Fee Disclosure?

[Cascada]

I think the appraiser business soon will go Staff and the small shops will be forced to close down

 

[J Grant]

That was my experience with most staff job offerings...I never took any of them because if you work out the volume and net pay even factoring in the value of the benefits...it averages out to $180 average a report. Never found a staff job offer yet where less than 8 a week was acceptable (which I why I never took a staff job)

Imagine if all those negotiating for staff jobs held out for better pay/less volume? Have to wonder if the trade off is worth it...for some I suppose it is. Too bad, if they could set a floor of pay and volume they could still have these jobs and make more money and have a life instead of working 70 hours a week.

 

[Cascada]

Good math... I agree with you. My question always is as a staff appraiser with that excess of additional work and maybe 7 days a week all day work to keep up with the staff work. What kind of quality are we talking about? Does the lender care? How about when something goes terribly wrong? The staff appraiser will lose the job and the license.

 

[J Grant]

I think the appraiser business soon will go Staff and the small shops will be forced to close down

?? That would only happen if 90 to 100% of independent appraisers decide to go staff, and with typical res staff jobs not too appealing, I doubt that will happen. If it were so easy to keep staff jobs filled, the same firms would not be constantly recruiting.

However, there are enough low self esteem or marginal appraisers out there now (or the minority of good appraisers who need the health insurance coverage) to fill most of these staff jobs for at least the next 5 years out, even if on a revolving door basis. As the college requirement takes hold over time , it will get harder to attract staff with such poor payout and working conditions.

 

[Cascada]

Has anyone ever had this happen. AMC client with a request I disclose the fee.

From the e-mail

A. Per LETTERS OF ENGAGEMENT: the fee and registration disclosures are printed on this engagement letter. Please use this to disclose in the body of the appraisal report:

(1) The total compensation, stated as a dollar amount, paid to the appraiser or, if the appraiser is employed by an appraisal company, to the appraiser`s employer: and
(2) The total compensation retained by the AMC in connection with the real estate appraisal activity, stated as a dollar amount.


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

Is this a good sign on the AMC front?

How about this from an AMC.
The flat fee model allows lenders to easily maintain guidelines under the Real Estate Settlement Procedures Act (RESPA), and that is why we are happy to be the first in the industy to offer it. Just another step towards providing the highest valued service to all our Coester-mers. The Way Valuations Should Be.

Conventional appraisals for mortgage lenders are priced at $450 while FHA appraisals are $475


This same AMC is paying appraisers $265 for FHA. Make the math.