NEW VA Fees and Timeliness Schedules Released Effective Dec 1

[James Mpls]

I

Only if proposed with plans and and specs, not if ordered as existing with just buyer's preference items. I think it's on the very last page of the document.

Yes.

 

[James Mpls]

do we still get the extra $50 for new construction?

Yes.

 

[Hondo]

do we still get the extra $50 for new construction?

Yes, but we no longer the an extra $50 for liquidation appraisals, however we do get extra time to complete them.

Liquidation Appraisal - Appraisers are no longer authorized to charge an additional $50
above the fee indicated in the table. Liquidation appraisal timeliness is the same as
typical assignments in the geographical area.

 

[Kitarkus]

We are now authorized to charge late fees without needing to get approval. This is from the Dec 1, 2021 fee update guide:

Payments - Lenders and other appraisal requestors should note that VA Form 26-1805,
VA Request for Determination of Reasonable Value (Real Estate), states “On receipt of
‘Notice of Value’ or upon advice from the Department of Veterans Affairs that a ‘Notice of
Value’ will not be issued, we agree to forward to the appraiser the approved fee which
we are holding for this purpose.” If a payment has not been made within 30 days of
billing, a late fee charge not to exceed state usury statutes is authorized. Late fees
cannot be charged to the Veteran. Lender Appraisal Processing Program lenders are
responsible for their approved agents.

If I had a Lender that wasn't paying, I would be adding late fees, it just might get their attention.

I didn't know that this was ever NOT possible. For VA orders I always notify one week prior to due date and then re-invoice with late fees beyond Net 30. I don't always get my late fees...but the threat often gets the Client to finally write me a check.

 

[Hondo]

I didn't know that this was ever NOT possible. For VA orders I always notify one week prior to due date and then re-invoice with late fees beyond Net 30. I don't always get my late fees...but the threat often gets the Client to finally write me a check.

Glad you got paid, this is from 26-7;

25. Appraisal Fee Collection Issues​

Change Date

March 11, 2019 This chapter has been revised in its entirety.

a. Certification Fee to be Paid​

When an appraisal is ordered, the requester must certify in WebLGY that the appraisal fee has been collected and is being held to be paid to the appraiser.

b. Timely Payment of the Fee​

VA expects requesters to pay the appraiser within 30 to 45 days after the NOV is issued or it is determined by VA that an NOV will not be issued.

c. RLC Assistance Collecting Overdue Fees​

Appraisers may notify the RLC of jurisdiction about ongoing, documented issues collecting fees. The RLC may contact the requester to resolve the issue. In the event that the requester fails to pay the appraisal fee, the RLC may require advance payment from the requester on future appraisals.

d. VA Authorization of Advance Fees​

Appraisers may not require advance payment from requesters or charge late fees unless approved in writing by VA.

 

[Michael Filippi]

I chased payments from VA clients for over a decade. Lets face it the lenders know its an obsticle for us and they clean up their spilled milk with collected VA appraisal fees when they collect prior or should I say they are required have those funds when appraisal is ordered but they don't they sell their product with no up front and as always were at the bottom. Hands down love my job but slow pay blows my mind here I am 44 been appraising almost half my life 21 years and hey I got bills.

The best thing I did was get into business with Sekady Capital they purchase my invoices on the slow pay clients for a minimal fee I get paid within 1-2 business days majority the day of upload and that fee is nothing compared to the cost of the chase collecting. These days in this game aint nobody got time for that. Honestly it was a life saver folks it changed my entire life to be out in front of the slow.

Worth every penny sign up tell them I advised you to contact them. I do not get anything from it but would surely like to hear the feedback. Seems these days everyone gets a piece of us nature of the beast but with high fees and daily pay its a win win less stress.

 

[James Mpls]

I chased payments from VA clients for over a decade. Lets face it the lenders know its an obsticle for us and they clean up their spilled milk with collected VA appraisal fees when they collect prior or should I say they are required have those funds when appraisal is ordered but they don't they sell their product with no up front and as always were at the bottom. Hands down love my job but slow pay blows my mind here I am 44 been appraising almost half my life 21 years and hey I got bills.

The best thing I did was get into business with Sekady Capital they purchase my invoices on the slow pay clients for a minimal fee I get paid within 1-2 business days majority the day of upload and that fee is nothing compared to the cost of the chase collecting. These days in this game aint nobody got time for that. Honestly it was a life saver folks it changed my entire life to be out in front of the slow.

Worth every penny sign up tell them I advised you to contact them. I do not get anything from it but would surely like to hear the feedback. Seems these days everyone gets a piece of us nature of the beast but with high fees and daily pay its a win win less stress.

I just keep track of who owes me what, and call and email the clients once their 45 days from NOV has elapsed. In 10 years on the panel, I have yet to have an unpaid invoice. I did have 1 that was hard to track down (Citi - short sale department), but once I alerted my VA RLC I was paid within a couple of weeks.

 

[Michael Filippi]

agreed you will get paid the VA has our backs on that. I feel in this day and age we should not have to wait 45 days call me not old fashion but we taken it on the chin far to long and money can move fast as lighting these days. I want to give you my appraisal product and be paid in the same goodbye.

 

[Oh No Not Him]

Didnt see this topic in this thread...but a colleague & I have been discusssing whether or not new fees dont kick in based on the day you received the request (12/1& later) but rather based on the day that the lender went in a got a case #, the date that shows on the 1805. Thats a big deal in my area due to a shortage of appraisers sometimes a case will sit for 2 weeks waiting for an appraiser to become free. Thoughts?

 

[Hondo]

Didnt see this topic in this thread...but a colleague & I have been discusssing whether or not new fees dont kick in based on the day you received the request (12/1& later) but rather based on the day that the lender went in a got a case #, the date that shows on the 1805. Thats a big deal in my area due to a shortage of appraisers sometimes a case will sit for 2 weeks waiting for an appraiser to become free. Thoughts?

This is what we received from the Roanoke RLC:

In order for VA to remain and get back to being competitive in most areas; there has been a change to Fees for appraisals ordered on/after December 1, 2021. This is part of a regular local and national monitoring and will be updated periodically.