Virginia - C&R Fees

[Joyce Potts]

Governor Terry McAuliffe (D) of Virginia just signed into law a bill establishing appraiser C&R fees, the second state to do so after Lousianna. Similar bills are pending in North and South Carolina. Join AND SUPPORT your state appraiser coalition.

 

[Eli]

Yes, for the public's sake.

 

[Don Clark]

Governor Terry McAuliffe (D) of Virginia just signed into law a bill establishing appraiser C&R fees, the second state to do so after Lousianna. Similar bills are pending in North and South Carolina. Join AND SUPPORT your state appraiser coalition.

The appraiser coalition in Virginia known as VaCap, of which I am a member of the BOD played a large part in this. It lobbied state legislators in the matter. I personally did not attend the lobby effort but other members did so.

Now, I am looking for a way to tell how many AMC's are registered in Virginia and how many will pay the fees. Hope to find that out soon.

 

[Pittsburgh Pete]

A case where government regulation is welcome!

 

[Terrel L. Shields]

A case where government regulation is welcome!

Maybe....what if the AMCs use it to cap fees on the more difficult and complex assignments?

 

[Dale Smalley]

I hope it works out for the independent appraisers there. We have no appraiser leadership here.

 

[kevco]

Governor Terry McAuliffe (D) of Virginia just signed into law a bill establishing appraiser C&R fees, the second state to do so after Lousianna. Similar bills are pending in North and South Carolina. Join AND SUPPORT your state appraiser coalition.

That's great and all but enforcement is another issue.

 

[Joe Flacco]

What's interesting is there is a AMC I do business with and they offer to pay a lot more in Arlington ($435 base) than they do in DC and Montgomery County. It seems to be because fee disclosure is required in VA but not in DC or Maryland.

 

[3 Putt]

The issue is not the AMC's. It's the lender!

The lender needs to be educated about the fees, the AMC is simply the middleman acting as an agent of the lender.

 

[Joyce Potts]

The lenders know exactly how much the appraiser is getting paid - it's a function of the negtiation between the lender and the AMC. The lender, in most cases, is only going to pay $zzz dollars for appraisal. How their designated AMC's business model and profit is developed doesn't impact what the lender has agreed to paid. Have some people not figured that out yet?