Customary and reasonable fees - 90 days

[GCJim]

.........what I see is the folks who charged appraisal fees and then took a cut have made their own beds. They have created the appraisal fee acceptable to the consumers which appears to be C and R. The greed of these AMCs I read about on here is soon going to come back and bite them and they deserve. it.

Amen. A scourge ( a POX, even) upon all AMC's and their willing minions everywhere.

Thank God for commercial work.

Amen.

 

[Meandering]

I don't care what AMCs say about the fees they are paying. They don't get to decide what is R & C. The lenders will. Both lenders and AMCs will be exposed so all parties will be seekign indemnifications.


This quote from Ms. Trice troubles me a great deal ... Lenders SHOULD NOT decide what is R&C .. APPRAISERS SHOULD .... what other business does a total outside entity get to decide your pricing .. well except for a certain large retailer who has bullied their suppliers for years.

Don't worry PE it is a Doc Manhattan style of quote. Just a little dig to tell you no matter what you think, you have no power and they know the guys that do.


Just like those TAVMA articles that keep trying to say they provide quality appraisals and add quality to the appraisals

No they don't. They take the under trainned and teach them to check all the right boxes, which has nothing to do with quality.

Don't let them scare you.

Appraisals are a checks and balance to the lending system, not some necessary garbage to close a loan they want.

This, is what we are trying to restore. The checks and balances. That is why the new law carried that nasty INDEPENDENCE word over. Because
we will be restored
and it will be from the Consumer Financial Protection Bureau (CPFB)?
Fees, are a tiny part of the whole enchilada.

They know it so they dig at us because it is not today that they are standing on the carpet whining and claiming they don't know and can't unwind the nasty little web they have woven to hide behind.

Consumers are ticked off and once this AVM COMMODITIZATION of residential real estate is exposed to them, that will be the end of a ton of garbage that has, happily, nothing to do with appraisers.

Appraisers are on the side of the public trust, which has been breeched, not by us, but by them and they know it.

Appraisers did not loan money to people who could not afford to repay it.
Appraisers did not and still don't advertise for people to use their homes as piggy banks and suck their equity out.
Appraisers do not sell reverse mortgages that will leave some people high and dry in their old age.



.

 

[ezradams]

All,

This will be settled once and for all when some appraiser has the balls to file a suit with the Attorney General against an AMC (ie: LandSafe or RELS) for paying less than customary and reasonable.

We can talk about this as much as we want, but the final decision will be made in court.

 

[Meandering]

We can talk about this as much as we want, but the final decision will be made in court.

Many courts across the country. A national coo against the theivery that has gone on unchecked.

 

[Non Sequitur]

Appraisers should set their own fees.

Well we could at one time, but now if the HR 4173 supporters get their way the fee will be set in stone. No negotiating higher or lower, reasonable and customary will be the law of the land. And it's anyone's guess what that fee will be since the guys/gals didn't think to define it. How hard would it have been to write "Reasonable and customary will be based on the VA fee schedule for each state"?

Actually RESPA says no fee bundeling.

What RESPA says and how those in charge interpret it are very different and has been since the beginning. Bottom line is lenders can and do make money off of the credit pull, off of postage/handling, off of abstract fees, off of appraisal fees, etc. and have been for a long time.

One good lawyer on the way........ And the game will be up!

Good luck with that.

 

[rijman]

This quote troubles me a great deal ... Lenders SHOULD NOT decide what is R&C .. APPRAISERS SHOULD .... what other business does a total outside entity get to decide your pricing .. well except for a certain large retailer who has bullied their suppliers for years.

Appraisers should set their own fees.

Lenders will decide what is R & C and appraisers are better off if they do. If lenders asked appraisers to quote or bid on appraisals you would get appraisers lowballing to get the work. Our industry has proven appraisers will perform URAR's for less than $250. Let the lender dictate the fee they are accountable for, assuming market rate, and the appraiser can decide whether or not to accept it. That keeps the skippy's from lowballing fees and taking work away from the rest of us.

We quote our own fees outside of the lending industry.

 

[Meandering]

Just think about when the AVMs take over and all those house flipping and fixing shows go off of the air.

Sorry, the computer does not know you updated your kitchen and just increased your value.

Sorry, the computer does not know your roof is leaking and the interior is infested with mold and termites.

Oh and this is the fun one,

Sorry, the computer does not know that there is only 2 inches between the soil and the bottom of the joists on the house.

But zing, here is your value.

So when they commoditize all the residential real estate in the country, prices can only fluctuate when the banks decide.

This should make it easier for Realtors, same product, same price.

Sweet slavery of the entire population of homeowners.

.

 

[Non Sequitur]

Just think about when the AVMs take over and all those house flipping and fixing shows go off of the air.

Sorry, the computer does not know you updated your kitchen and just increased your value.

Sorry, the computer does not know your roof is leaking and the interior is infested with mold and termites.

Oh and this is the fun one,

Sorry, the computer does not know that there is only 2 inches between the soil and the bottom of the joists on the house.

But zing, here is your value.

You don't know much about AVMs do you?

So when they commoditize all the residential real estate in the country, prices can only fluctuate when the banks decide.

Partly, it's no secret banks want in on real estate. The NAR has been fighting the banking lobby for years over this.

This should make it easier for Realtors, same product, same price.

Dang those unintended consequences.

Sweet slavery of the entire population of homeowners.

One step closer thanks to HR 4173.

 

[Metamorphic]

Just think about when the AVMs take over and all those house flipping and fixing shows go off of the air.

Sorry, the computer does not know you updated your kitchen and just increased your value.

Sorry, the computer does not know your roof is leaking and the interior is infested with mold and termites.

Oh and this is the fun one,

Sorry, the computer does not know that there is only 2 inches between the soil and the bottom of the joists on the house.

But zing, here is your value.

So when they commoditize all the residential real estate in the country, prices can only fluctuate when the banks decide.

This should make it easier for Realtors, same product, same price.

Sweet slavery of the entire population of homeowners.

.

That's not how it will be. The minimally skilled appraisers, the appraiser's that hash up the jobs in the tract neighborhoods, will be converted into "AVM assumption checkers". Your core of your order will be a list of the most important assumptions upon which the avm value is based. Your job will be to confirm those most essential elements, and then go through a check off list of other deal killers. That info will be fed back into the model to update the property characteristics, and produce a new value.

 

[Meandering]

That's not how it will be. The minimally skilled appraisers, the appraiser's that hash up the jobs in the tract neighborhoods, will be converted into "AVM assumption checkers". Your core of your order will be a list of the most important assumptions upon which the avm value is based. Your job will be to confirm those most essential elements, and then go through a check off list of other deal killers. That info will be fed back into the model to update the property characteristics, and produce a new value.

Thanks for clearing that up for me. My crystal ball was all wet from tears.

of laughter,

as I read your remarks and thought about the ASB, AQB, and APB and wondered where they are going to find all the college graduates that will become NEW appraisers in a few years to work under this garbage, and just how big that USPAP book will be after another couple of editions, with all the rules that are so necessary to being credible, when here we have really cheap, and really fast valuation tools that never see the interior of the subject property.

More stupid boxes to check.

Why would you need to be an appraier to check a stupid box?





.