Be the Driver, rather than just a passenger of your appraisal practice

[Fernando]

Its so crazy how so many really believe that by separating fees the appraisal world would chnage, Again the ship sailed in 2012 and its not coming back, so get over it and move forward.

My favorite AMC breaks down the fees and now they're getting 20%. Last year when I had control, I sometimes ask to have all of the AMC fee and I was surprised, I got my higher fee.
Don't know why or how it works. Maybe the AMC get some additional fees which I'm not aware of. Or maybe they were just so desperate in getting an appraiser to do the assignment.

 

[J Grant]

As I have posted numerous times, the AMC does not report a bundled fee to a lender. The AMC has its fee. The appraiser has his/her fee. When AMCs bill lenders the invoice is detailed out.
It is the lender who then, sometimes, combines them.

It is not about an AMC reporting a bundeled fee to the lender. It is that the AMC gets paid from getting a % of the bundleed appraisal fee which was covered by the borrower

There have been examples posted in the past from the handful of states requiring break down of fees and it looks like this :

Appraisal fee: $500 AMC $175 Appraiser $325

 

[George Hatch]

We can't say The AMC stole our fees because that is not what happens. However, the extreme imbalance in demand/supply by a very narrow pool of demand (AMC's ) led to ability to leverage their split to a much higher level than normal in such RE settelemnt statements, and also at what point does an appraiser lowering their fee to get work become a form of kitckback to get the work ? At least thos are the issues I can see. An attorney might see things differently, esp with fair trade etc. They would have an idea is it viable or not.

Phrase these questions however you like. I'd still kick in some cash to fund the expert legal consultation.

 

[J Grant]

Phrase these questions however you like. I'd still kick in some cash to fund the expert legal consultation.

I'll kick in cash too. If you want to due the search and have the consult, contact me and I will send some $. Am sure other people on the board would as well!

 

[George Hatch]

If asked, I wouldn't mind helping out with the writing behind the scenes like I initially attempted to do with the Dodd-Crowley IVPI thing. But I don't think it would be appropriate for me to be involved with a gofundme on this issue because there are already people accusing me of being anti-appraiser on account of me expressing the minority opinion.

IMO it would be more appropriate for one of the true believers to initiate the gofundme or headline a petition. Then if it goes sideways it won't get blamed on someone being accused of being an AMC shill.

 

[J Grant]

If asked, I wouldn't mind helping out with the writing behind the scenes like I initially attempted to do with the Dodd-Crowley IVPI thing. But I don't think it would be appropriate for me to be involved with a gofundme on this issue because there are already people accusing me of being anti-appraiser on account of me expressing the minority opinion.

IMO it would be more appropriate for one of the true believers to initiate the gofundme or headline a petition. Then if it goes sideways it won't get blamed on someone being accused of being an AMC shill.

I could help write a peition. I am not comfortable collecting money from people as that can get messy so idk - I will when I have time next week look into how these attorneys work. I understand some may offer a free consult to see if there is even a case. But if the consult is for example $500, we can just merge donations from a few of us or even just the two of us.

I would not know how to run a gofundme campaign as I do not go on facebook or social media and lack those skills.

 

[CGinMN]

As I have posted numerous times, the AMC does not report a bundled fee to a lender. The AMC has its fee. The appraiser has his/her fee. When AMCs bill lenders the invoice is detailed out.
It is the lender who then, sometimes, combines them.

Do those invoices always go out 3 days before the loan closes so that the lender can report them separately on the disclosure?

 

[glenn walker]

Phrase these questions however you like. I'd still kick in some cash to fund the expert legal consultation.

I am comfortable collecting money from people to get the ball rolling both George & Grant send me $3,000 and I will hand walk into the attorney. Of course less my attorney management fee of-- $500.00 but my invoice will separate those bundled fees so everyone is happy . Within 5 days I will Fed-X both letters on Attorneys Letterhead stating that after a careful review, our attorney says marginal legal advice but you have no case

 

[glenn walker]

Do those invoices always go out 3 days before the loan closes so that the lender can report them separately on the disclosure?

Consumers must receive the Closing Disclosure no later than three business days before consummation of their loan. The forms use clear language and design to make it easier for consumers to locate key information, such as interest rate, monthly payments, and costs to close the loan.

 

[DWiley]

Do those invoices always go out 3 days before the loan closes so that the lender can report them separately on the disclosure?

Individual invoices were delivered at the time each report was delivered, and the lender also got a month end statement that detailed all work for the month.