Fee Disclosure?

[TxArmadillo]

Appraiser fee: $ 375.00
AMC fee: $ 100.00
Lender/Client fee: $ 475.00

Gotta love somebody taking almost 25 percent of your fee, don't ya? m2:


:new_snipersmilie: woohoo

 

[Mile High Trout]

Ethan W that is intriguing, isn't it?

In Colorado we just put forth the mandatory fee to appraiser within the report disclosure rule, but I believe that was the extent of mandatory disclosure.

So on one hand this is a good thing to have appraisers disclosing fees. In the HVCC hayday I recall being removed from approval lists for stating my fee. You see I would negotiate that rare C&R fee from the AMC then I would put that within the report for transperent billing reasons because nobody knew what the AMC was charging the lender. There were horror stories of people suing or pursuing appraisers for overcharging, when the appraiser in fact only took a discount.

Now on the other hand the AMC seems to be utilizing this as a way to get ahead of the competition by presenting a sensible fee billing structure. This request if not mandated by state seems like more of an action to showcase to the lender, that this particular AMC is above board and not engaging in unscrupulous fee shopping activities like the next AMC may be engaging in.

Marion, your points are well taken and very wise I think. However this industry is still in it's infancy in many ways, with such injection from external forces who now call this industry home. Appraisers may have started up the appraisal industry, but now we're just one of many usually necessary and sometimes mandated participant businesses.

I believe the important point missing so far in this thread is the related conversations we had on the forum regarding the CFPB's deal with selecting the new HUD 1 form. I'm not sure but I might have written a letter regarding the importance of disclosing appraiser and AMC fees separately on the HUD 1 form. It would be presumed that if the AMC is needing to take this approach, the CFPB failed to implement the proper disclosure form which clearly separated the fees for these distinctly different service fees which are AMC fee and appraisal service fee. What was the final deal with that anyways. The whole thing with final HUD1 form went on and on for so long I forgot to keep up with it.

On a related note; It sure would be nice to be supplied the HUD1 form for every sale contract I run across. Perhaps only rarely necessary if ever, but it would be informative and sometimes relative to review this information. Gives the appraiser a better feel for the entirety of the deal of which they are appraising. Also potentially providing more rational for decisions regarding applying concessions adjustments in a straight line fashion.

 

[Meandering]

GA requires you to report the fee paid to the appraiser if the appraisal was ordered by a third party.

How can you report the fee paid to the appraiser prior to the fee being paid?

How many JVI or ES appraisals and whatever future AMC that goes out of business have promised fees of $X that never got paid, and yet those appraisers will/would have appraisal reports out in the world saying they got paid $X for those reports.

Bull ****e.

And it's time appraisers start to recognize the bull ****e they are blindly reporting in appraisal reports.


Reporting the fee you got paid becomes in effect, a receipt for a fee you did not receive.


And, there is every possibility that something will happen and you may never receive the fee.

It would be a different issue to report you have been promised a fee of $X and according to the client they were paid $X, but you have no proof or evidence of that other than the hearsay of the client, many of which, do not want to be named the client.


Be careful of what you type.



.

 

[Mile High Trout]

"The billed amount for this appraisal service was;"

Great advice Marion, I'm going to change my wording today on the fee disclosures.

 

[Cascada]

It is very interesting, the appraiser has to disclose the appraisal fee but the AMC does not. Isn't this a double standard there?
Market has slowed down around here, now we are experiencing some AMC offering staff jobs, or $200-265 pay per appraisal report, including Coester VMS, Valuation Partners, etc. I can not believe that there are appraisers accepting $260 for a 1.7Million 7,000sf home. This in my books is considered to be a complex assingment but this guys are taking the job. I guess I will lose my job and they will be rich. Oh well....

 

[Cascada]

Gotta love somebody taking almost 25 percent of your fee, don't ya? m2:


:new_snipersmilie: woohoo

Really lovely, it is hard to survive in this career. We work hard (at least I do) to lose 25% for a Bureaucratic position. Are this people really helping the maket to get better? The only thing that I like from them is that the comp check is over.

 

[J Grant]

IF the appraiser has to disclose their fee ($350, ) and the AMC does not, the borrower knows they paid $500 for the appraisal, so they can figure it out.

 

[Cascada]

IF the appraiser has to disclose their fee ($350, ) and the AMC does not, the borrower knows they paid $500 for the appraisal, so they can figure it out.

Believe it or not this is not always the case. We have to remember everything has to be clear and simple. I disclosed our fees and still have some borrowers saying that we got all that money (full fee). There are educated and non educated borrowers. Some people have issues doing math. :laugh:

 

[J Grant]

Whatever the borrower thinks, not my concern. since AMC's/lender owned ordering is now part of landscape, appraisers should concern themselves with charging/getting decent fees OR compensation if they go on staff.

 

[Cascada]

They offered me staff jobs from $60K to $75K a year gross income. It is so hard to decide.... What a good offer... right Some of them are even giving the appraisers education, license, insurance.....waoooo good deal.