I'm not surprised..

[gregb]

I hope you all have a great weekend. I am out.

Nice! Freddie gets a long weekend over Labor Day!

 

[NC Appraising]

It's not just the "cost" of drawing up a new disclosure. It is the time lost. It basically bring everything to a halt until the borrower is provided the new disclosure and acknowledges receipt

Understood.

I have literally 6 bids today. Looking for the lowest bidder on complex properties. Time lost.

Everything slows up the process. That is just part of being in the mortgage business.

Things need to slow down a bit. Lenders want it as fast as they can so they can trap borrowers from shopping around.

 

[Mejappz]

Nice! Freddie gets a long weekend over Labor Day!

Every day is a long weekend when you work for the GESEs.

 

[NC Appraising]

I have long (as in 30+ years) thought that lenders should not be able to pass any expenses straight through to a borrower. None. Including the appraisal cost. The appraisal is done for the lender, and it should be at the expense of the lender. Asking the borrower to pay a direct fee for the appraisal is no different, to me, than asking them to pay a pro rate share of the rent, the electric bill or any other cost of doing business as a lender. But, hey, I don't make those rules.

My only intent in posting in this thread is to help some better understand how the business actually works. When I was in AMCland we did have orders where our gross exceeded the appraiser's fee - and for everyone of those I could show you several where there was a gross loss because the appraiser fee was more than the AMC total fee.

I hope you all have a great weekend. I am out.

Have a good weekend. I learned a lot. Nothing wrong with debating.

 

[Mejappz]

Understood.

I have literally 6 bids today. Looking for the lowest bidder on complex properties. Time lost.

Everything slows up the process. That is just part of being in the mortgage business.

Things need to slow down a bit. Lenders want it as fast as they can so they can trap borrowers from shopping around.

It’s a corrupt system that needs an entire overhaul don’t try and overthink it.

 

[NC Appraising]

It’s a corrupt system that needs an entire overhaul don’t try and overthink it.

The overhaul has already taken place.

Instead of the banks needing a bailout, it will be the mortgage bankers. Same game differant day.

 

[George Hatch]

There is no overhaul that is going to prevent Appraiser#A from actively seeking to underbid Appraiser#B if/when their only other alternative is to not work at all that day.

 

[Terrel L. Shields]

Therefore if the lender or AMC relies upon a generic fee sheet for all property types in a state or zip code, and the appraiser provides "new information specific to the transaction" such as information related to the required scope of work for the appraisal assignment, then that would trigger a valid changed circumstance for re-disclosure. Correct?

So, the appraiser has to waste time seeing what the actual property is to value, which is not always that easy to do. Log in, pull up a tax card or MLS sheet... estimate what the fee should be based upon your best guess as to the time spent... Submit to AMC, who then does not respond because they are scrambling to find someone else to do it cheaper... and then what? You've wasted a hour of your time doing nothing, and knowing by submitting any other bid, you probably are going to not get the job and B - if you take 3 days to do it, on day 2 they suddenly cancel the job by which time you've got it half done and they are not going to pay anything, not even a trip fee. Great.

 

[Zoe]

Nice! Freddie gets a long weekend over Labor Day!

Harsh. Calm down.

 

[alebrewer]

So, the appraiser has to waste time seeing what the actual property is to value, which is not always that easy to do. Log in, pull up a tax card or MLS sheet... estimate what the fee should be based upon your best guess as to the time spent... Submit to AMC, who then does not respond because they are scrambling to find someone else to do it cheaper... and then what? You've wasted a hour of your time doing nothing, and knowing by submitting any other bid, you probably are going to not get the job and B - if you take 3 days to do it, on day 2 they suddenly cancel the job by which time you've got it half done and they are not going to pay anything, not even a trip fee. Great.

No doubt it's a cluster. Having said that, though - I do exactly that every time I get an order - AMC or Lender direct. Been burned too many times for just accepting an order only to find out it's lakefront, or acreage, or who knows what...