Working RE on The Great Debate on Appraisal Fees

[Terrel L. Shields]

It seems the consensus in the WRE mag this quarter is over the fees and the comments made to the CFPB over appraisal fees. The consensus is obvious. AMC fees and actual fees charged by the appraiser need to be separate line items. And everyone from Joan Trice, the NAR, the Mortgage bankers (State and National) and AI-ASA-ASFMRA made a statement about how the fees need to be separated....except one - REVAA, like anyone would be surprised.

Their asinine argument is that it was NOT necessary since the "AMC is responsible for selecting appraiser based upon "quality of past work, skill set, education, experience, and geographic competency". So, that's why they send you those offers to bid that are 120 miles away for $295 less technology fees.

And who is REVAA's great partner now? Oh, TAF WTF

Thread 'TAF Partnered With REVAA'

Sep 5, 2024

Surprise! By a UNAMINOUS vote of TAF's board today, REVAA is now a "partner" of TAF.

It would have been nice to open this up for a comment period, but who cares what the peasants think?

Does anyone still believe independent appraisers have a seat at any table in this industry?

• Non Sequitur
• Replies: 175
• Forum: Improving the Profession

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[Fernando]

I was reading an engagement letter and it stated lender/client could not bar appraiser from disclosing appraisal fee.
Later client requested to remove invoice.
Has anyone ever put their actual appraisal fee in the report?

 

[Terrel L. Shields]

Has anyone ever put their actual appraisal fee in the report?

I believe a few states require it. As for me, my invoice is the top page in the report...period.

 

[Mejappz]

And who is REVAA's great partner now? Oh, TAF

That’s right; they’re "partners" in crime. The IAC is rife with groups that routinely pressure appraisers to violate USPAP. One has to wonder why TAF still exists. Perhaps it's because it thrives under the guise of regulation, allowing a small cabal of individuals to profit at the expense of integrity.

 

[ucbruin]

I believe a few states require it. As for me, my invoice is the top page in the report...period.

You have a great boss....

 

[Terrel L. Shields]

You have a great boss....

First lesson from my first mentor. Invoice on top

 

[Tiffany Gibbons]

First lesson from my first mentor. Invoice on top

And second page is my W-9

 

[Terrel L. Shields]

And second page is my W-9

S corp. I don't need a W-9

 

[Lee Lansford ASA]

I was reading an engagement letter and it stated lender/client could not bar appraiser from disclosing appraisal fee.
Later client requested to remove invoice.
Has anyone ever put their actual appraisal fee in the report?

In IL, the fee to the appraiser for AMC appraisals is required to be included in the appraisal report.

 

[Dublin ohio]

I was reading an engagement letter and it stated lender/client could not bar appraiser from disclosing appraisal fee.
Later client requested to remove invoice.
Has anyone ever put their actual appraisal fee in the report?

Ohio requires that it be disclosed within the report