Credit union fees

[Patrickstar97]

I may have an opportunity to be placed on a credit union appraisal list and they would like me to submit a fee schedule.....not too sure what competing appraiser fees are for credit unions.....any suggestions? Thanks!

 

[Terrel L. Shields]

Why would they be different from your standard "fee" for FIRREA bank use? They are a federally regulated institution.

Submit your usual with the caveat that complex properties are bid on an individual basis.

 

[Lee Lansford]

Why would they be different from your standard "fee" for FIRREA bank use? They are a federally regulated institution.

Submit your usual with the caveat that complex properties are bid on an individual basis.

Credit union appraisals may not require what is required of Fannie Mae/1st mortgage assignments.

 

[Don Clark]

I may have an opportunity to be placed on a credit union appraisal list and they would like me to submit a fee schedule.....not too sure what competing appraiser fees are for credit unions.....any suggestions? Thanks!

C&R for your market. My 2best client use to be a credit union. They paid same saGA pays. Wish I could get their business again. They went with an A MC.

 

[Terrel L. Shields]

Credit union appraisals may not require what is required of Fannie Mae/1st mortgage assignments

So? They are an FRT and pretty much the same work or only slightly less. Why would anyone want to charge less or more?

 

[glenn walker]

If you are in Southern California most credit unions pay $350.00 to $400.00 for a standard 1004. The 2055 exterior mostly in the $200.00 to $250.00 range. Helocks $200.00 or less. Remember just because they are a credit union does not mean they don't sell there mortgages to Fannie or Freddie, so most full appraisals are done on UAD. The jumbo loans are also sold to Fannie on Fannies high balance program and are also completed on UAD. Really not any different than any other client and that's why most local credit unions are using AMC's now. If you find a CU that hs it's own panel by all means get on it because most are nice folks to work with.

 

[Lee Lansford]

So? They are an FRT and pretty much the same work or only slightly less. Why would anyone want to charge less or more?

For loans NOT headed to the secondary market: Less work, less headaches, no UAD and no extra-ordinary assignment conditions; communication of an appraisal which does NOT include current Fannie forms.

 

[Terrel L. Shields]

For loans NOT headed to the secondary market: Less work, less headaches, no UAD and no extra-ordinary assignment conditions; communication of an appraisal which does NOT include current Fannie forms.

And an improved fee... and I think the current fannie mae form is NOT inappropriate considering FIRREA statements, but using the "non-lender" form (a basic flawed name for a form) differs from the fannie mae approved for by what? It is the same amount of work if you do it right, but generally without stips.

So why would you ask for a different fee? I might ask for a HIGHER fee from an AMC for a fannie mae form but I digress - the FRT rules...

If the mortgages that secure the mortgage warehouse loan are sold to Fannie Mae or Freddie Mac, the sale itself may be used to demonstrate that the underlying loans complied with the Agencies' appraisal regulations. In such cases, the Agencies expect an institution to monitor its borrower's performance in selling loans to the secondary market and take appropriate steps, such as increasing sampling and auditing of the loans and the supporting documentation, if the borrower experiences more than a minimal rate of loans being put back by an investor.

9. Transactions Insured or Guaranteed by a U.S. Government Agency or U.S. Government-Sponsored Agency
This exemption applies to transactions that are wholly or partially insured or guaranteed by a U.S. government agency or U.S. government-sponsored agency. The Agencies expect 43 or (ii) involve a residential real estate transaction in which the appraisal conforms to Fannie Mae or Freddie Mac appraisal standards applicable to that category of real estate. An institution may engage in these transactions without obtaining a separate appraisal conforming to the Agencies' appraisal regulations. Given the risk to the institution that it may have to repurchase a loan that does not comply with the appraisal standards of the U.S. government agency or U.S. government-sponsored agency, the institution should have appropriate policies to confirm its compliance with the underwriting and appraisal standards of the U.S. government agency or U.S. government-sponsored agency.
10(i)--An institution that relies on exemption 10(i) should maintain adequate documentation that confirms that the transaction qualifies for sale to a U.S. government agency or U.S. government-sponsored agency. If the qualification for sale is not adequately documented, the transaction should be supported by an appraisal that conforms to the Agencies' appraisal regulations, unless another exemption applies.
10(ii)--To qualify for this exemption, transactions that do not conform to all of Fannie Mae or Freddie Mac underwriting standards, such as jumbo or other residential real estate loans, must be supported by an appraisal that meets these government-sponsored agencies' appraisal standards for the applicable property type and is documented in the credit file or reproducible.​

 

[glenn walker]

Maybe it's different in other states but here in Southern California the credit unions mostly use UAD on single family homes no matter what loan level. The lines of credit are often done on desk top forms or drive by. My prior discussions with CU managers is even if they plan on keeping the loan in their portfolio they also want the ability to sell loans to the GSE'S. This has also been a issue when a small credit union becomes insolvent the regulators want the portfolio to be portable. Either way the fee should be no different because it takes no more time on UAD then NON-UAD. Sadly because of this issue and lack of QC procedures many credit unions have switched to AMC's. My advice is submit your resume and fee schedule and don't worry about what form to use the CU will tell you what form they use.

 

[Lee Lansford]

And an improved fee... and I think the current fannie mae form is NOT inappropriate considering FIRREA statements, but using the "non-lender" form (a basic flawed name for a form) differs from the fannie mae approved for by what? It is the same amount of work if you do it right, but generally without stips.

So why would you ask for a different fee? I might ask for a HIGHER fee from an AMC for a fannie mae form but I digress - the FRT rules...

If the mortgages that secure the mortgage warehouse loan are sold to Fannie Mae or Freddie Mac, the sale itself may be used to demonstrate that the underlying loans complied with the Agencies' appraisal regulations. In such cases, the Agencies expect an institution to monitor its borrower's performance in selling loans to the secondary market and take appropriate steps, such as increasing sampling and auditing of the loans and the supporting documentation, if the borrower experiences more than a minimal rate of loans being put back by an investor.

9. Transactions Insured or Guaranteed by a U.S. Government Agency or U.S. Government-Sponsored Agency
This exemption applies to transactions that are wholly or partially insured or guaranteed by a U.S. government agency or U.S. government-sponsored agency. The Agencies expect 43 or (ii) involve a residential real estate transaction in which the appraisal conforms to Fannie Mae or Freddie Mac appraisal standards applicable to that category of real estate. An institution may engage in these transactions without obtaining a separate appraisal conforming to the Agencies' appraisal regulations. Given the risk to the institution that it may have to repurchase a loan that does not comply with the appraisal standards of the U.S. government agency or U.S. government-sponsored agency, the institution should have appropriate policies to confirm its compliance with the underwriting and appraisal standards of the U.S. government agency or U.S. government-sponsored agency.
10(i)--An institution that relies on exemption 10(i) should maintain adequate documentation that confirms that the transaction qualifies for sale to a U.S. government agency or U.S. government-sponsored agency. If the qualification for sale is not adequately documented, the transaction should be supported by an appraisal that conforms to the Agencies' appraisal regulations, unless another exemption applies.
10(ii)--To qualify for this exemption, transactions that do not conform to all of Fannie Mae or Freddie Mac underwriting standards, such as jumbo or other residential real estate loans, must be supported by an appraisal that meets these government-sponsored agencies' appraisal standards for the applicable property type and is documented in the credit file or reproducible.​

Trust me...I've been doing this (appraising for residential lending use for both secondary market and not) for a while now.