No Appraiser paid fees on invoice?

[appraisaladam]

Hi. I’ve been doing reports through Mercury Network. Mercury charges a processing fee to the Appraiser. On my invoice I have the 1004 fee.
On a sub-line I write (Mercury fee $xx.xx). This fee is paid by me out of the total fee stated. Recently, the lender hiring me through Mercury is requiring that I make NO mention of the fee I have to pay. Only the total amount for whatever form they order. Question: why won’t they allow me to note the fee I am paying on my invoice? Is this something non-transparent? I AM actually getting paid my fee subtract the processing fee I pay (net $). Thoughts please?

 

[Dublin ohio]

Hi. I’ve been doing reports through Mercury Network. Mercury charges a processing fee to the Appraiser. On my invoice I have the 1004 fee.
On a sub-line I write (Mercury fee $xx.xx). This fee is paid by me out of the total fee stated. Recently, the lender hiring me through Mercury is requiring that I make NO mention of the fee I have to pay. Only the total amount for whatever form they order. Question: why won’t they allow me to note the fee I am paying on my invoice? Is this something non-transparent? I AM actually getting paid my fee subtract the processing fee I pay (net $). Thoughts please?

Mercury is a portal. It is your decision to use Mercury and agree to their fee. The client is not charging you. I do not see the reason for putting a business expense on your invoice. You seem to be looking at it as if Mercury is the same as an AMC

 

[glenn walker]

Hi. I’ve been doing reports through Mercury Network. Mercury charges a processing fee to the Appraiser. On my invoice I have the 1004 fee.
On a sub-line I write (Mercury fee $xx.xx). This fee is paid by me out of the total fee stated. Recently, the lender hiring me through Mercury is requiring that I make NO mention of the fee I have to pay. Only the total amount for whatever form they order. Question: why won’t they allow me to note the fee I am paying on my invoice? Is this something non-transparent? I AM actually getting paid my fee subtract the processing fee I pay (net $). Thoughts please?

Get a life we have much bigger issues going on right now- Your only concern should be if you get paid- Believe me nobody including me, the lender, the borrower, the seller , the Realtor its not an-issue -Keep your eyes on the big issues like getting paid a fair fee-- and if a portal or Mercury fee is going to decimate you, then you are no longer in business anyway. Ever hear the saying a penny wise and a pound foolish ?- Pick up the dollars and don't worry about the nickles or raise your fees to compensate for the portal fee. Sorry to be so harsh but we all have much bigger fish to fry right now and act like a business person.

 

[bnmappraisal]

I use Merc Net, too. I actually like it because I've gotten some decent clients over the years through using it
Some clients pay the fee, others do not. I have my fee set to offset that discrepency
I do not state the Merc Fee on the invoice - it simply states $XYZ

 

[Mike Kennedy]

Hi. I’ve been doing reports through Mercury Network. Mercury charges a processing fee to the Appraiser. On my invoice I have the 1004 fee.
On a sub-line I write (Mercury fee $xx.xx). This fee is paid by me out of the total fee stated. Recently, the lender hiring me through Mercury is requiring that I make NO mention of the fee I have to pay. Only the total amount for whatever form they order. Question: why won’t they allow me to note the fee I am paying on my invoice? Is this something non-transparent? I AM actually getting paid my fee subtract the processing fee I pay (net $). Thoughts please?

Example from the Bank's perspective: Bank is paying (say) $300. as the appraisal fee; whether YOU receive $300. OR $300 LESS Mercury's processing fee is outside the purvue of the Bank.

Accepting orders via ANY portal that charges a processing fee is an Appraiser's business decision.

Clearly from the Appraiser's perspective: if a Bank is paying a $300. appraisal fee - the $300. is the Appraisal Fee; if direct relationship - there ya go "full fee".

HOWEVER, Via the Portal Company who originated your accepted order - you were informed of same prior to receiving the order - and your agreement to complete the assignment was for the "Gross less Portal processing charge" = NET Appraisal fee (after the processing deduction).

IF you were not informed there would be a Processing/Handling/Original Fee due to the Portal Company - and that Company stole part of your fee - you MIGHT have a legal case ( I am not an Attorney consult one if you wish).

I suspect you were informed in advance - TWICE 1. when registering for the AMCs' "roster" and 2. likely again when you received the order that the actual appraisal fee would be that quoted fee LESS the processing fee due to the Portal Company.

Once you accepted the order - you agreed to the terms - and agreed that your actual appraisal fee would be LESS than the Gross Assignment Fee of (say)$300.

Your option - complete the assignment as agreed or don't and replace the AMC with a direct lender or non-mortgage Client ( i.e. CPA, Trust Accountant, Attorney etc.)

 

[glenn walker]

Sorry I just think we all have bigger issues than portal fees, and if I think I need to cover it I price it into my fee but in general, I am not going to walk away from $400.00-$450.00 plus bucks over a $15.00 to $35.00 fee after all I did no advertising or spent any money to get the order so big deal. Also I have no idea why appraisers are still stuck in La, La, Land thinking anyone cares what they paid to get the order. Its like ordering from a restaurant and you pay a fee to grump hub or some other delivery service , nobody cares if I paid $5-$8 bucks on top including me. My father taught me there are Bulls, Bears and Pigs and grab the cash when it's there. By this time next year some of us may be begging to pay a portal fee : ) LOL

 

[Michigan CG]

Hi. I’ve been doing reports through Mercury Network. Mercury charges a processing fee to the Appraiser. On my invoice I have the 1004 fee.
On a sub-line I write (Mercury fee $xx.xx). This fee is paid by me out of the total fee stated. Recently, the lender hiring me through Mercury is requiring that I make NO mention of the fee I have to pay. Only the total amount for whatever form they order. Question: why won’t they allow me to note the fee I am paying on my invoice? Is this something non-transparent? I AM actually getting paid my fee subtract the processing fee I pay (net $). Thoughts please?

I love Mercury and do a lot of work through them. My fees are with Mercury are $50-$150 higher than AMCs want to pay in my market. I will never work for an AMC again and Mercury is one of the tools I use to not work for AMCs.

It is best to pick what hill you want to die on and for me this would not be a hill to die on.

 

[andrew81]

ive always considered mercury network and all portals with a fee to be a fee paid in connection with the procurement of an assignment.

my additional certifications include:
- A Mercury Network transaction fee has been paid for the procurement of this assignment.

An appraiser must disclose that he or she paid a fee or commission, or gave a thing of value in connection with the procurement of an assignment.
Comment: The disclosure must appear in the certification and in any transmittal letter in which conclusions are stated; however, disclosure of the amount paid is not required. In groups or organizations engaged in appraisal practice, intra-company payments to employees for business development do not require disclosure.

 

[Vermonter]

my additional certifications include:
- A Mercury Network transaction fee has been paid for the procurement of this assignment.

Same here. I also do the same as the OP and charge the client the fee so it's listed on the invoice.

Our state board has required us to disclose the "fee paid to the appraiser" in the report, so I have to explain it all anyway. No clients have questioned it tho.

 

[DWiley]