Appraisal Firewall

[Lloyd Bonafide]

I have one long-time client, (a mortgage banking company), who is using Appraisal Firewall.

What this company did was to take all of the appraisers that the different loan officers would like to use, and is ordering appraisals through A.F. on a rotating basis, with no estimated value on refis.

The appraisals that I have completed in the last two weeks were not originated by my former client, but from other loan officers at the company.

They are paying an average to slightly below-average fee, ($325), plus deducting $20 off for processing costs.

For FHA loans, and jumbo loans going to some banks, the loan officer can still order the appraisal themselves.

 

[Red1234]

I have completed 3 for the firewall. It is a great system. Your lender chooses the appraisers for the rotation. Appraiser still bills the lender for the appraisal. The fee charged by firewall is negotiated with the lender. My lender passes the fee to the borrower. We call it a "HVCC compliance charge" and I add it to the invoice. Firewall bills the appraiser once a month. It is a really good idea. So far So good. No pressure for value, no calls for turn time, scheduling

 

[Red1234]

Oh I forgot, I get my full fee!!! I already did business with this lender so no fee negotiating!

 

[Lloyd Bonafide]

Is this client a bank, or mortgage broker, a mortgage banker, or other?

 

[DillonAppraisal]

We havent used yet but see there is a post from someone who has.

 

[Red1234]

Lloyd,
A local bank.

 

[Lloyd Bonafide]

Excellent - much better than using LSI or some other lame AMC that pays $175.

 

[Darrel Clark]

One of my bank clients uses Appraiser Firewall. Appraiser Firewall charges the appraiser 3% of the appraisal fee, which the bank suggests that I add to my full fee. So, I have been charging $415 for a typical appraisal. So, far it has been great. I would recommend it.