regarding the uad 3.6. This is what they want to know right now.

At this time, the fees for the UAD 3.6 update are unknown, as the version has not yet been released. Once more details become available, we’ll provide an updated fee schedule.

Thank you for your understanding.

Good luck.....

Ha, Ha. If they do VA schedule and call back in a month or two and say why I am not getting any orders? They will say your fees are too high.

Let me check here, uh yeah your fees are too high or we are just slow right now. Lower you fee to $200 and they will get real busy.

What?, ya'll were slow last month, and now I can't keep up.

 

[Terrel L. Shields]

They will say your fees are too high.

The conundrum is that the lender cannot pay the AMC on a cost-plus basis because it gives no incentive for the AMC to get a cheap appraiser. If they are only going to earn a flat fee, then they don't care. OTOH, if offered a percentage of the gross fee, the AMC still has an incentive to inflate the fee to maximize their take. And if they let the appraiser set the fee same issue. And if the AMC only provides the lowest bidder, then the appraisal is likely to be subpar quality. It's a choice. The only choice is for the lender to be REQUIRED by the regulators to INDEPENDENTLY review 1 in 10 reports and penalize the bank and the AMC as well as blacklisting the appraiser. And that is not likely to happen either.

 

[Zoe]

The conundrum is that the lender cannot pay the AMC on a cost-plus basis because it gives no incentive for the AMC to get a cheap appraiser. If they are only going to earn a flat fee, then they don't care. OTOH, if offered a percentage of the gross fee, the AMC still has an incentive to inflate the fee to maximize their take. And if they let the appraiser set the fee same issue. And if the AMC only provides the lowest bidder, then the appraisal is likely to be subpar quality. It's a choice. The only choice is for the lender to be REQUIRED by the regulators to INDEPENDENTLY review 1 in 10 reports and penalize the bank and the AMC as well as blacklisting the appraiser. And that is not likely to happen either.

Absolutely. I have had them tell me well we have so many suppliers in your area. If you charge $X you will get work. I am sure some have said we are slow right now but if you lower the fee, suddenly they become busy.

 

[Overimprovement]

When I worked in AMCland, we asked appraisers to provide their fee for "normal" assignments, and that was the fee that was paid. Bidding was only for complex assignments. Different companies operate differently.

Unfortunately this is FAR removed from today's reality. Most AMC assignments are given to staff appraisers-- I mean report signers. The ones that get bid out are mostly the one offs their own staff didn't want.

You may get what you put on your price sheet WHEN one gets assigned, but if you aren't near the bottom you just won't get any assigned.

One thought is set a low price, get a few orders to see if you even want to work with that AMC, if so creep up your fees. It is all automated so you'll see at what fee you stop getting orders.

Good luck!

 

[chad hampton]

Just put down whatever you want. It won’t really matter. Appraisers haven’t set their fees in years.

 

[Bobby Bucks]

I think one major point is missing in this thread, AMCs are not truly “clients”. No matter how loudly they boast about it, they’re essentially telemarketers in the equation since the purpose of those fee lists is to get the lowest fee possible to maximize their profits. The sleaze factor is paramount, AMCs which “request” or better yet demand “standard” fees are the worst offenders. I have a few small-medium AMCs that use the VA model for their fees, ie. no fee. I have one AMC that clearly states in their engagement letter their AMC fee is $50 per report, no smoke and mirrors. Those AMCs rarely ask for stips. IMO if one feels they must fill out a fee schedule to get business, I would bear in mind that one should have no loyalty whatsoever to the AMC, nor any obligation to be honest with them.