Fee Surveys

[PropertyEconomics]

There is lots of blame to go around .. much of which lies on the backs of the appraisers that trained all of the newbies. Yes I believe appraisers are very much to blame for this mess as are lenders, Realtors, AMCs .... everyone associated with lending.

When greed enters the picture ... its nearly impossible to stop

 

[Meandering]

There is no need to argue about fees.

HUD has mandated that the Customary and Reasonable Appraisal Fees are those fees that are charged to the borrower.

The Lenders and the AMCs have set the C&R fee.

The New financial regulations states that we must now be paid the C&R fee.

There is no argument. There is only the leeches trying to get appraisers to agree to take less than what has been charged to the borrower.

While we all might agree that some where between $300 and $450 is C&R, that would leave all the lenders and AMCs open to lawsuites for overcharging borrowers a fee that was non negotitable to them, yet was mandated by HUD to be the C&R.

So in the interest of public trust, do we now say to the consumer that they have been overcharged for appraisal services above what we have now determined is C&R?

And if we do that, and the HUD mortgagee letters remain, that the borrower cannot be charged more than C&R do you foresee new imaginary service charges being applied to loan applications?

It is not really about our fees, it is about how the consumer has been overcharged for more than a decade, and it is about getting the leeches out of the business.

 

[NC Appraising]

So do we need to email, write or call the Government officials that are currently trying to figure out what this C&R is?


I know the lenders and the AMCs are lobbying and giving their opinions on this issue. Can they still persuade them to how they want it?

What should we do, if anything?

 

[Meandering]

Well, the fee issue was effective at the signing of the law.

But as usual the enforcement is lagging.

I am researching where we go next, if all else fails we can go directly to Congress because it's within their realm to monitor and question such conflicts of government policies.

 

[NC Appraising]

http://www.appraisersupport.com/AS/Home.html

Click on the map and each bubble has a comment on how much they pay the appraiser and how much the AMC gets.

 

[NC Appraising]

http://www.city-data.com/forum/mortgages/1022736-my-FHA-appraisal-fee-495-so.html

 

[NC Appraising]

http://wholesale.mccuemortgage.com/Portals/0/Appraisal Fee Schedule.pdf

 

[NC Appraising]

https://www.unioncapmtgs.com/Wholes...ORRESPONDENT LENDING ANNOUNCEMENT 2009.03.pdf

 

[NC Appraising]

http://www.service1inc.com/products-services_nationwidepricing.html

 

[Karl]

May want to check the actual FINAL BILL that was ACTUALLY signed by the President!!

Have some conflicting stories!! Maxie Sledge

(972) 773-7678

Maxie _w _ sledge @fanniemae.com



Rachel Beam-Jares

(480) 200-1561

Rache l_m _beam -jares @ fanniemae.com