Appraisal fee disclosure

[Eli]

Did ya'll know some lenders still disclose the actual fee paid to the appraiser as the appraisal fee on the HUD-1 settlement statement given to the borrower at the time of the loan closing? I think their deposit insurance rates should be lower or their deposit insurance limits should be raised higher than lenders who have commingled fees on their disclosure statements (AMC and appraiser fee combined). Makes sense to me.

 

[yes4me]

I wish my AMC discloses that info. It is so low, they don't want to =(
If only I knew who to register with... there are just too many AMC to apply.

 

[hastalavista]

I have one client (smaller bank, local) who requires the fee to be disclosed in the appraisal report (commercial and residential).

I think it is a good practice.

 

[rbrienza]

In Colorado, our AMC law states that the appraiser MUST disclose within the body of the report what the actual fee was paid to the appraiser. Most of us are disclosing that in the certification area.

I think it was a great idea in the AMC bill.


ray

 

[factsandtruth]

In Georgia its been a requirement to disclose the fee paid to the appraiser

 

[Eli]

The truth is usually the best policy. Many would say it always is.

 

[residentialguy]

I always state my fee in the report so the HO can see any variances from what they paid.

"The fee charged by the appraiser for this appraisal report was $450 and is not contingent on a pre-determined value."

I only had one reviewer say something to me. He said, "that's good...I like that" and chuckled :icon_mrgreen:

 

[factsandtruth]

I've never had a reviewer say anything about fee disclosure. I hope all appraisers state what they were paid for the appraisal.

 

[Eli]

I've never had a reviewer say anything about fee disclosure. I hope all appraisers state what they were paid for the appraisal.

Unless it was one of those appraisers you have read about getting a kickback, then probably not. Notice the analogy and common denominator between those who disclose truthfully and those who do not. Interesting.

 

[TRESinc]

from what i've experienced and read on this forum a borrower only looks at the rest of the report if the appraised value is below what they thought it should be, so disclosing the fee imho really means nothing to them.