Customary and reasonable fees - 90 days

[residentialguy]

If they do end up setting fees, the fees should be called minimum fees which would allow for higher fees if market forces dictate.

Hey, not bad for a General Public Poster

 

[Joyce Potts]

If they do end up setting fees, the fees should be called minimum fees which would allow for higher fees if market forces dictate.

In a perfect world or when the playing field is not tilted, I'd agree with you 100%.

Unfortunately, if there is anything to be learned from history -- it's that fast and cheap trumped quality. In fact, the quality aspect took a double hit because overwhelmingly most lenders and mortgage brokers rewarded the appraisers who were most likely to hit the target number who fueled the upfront, fast profit chain to the tune of trillions of dollars. So the bottom feeder appraisers who generally turned out quick and cheap appraisals because they new they weren't being policed, made up the difference with individual lower fees per assignment in exchange for higher volumes.

You can't have regulation with partial to no enforcement on the one end and expect the principles of free market economics to truly work.

 

[Karl]

What does PFA mean in this context? Dare I ask ?

Joan....tell us about Dave Biggers and alamode please.



BTW...I'm using my new built-in Ignore Feature on all of Karl's Posts....did he say something stunning again?

I really don't blame you for using Ignore for me. Must be frustrating to see that one guy can be right 99% of the time!!

 

[NC Appraising]

It is not over!

First, I do not believe a word any AMC says. AMC's are a bunch of lying and sneaky firms. I think they want us to be quiet, so they can do their "dealings" behind closed doors. They only care about making a profit, and don't give a crap about protecting the public or the investors. Work for a couple, and you''ll find that out quick.


I say do not give up. Contact the appropriate government officials and discuss the issue.


Yeah, I maybe a tad dramatic, BUT do you trust AMCs? I don't.




“For the last two days, I took part in the Appraisal Institute Summit in Washington, D.C.,” said Gary Crabtree, SRA. “What I witnessed was almost shocking. Representatives from banks and AMCs appeared just as stubborn as ever. They truly are in denial and I fully expect to see armies of lawyers challenging every part of Title XIV. They told me that the banks and their customers will refuse to pay increased fees. That also includes GSEs (Fannie and Freddie) who need forensic appraisals to support their repurchase demands. This battle is not over, it’s just begun.”

 

[Adios]

I really don't blame you for using Ignore for me. Must be frustrating to see that one guy can be right 99% of the time!!

I am not ignoring you. I answered the questions about CRN membership.

You've asked a rather broad question so I am not really sure what you are asking??? Why isn't he a member of CRN? I don't no, I think that is a question for him, not me. He is welcome to join.

jt

 

[Bearslide]

First, I do not believe a word any AMC says. AMC's are a bunch of lying and sneaky firms. I think they want us to be quiet, so they can do their "dealings" behind closed doors. They only care about making a profit, and don't give a crap about protecting the public or the investors. Work for a couple, and you''ll find that out quick.


I say do not give up. Contact the appropriate government officials and discuss the issue.


Yeah, I maybe a tad dramatic, BUT do you trust AMCs? I don't.




“For the last two days, I took part in the Appraisal Institute Summit in Washington, D.C.,” said Gary Crabtree, SRA. “What I witnessed was almost shocking. Representatives from banks and AMCs appeared just as stubborn as ever. They truly are in denial and I fully expect to see armies of lawyers challenging every part of Title XIV. They told me that the banks and their customers will refuse to pay increased fees. That also includes GSEs (Fannie and Freddie) who need forensic appraisals to support their repurchase demands. This battle is not over, it’s just begun.”

I don't know why Gary would be shocked. I expected no less from either the AMCs or the lenders. Neither of them care one bit about the consumer. If the banks cared, they would take responsibility - and pay for - the ordering of appraisals. They would take the responsibility of ensuring that their customers - the consumers - are having their homes appraised by the best - not the cheapest and fastest. And to think any AMC cares one bit is laughable. They care only about their profits, at the expense of both appraisers and the general public.

The fight is not over by a long shot - and instead of "meetings" and "summits" held out of the public eye, the public really needs to be informed what is going on and how they continue to be had by the banking system. The public has the one thing the bankers and politicians fear - VOTES.

 

[NC Appraising]

Bear,

Keep this between us, but the only reason the big banks and the big AMCs even lobbied against the NC Bill is because of one thing: they are making too much money from the appraisal fees. Plain and simple.

This came from several state reps. They only care about the fees.

They make a ton of money from appraisal fees. They make so much money that the mortgage brokers association caught on and they have attempted to open up their on AMC to get in on the scam.

Google it!! The head guy stepped down because of it.


It's a scam and everyone knows it. There is no law that states that a lender or mortgage company must use an AMC. All my clients use an in-house ordering system, and pay a good fee. They are still in business and seem to be doing well. One is a "big bank" too. They use AP and pay a full fee.


So do not buy what there selling. There are other options for them. If mortgage companies can survive prior HVCC, they can survive post HVCC.

On every appraisal order I have every received from a AMC, it is always in bold "do not discuss appraisal fees with the borrower". HUD1? Deception? They know they are doing something that was less than honest, and the sad thing is that most appraisers went along with it.

 

[Bearslide]

Bear,

Keep this between us, but the only reason the big banks and the big AMCs even lobbied against the NC Bill is because of one thing: they are making too much money from the appraisal fees. Plain and simple.

This came from several state reps. They only care about the fees.

They make a ton of money from appraisal fees. They make so much money that the mortgage brokers association caught on and they have attempted to open up their on AMC to get in on the scam.

Google it!! The head guy stepped down because of it.


It's a scam and everyone knows it. There is no law that states that a lender or mortgage company must use an AMC. All my clients use an in-house ordering system, and pay a good fee. They are still in business and seem to be doing well. One is a "big bank" too. They use AP and pay a full fee.


So do not buy what there selling. There are other options for them. If mortgage companies can survive prior HVCC, they can survive post HVCC.

On every appraisal order I have every received from a AMC, it is always in bold "do not discuss appraisal fees with the borrower". HUD1? Deception? They know they are doing something that was less than honest, and the sad thing is that most appraisers went along with it.

Just between us, NC - you KNOW all that, I KNOW all that - and so does every other appraiser on this forum. I haven't bought into ANY of it from day one. The AMCs have provided a cash cow for many lenders - particularly those who own their own AMCs. The fix was in on that dealio from the git-go.

The AMCs have good reason to put those statements on their orders - they have absolutely NO interest in transparency or the public good. I said it earlier - their ONLY interest is their bottom line. Not quality reports, not their lender clients - and certainly not the public. Hiring quality appraisers at reasonable fees for the work level required would address all 3. But THAT would be too much trouble and cut into their bottom line way too much.

They will fight Fin Reg with everything they have - and the appraisers who continue to accept their low fees are making it that much easier for them. I don't discount my fees any more than my plumber did two weeks ago, or the mason we hired last month. Paid them both what they billed with no questions asked - and got excellent work. I didn't shop for Joe PickUp Truck or Matt who used to play with Lincoln Logs. I hired pros, paid for pros - and got more than what I paid for.

Between you and me - this financial mess is NOT going to improve until the banks are FORCED to be responsible - and using AMCs only hinders that process. Most contribute nothing but more paperwork and endless delays. But let's not let honesty and business sense get in the way of getting that almighty dollar.

 

[PropertyEconomics]

Many a democracy has fallen because of greed. Our democracy will be no different .... its been a great 234 years .... but the end is near for capitalism as our parents knew it ... we have turned it into Greedocracy .... and that is a cancer that leads to death.

 

[Bearslide]

Many a democracy has fallen because of greed. Our democracy will be no different .... its been a great 234 years .... but the end is near for capitalism as our parents knew it ... we have turned it into Greedocracy .... and that is a cancer that leads to death.

And THAT scares me the most. We don't need terrorists to bring us down - our own thugocracy of greed and power is doing a wonderful job.