Should I Do It?

[walt kirk]

I do some fee split work for a friend in another part of the state, he is a friend and I accept orders for lower than normal fees. I just received an order from Express Financial. The order is a COD and the appraisal fee is $225.00, The order states that I am to pick a check made out to Express Financial for $315.00.

Is the homeowner being cheated by Express? I want to assist my friend but I feel that this situation is wrong. Does anyone do business with Express Financial?

 

[Chris Harrison]

I'm a little confused You say the order is "COD" then are asked to pick up a check made out to the lender? What, your going to sent the appraisal, bill and the check to the lender, then "wait" for them to pay you? :redface:

No I don't do work for Express Financial and I don't collect any fees for my clients It's hard enough keeping track of my own finances without collecting the mortgage company fees!

Can you do it? Sure! Is it ethical? Not any different than working for an AMC that charge $300 - $400 for the appraisal and paying you $200. The home owner already agreed to the fee and you agree to do it for your "split".

Just my .02

Chris

 

[Jeff Horton]

I have never been asked to do that but it would really set wrong with me. But to answer you question I don't know of anything in USPAP that prevents this. So yea it is Ethical.

But I personally don't think I would do it. But thats a (your) business decision.

 

[Pamela Crowley (Florida)]

Uhm, Nope, I wouldn't do it. I'm trying to get rid of additional hastles, not add more.

 

[Frederick R. Ruffell]

Walt,
STOP WORKING FOR PENUTS!!!!!!, your time, talent, and expertise are worth alot more!!! You must be the appraiser that all these AMC's and brokers tell me about when it comes to my fees. I refuse to work for a fee that low. In fact given the recent fuel and insurance prices here in San Diego I would lose money at that rate!!

 

[larryhaskell]

I would have a serious talk with my so called friend if he were asking me to work for less than the going rate. Why is he asking you to work for sub par fees? <_<

 

[Mountain Man]

I've gotten request like that before And I tell them that I will collect my fee, and they should collect theirs’. If I'm getting a check at the door, it's going to have MY name on it.

 

[Larry Lyke]

I don't have any problem with collecting the lenders portion of a fee and mailing it to them:

#1. But the fee I collect for me has to be set by me and they can add their on top. And they can announce this to the homeowner how much I'll be collecting at the door.

#2. After my check clears, I'll send them theirs. (About 2 weeks).

#3. Because I haven't ever done this --even once, I would have to investigate my state "enablers" to see if these funds have to be laundered through a trust account. I seriously suspect they do. Collected in a single check, the funds have to be "dispersed."

 

[walt kirk]

Thanks for the advise. Since the practice is not barred by USPAP I have decided to do the appraisal. I also called my friend and let him know that I won't do it again.

 

[Mike Garrett RAA]

I would do one thing differently, get check made payable to you and send the difference along with the appraisal. I did one of those last year and still haven't seen the payment from the lender....going on 6 months now.