The Appraiser Shortage Myth Part 43

[DWiley]

... you're saying that the AMC bills the Lender for the Appraisal who then doles out (reimbursement) the remainder or whatever is agreed too to the AMC as their service/agency fee FROM the Appraisal fee paid by the Borrower - too the Lender?
.

Nope. Not what I said. The invoice sent to the lender has no relationship whatsoever to any arrangement that lender might have with the borrower, or any other party. If you want to know how a lender processes the payment, ask a lender.

 

[gregb]

Cost+ AMC sends bill to lender for 30 appraisals at $600 per appraisal. AMC keeps $150 per report, pays appraiser $450 per report. That is how it is done at the only AMC I am familiar with.

 

[timd354]

You have named more than enough. Then, there are the ones you haven't named because you can't know or possibly name them all. And though collection/billing methods may vary, do not lead people to believe that Appraisal fees are not being collected from the Borrowers directly by management companies.

I have never stated that appraisal fees are not being collected from the borrowers by AMC's in all cases. What I have stated is that that is not typical practice and happens in a vast minority of transactions and I stand by that. I know that because we insure the loans that are originated by over 1,000 lenders, including all of the large lenders and we know the processes these lenders use as we vet each and every lender before they are approved to be eligible for our mortgage insurance. Those are the facts...sorry if you don't like the facts.

 

[timd354]

Surely you are intelligent enough to know that is price fixing.......................

apparently not...see post #570

 

[timd354]

Did you read my post 63? Do you understand the price is not fixed, only the percent of the borrower paid total appraisal fee going to the AMC is capped?

How is that price fixing?

Are you trying to be a comedian or do you actually somehow believe that this is not price fixing?

 

[timd354]

Setting a fee and capping a percent on the HUD are two different things.

It is sad that you actually believe that

 

[J Grant]

ROFLMAO. It is sad that you actually believe that

Read my post 63? Do you understand the price AC charges the lender is not fixed, only the split from borrower paid total appraisal fee can pass from lender to the AMC is capped as a percent?

The AMC can charge whatever price the AMC wants to the lender, and the lender is free to pay the AMC any price it wants , any additional amount it wants to pay the AMC is fine, above the fee % split

Below are examples: ( the borrower paid a $500 appraisal fee to lender. fee cap is 20% to AMC ( $100 from the borrower paid is allowed to pass through lender as payment for AMC service)

The price price AMC charges the lender,: $200. Lender pays AMC $200. ( $100 of the $200 came from the fee split) Since the lender paid the price an AMC charged them, how is that price fixing?

The price AMC charges the lender: $300 Lender pays the AMC $300. ( $100 of the $300 came from the fee split) Since the lender paid the price an AMC charged them, how is that price fixing?

 

[TRESinc]

Weekends are generally off the table for me except in certain circumstances. I'm generally very accommodating, but there are limits.

it's amazing how many out of town weddings and funerals i have *cough* attended on weekends over the years...

 

[Michigan CG]

When you set a minimum or a maximum, be it a dollar amount or a percentage it is price fixing. This is just logic 101.

 

[J Grant]

When you set a minimum or a maximum, be it a dollar amount or a percentage it is price fixing. This is just logic 101.

That would only be true if the TOTAL price allowed to paid to AMC is the percentage . The AMC is free to charge any additional $ they want on top of the percent as a price to lender for their service.

Borrower paid lender a$500 appraisal fee, 20% capped of that allowed to pass through lender as a payment for AMC service. ( $100) The below are examples,change the price to any amount you want.

The price price AMC charges the lender,: $200. Lender pays AMC $200. ( $100 of the $200 came from the fee split) Since the lender paid the AMC the $200 price the AMC charged them, how is that price fixing?

The price AMC charges the lender: $300 Lender pays the AMC $300. ( $100 of the $300 came from the fee split) Since the lender paid the AMC the $300 price the AMC charged them, how is that price fixing?