North Carolina Adopts Customary And Reasonable Fee Guidance Document

[Bob Ipock]

USPAP-

If it is possible, do me a favor: Ask your board if within whatever C&R regulation they pass, a "fee cap" for appraisers is an option.

Thanks!

There will be no minimum or maximum. If an appraiser wants to work below the C & R he/she can. An appraiser can contact every AMC and AGREE to work for less. If they wish to charge more than the C & R, they may do so.

Client needs a RUSH and will pay double to get it back in 24 hours they can do that as well. This program will not work until an appraiser files a complaint against an AMC who REFUSES to pay C & R.

 

[Eli]

There will be no minimum or maximum. If an appraiser wants to work below the C & R he/she can. An appraiser can contact every AMC and AGREE to work for less. If they wish to charge more than the C & R, they may do so.

Client needs a RUSH and will pay double to get it back in 24 hours they can do that as well. This program will not work until an appraiser files a complaint against an AMC who REFUSES to pay C & R.

Or there are many other avenues the state has to get info besides appraisers when it comes to presumption 1 vs presumption 2.

I am sure that is not new information to them. I am just a messenger.

Public trust. Antitrust. Taxes.

 

[Eli]

No specific intended recipients

 

[Eli]

Which presumption do you think is safest considering?

 

[Warren Sumner]

There's an info session in Durham tomorrow, I plan on attending. I'll report back what I find out.

 

[Bob Ipock]

Which presumption do you think is safest considering?

I speak only for myself, but more than a few lenders and AMC's have already gone to the "safe haven" of the VA fee schedule.
What I have been told is that these companies simply do not want to deal with the hassle, back and forth etc and have decided that the VA rate is what they will go to. (and have already gone to)

 

[Bob Ipock]

There's an info session in Durham tomorrow, I plan on attending. I'll report back what I find out.

Please do and will do the same after our meeting here on March 15th.

 

[Warren Sumner]

I speak only for myself, but more than a few lenders and AMC's have already gone to the "safe haven" of the VA fee schedule.
What I have been told is that these companies simply do not want to deal with the hassle, back and forth etc and have decided that the VA rate is what they will go to. (and have already gone to)

That, unfortunately, has not been my experience as of yet.

 

[timd354]

I speak only for myself, but more than a few lenders and AMC's have already gone to the "safe haven" of the VA fee schedule.
What I have been told is that these companies simply do not want to deal with the hassle, back and forth etc and have decided that the VA rate is what they will go to. (and have already gone to)

Many smaller and mid-size AMC's may do that due to the expertise and expense involved in documenting compliance under presumption 1. However, I will bet that the big AMC's will use presumption 1 because they will make a higher profit and be more competitive that way, which will put the smaller to mid-AMC's under more pressure. Like is often the case, regulation helps the big boys at the expense of their smaller competition and will likely lead to more consolidation within the AMC space.

 

[Bob Ipock]

USPAP-

If it is possible, do me a favor: Ask your board if within whatever C&R regulation they pass, a "fee cap" for appraisers is an option.

Thanks!

The answer I gave you on this was correct as I said. However, I did contact the right person at the NCAB today and verified that what I said was correct.