Inadequate fees for Field Review Work

[Mike Kennedy]

So our mortgage industry problems continue in every arena. I can't imagine the hundreds and thousands of substandard reviews that are rubberstamping this kind of work on overvalued property across the nation.

We can.


BANK Chief Appraisers and Experienced Independent Review Appraisers refusing to forward bird cage liner appraisers to state boards by the TENS OF THOUSANDS.........

and (a)ppraisers ACCEPTING orders at the rates quoted

are to be thanked for the "fallout".

 

[liberated]

A low fee on a review is like phishing for a predetermined value with comp checks. They know the only appraiser who will accept it is one who has already determined that they will hit all the check boxes affirmatively and agree with the Opinion of Value.

I am so sick of this .......... With billions being lost when is somebody going to say... enough!

Enough!!! :new_multi:

 

[liberated]

I have received several requests for retro field reviews dating back to 2005. AMC not only requested the retro field review but also that I provide two additional comps for 2005. Fee offered was $250. I quoted fee of $500 for each. I did not get the reviews.

 

[Shelgard]

What a Deal!

I had a call today from Cuomo's favorite AMC to do an FHA "Enhanced" Desk Review in a declining, rural market. (That means of course, with new comps and potentially a new value). They were very generous and offered $65 if I could turn it in 24 Hours...

 

[liberated]

I had a call today from Cuomo's favorite AMC to do an FHA "Enhanced" Desk Review in a declining, rural market. (That means of course, with new comps and potentially a new value). They were very generous and offered $65 if I could turn it in 24 Hours...

Oh my god...so this is what the world is coming to...appraisers making less than minimum wage?

 

[Blueprint]

Here is my issue today. And it is unsettling. I received a field review through the fax from LSI for $ 200.00. In 1994 FNMA 2000's came through at $ 250.00.

Supply and demand is a negative aspect of the unsettling issues occuring today. Times have changed. Give it time, give yourself time if you have it in you.

The US government is killing us.

That's perception, not reality as a whole. Gov only kills those who allow. Gov is eliminating the few that should have never been here in the 1st place and /or refuse to survive long term.

It is survival of the fittest, always. I get nothing below 325 but I am not normal by any means. Just like I quoted you, everything, including your pay, is perception. It is not about location, it is about action.

 

[David Covington]

Certified Appraiser

It's not the government that is killing us. It's the lack of professionally qualified appraisers confident enough in their work and ability to tell these lenders to take a hike. There's meely-mouthed, wimp a-- appraisers who can't get work and choose to charge $200 for an assignment. They're not professional, they don't know how to run a business, and they're probably in financial disarray. And I'm lead to believe they don't know what the hell they're doing. And lenders use them. Housing industry in turmoil? Imagine that!!