"customary And Reasonable Local Fees" Clarified Thanks To Working Re Survey

[DMZwerg]

Seriously Doc, why are you still on this forum? If I was in your shoes I would be out looking for my next job.

Just a note for people ... if you put him on your "Ignore" list then he can not post in any thread you start!

woohoo

 

[cdeyoung20]

Ask for that in writing and turn them in to the FBI for racketeering maybe?

:new_2gunsfiring_v1:

I'm wondering if there is anyplace to help with all this BS. I got an nsf check from one of these AMC's. They did end up taking care of it, but prior to that, I contacted OFI, and the appraisal board. Guess what, we can't get help from them anymore. Don't think the DA will help either because most of these companies are across state lines. The OFI can't help anymore because they say that this is now a contract between us and the AMC. The lender and consumer already paid. Either we figure something out or there will be a rash of bankrupt appraisal companies when the AMC's start to shut down.

 

[DMZwerg]

I'm wondering if there is anyplace to help with all this BS.

If it fits the definition of "racketeering" then IIRC the proper agency is the FBI as few if any local municipalities still have Bunco squads. I could be off, but as I recall the FBI is one of the main agencies investigating AMCs for fraud and such.

 

[bryanknowlton]

I just started working with an AMC that has the total fee charged to borrower and the fee split I receive (which is decent). I hope they all have to follow that format and actually pay a reasonable and customary fee!

 

[Corbyn Reece]

Just got LandSafe's new "adjusted" fee schedule. Surprise - very few adjustments. Standard condo/URAR fee is $280, $355 for higher end properties. Those are both over $125 lower than standard/customary/reasonable. Where's that hotline we were promised? I'll be calling it the first day it's turned on!

 

[kevco]

Where's that hotline we were promised? I'll be calling it the first day it's turned on!

There will be no hotline. Just like the IVPI hotline that was never set up.

 

[cdeyoung20]

There will be no hotline. Just like the IVPI hotline that was never set up.

What would it take to Unionize so that we can be representatio and have leverage. We arent getting anywhere, except becoming extinct but maybe that is what they want.

 

[cdeyoung20]

Just got LandSafe's new "adjusted" fee schedule. Surprise - very few adjustments. Standard condo/URAR fee is $280, $355 for higher end properties. Those are both over $125 lower than standard/customary/reasonable. Where's that hotline we were promised? I'll be calling it the first day it's turned on!

I dont think landsafe hords the fee from the consumer though. I think they make a much smaller proffit than most of the AMC's that have come into play since the hvcc. Landsafe has been doing their thing for a long time. I dont put them in the same category as these new monsters that have come into the game. Thats just my opinion though.

 

[FeeSimple]

LandSafe released new fees

Friday, LandSafe released their new fee schedule, and then again today, must have been a correction or something.

The fees are still about $75 shy for my area, compared to not only the fees I charge, but also research done by Alamode.

I called LandSafe and asked about the source of their information, the gentleman told me that they had a 3rd party do a nationwide research project, oh sorry.. an "extensive" nationwide research project on typical appraisal fees. I told him I had conflicting information from another nationwide research on base fees for typical appraisals.

They would not release any information regarding the research project, or the company that performed it, stating it was proprietary information that would not be released to anyone.

Just like an appraisal.. shouldn't their source be required to be unbiased?
If you're not releasing the source of the information, why even have a research study done at all?

I don't know if the freedom of information act applies here, but it seems to me this has turned into one big game. In the long, one way or another, isn't it the borrower that ends up covering the appraisal fee anyway? I've never seen a company disclose upfront that it will cost exactly "x" amount to close a loan with them... so why even hassle with a $50 or $75 fee discepancy on an appraisal.. It seems like its almost more time and resource consuming to have companies shop appraisers for 3 or 4 days *Cough*RELS*Cough*, to find an appraiser to do appraisals for fractionally cheaper.

Let the games begin...

 

[CastleGal]

Landsafe

TAVMA must have done the survey. Our fees only went up $20!