Virginia - C&R Fees

[Joe Flacco]

I got to go through a big stack of HUD-1 over the weekend and 90% of the appraisal fees to AMC are $425.

 

[Joyce Potts]

Exactly. No this should help those connect the dots as to why lenders lobbied so hard NOT to have appraisal fees disclosed in the appraisal or broken down on the HUD-1.

 

[Michigan CG]

A case where government regulation is welcome!

Not by me. Government should not be involved in setting fees or wages.

 

[Eli]

As long as the management deciding the engagement is biased, there will be biased results as is occurring now more than ever imho, in one way or another. The public is suffering the most from it. It happens even in school and law enforcement when the boss is definitely not suppose to be biased for anything except the law and serving the public in a way that protects their best interests and the constitution. Bias is the problem. I don't know how you fix it, but a badge would help. It sure helps military and law enforcement. Management is the main problem. Licensing didn't fix it and other private party designations didn't work either, at least as well as law enforcement and military do. Law enforcement, military, code enforcement, teachers, etc, have better (unbiased) management in general or overall. Their management is geared more toward the public's best interest overall.

Notice the main problem is with govt guaranteed mortgages or federally related transactions, which is where most of the bias exists, or at least bias which is not in the public's best interest. I would say VA does the best along with a few other managers who have the public's best interest at heart. Although, they all could improve, just like we can.

On the other hand, I would say those private banks who needed no bailout did a pretty good job.

 

[McMurphy]

Now that the law has been signed is it effective immediately, is the VA fee the C & R, and what is the procedure to enforce the law against an AMC?

 

[chad hampton]

Not by me. Government should not be involved in setting fees or wages.

Will the gov't set the fees? Or will they use studies posted based on data provided by appraisers? While I haven't read the bill, I would think it would set a standard minimum fee, not set the maximum. Setting minimum fees is not price fixing.

I also urge everyone to join LOCAL appraiser groups and to get involved. Many of them are doing some great things. They are the only people trying to solve the problems this profession currently has. I'm not aware that any of them are being paid, but rather volunteering their time and paying their own way to meetings, etc. If you want to help offer any solutions, I'm sure they would welcome you to join. But the major issues I hear about it they need to get their numbers up - when you lobby state reps, they want to know how many members you have. It's such a small price to pay for betterment of our profession.