Union Time?

[DonRico]

It's been 10 years since Atty General Cuomo waved his Magic Wand, and AMC's have taken your Lunch Money ever since -- at the same time scheming towards our replacement.. All the Guilds and Unions and PAC's combined haven't made an appreciable dent in this Thievery. In these 12 pages I've seen no viable solutions.

NAR presented the ideal National Association model.......to legislators it looks like a lot of Votes and a lot of Campaign Contributions -- Money is the Mother's Milk of Politics. I just don't see a National Association of Appraisers coalescing anytime soon.

Can you imagine a move to take half of a Realtor's Sales Commission ??

 

[DWiley]

I think (at least based on my conversations with those who are decision makers within AMCs) would prefer the cost-plus system. This takes them totally out of the fee controversy to a large degree and puts the final appraisal-fee decision making on the lender.

My conversations with those who are decision makers within AMCs indicates the same. As has been discussed multiple times, the challenge with cost plus is lender disclosure requirements (TRID)

 

[J Grant]

I would have to ask what would be so challenging for lenders to make a TRID disclosure statement if it is cost plus?

Fee for Appraisal is X$ disclosed

Fee paid for appraisal management service is Y $ disclosed

 

[DWiley]

I would have to ask what would be so challenging for lenders to make a TRID disclosure statement if it is cost plus?

Fee for Appraisal is X$ disclosed

Fee paid for appraisal management service is Y $ disclosed

The challenge is that neither the lender nor the AMC knows the appraiser's fee up front. So, the lender does not know what to disclose. I can know what the "plus" is up front, but until I engage an appraiser I don't know the "cost"

 

[Meandering]

My conversations with those who are decision makers within AMCs indicates the same. As has been discussed multiple times, the challenge with cost plus is lender disclosure requirements (TRID)

Funny that it wasn't an issue for them for the 4-5 years before TRID existed, yet they did not move to cost plus.

.

 

[J Grant]

The challenge is that neither the lender nor the AMC knows the appraiser's fee up front. So, the lender does not know what to disclose. I can know what the "plus" is up front, but until I engage an appraiser I don't know the "cost"

Right now, direct lenders engage appraisers at an agreed on set fee in various regions. That is how it would work. Same as VA engages at set fees in various regions. That way the lender knows what to disclose.

l

 

[djd09]

Lets start charging by the hour. In general terms, $100 per, 8 minimum, payable on completion of the report.

 

[DonRico]

Lets start charging by the hour. In general terms, $100 per, 8 minimum, payable on completion of the report.

You can do that if you can get about 80,000 Licensed/Certified Appraisers to agree with you. But there will always be somebody who breaks rank and offers to do the job for $90 per hour, 7 hour minimum.

 

[djd09]

Why do we need 80,000. The top 25% will do. Back log the staffers. I have been on AMC vacation for five years. Come join me.

 

[DWiley]

Right now, direct lenders engage appraisers at an agreed on set fee in various regions. That is how it would work. Same as VA engages at set fees in various regions. That way the lender knows what to disclose.

l

You may recall reading somewhere that the FTC frowns on people setting fees for appraisers

As I recall, you have expressed displeasure with the fees that others in your market currently set. Given that, how would you expect to accept fees that others in your market accept?