Tagged: appraisal fees

Some good news for a change 2

Some Good News…For a Change?

Some Good News…For a Change? – 2nd Annual List (A Work-In-Progress) Last year, around Thanksgiving, I had put together a list of some positive things going on for appraisers. It was/is all-too-rare that we hear positive news regarding the appraisal profession. There is an awful lot of complaining that goes on, most of it justifiable, but little good news that gets shared. Part of the problem is that there is no central source for information regarding our profession which appraisers might utilize in order to find out what is going on across the country and affecting our profession, and could be used to...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisers News

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Working for an AMC? How Exciting!

Can You Tell I’m Excited about working for an Appraisal Management Company? Today I received a notice telling me my best customer was changing over to an AMC for all their appraisal ordering. I have worked for this company for many years and have always enjoyed a great relationship. Today that ended. I can longer talk to any person at the bank. In my application to continue working for this company I have worked with for so long, I have to provide sample reports, a resume, three business references, license info, info about CE classes I have taken. I have...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Customary & Reasonable Fees

Virginia Study on Customary & Reasonable Fees for Residential Appraisals 1

Residential C&R Fees Study in Virginia

Virginia Study on Customary & Reasonable Fees for Residential Appraisals BLACKSBURG, Va., Oct. 7, 2014 – Virginia Tech researchers and students conducted a survey of Virginia residential real estate appraisers to analyze the patterns of fees earned in 2013. Prior to the release of this report, no data existed that defined “customary and reasonable” residential real estate appraisal fees in Virginia. This report is the third report of its type to be conducted in the United States, and the first in Virginia. The research was conducted in response to recent amendments to the Truth in Lending Act modified by the...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisers News

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Declaration of Appraisal Independence

Real Estate Appraisers of America: Declare appraiser independence by prohibiting lenders from having any ownership or stake in the real estate appraisal process. This declaration of the real estate appraisal workers of the United States of America and those who stand together with the appraisal industry is made subject to the understanding that commercial and financial events guide growth and development of society, and that financial products and services are integral to the necessary and successful health of our citizens.  It is further understood and recognized that the fair and independent valuation of underlying assets backing financial products are critical...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Customary & Reasonable Fees

Utah Study on Customary & Reasonable Fees for Residential Appraisals 0

Study on Customary & Reasonable Fees – Utah

Utah Study on Customary & Reasonable Fees for Residential Appraisals An online survey of both Utah mortgage lenders and Utah licensed and certified residential real estate appraisers was conducted to discover customary and reasonable fees for residential appraisals throughout Utah for 2013. Federal regulation pertaining to customary and reasonable fee studies specifically “excludes compensation paid to fee appraisers for appraisals ordered by appraisal management companies.” Therefore, this study does not include appraisal fees paid by appraisal management companies to Utah appraisers. Two surveys, one for lenders and one for appraisers, were prepared to capture the unique demographic and background information...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Customary & Reasonable Fees

CFPB Fines AMC for Inflated Appraisal Fees 2

CFPB Fines Lender, AMC for Inflated Appraisal Fees

The CFPB has ordered Amerisave and Novo to pay $14.8 million… The Consumer Financial Protection Bureau (CFPB) announced Aug. 12 that it fined mortgage lender Amerisave Mortgage Corp., its affiliate, Novo Appraisal Management Company, and the organizations’ collective owner, Patrick Markert, $19.3 million for allegedly luring prospective borrowers with misleading interest rates and trapping them with inflated appraisal fees. The CFPB claimed that the lender and its affiliated AMC violated the Truth in Lending Act and Real Estate Settlement Procedures Act by enticing tens of thousands of borrowers with deceptive advertising and then illegally overcharging them for third-party services. The...

AI / AMC / Appraisal / Appraisal Institute / Appraisal Management Companies / Appraisal News

Bullying of appraisers still going strong 6

Appraisal Bullying, Still Going Strong!

It’s time to stop appraisal bullying for good and put some teeth in any new law. Even today there is undue pressure being put on appraisers to make loans work. All the new regulations in the appraisal industry did nothing for the bullies who work for AMC’s now. It’s sad to hear veteran appraisers talk about the way they were disrespected and treated unprofessionally, and how they are making plans to leave the industry. It happens every day in appraisal forms and blogs all across the country. The bullying and intimidation is as bad now as it ever was before....

Appraisal / Home Valuation Code of Conduct / HVCC

0

Real Estate Appraiser Lifestyle

I cannot help but wonder why more appraisers do not jump ship and find another career if it is so bad out there. Now, I am not without compassion. I know it is not as easy as trading in your clipboard for a spatula. Changing jobs is a difficult process and does not happen without much consternation and heartache. However, I tend to think that so many of us are sticking it out because…

Appraisal / Appraisal News / Appraisers News / Dodd-Frank Act / C&R Fees / Home Valuation Code of Conduct / HVCC

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Appraisal Fee vs. the Cost of Gas

Let’s compare the average appraisal fee to the cost of gas during the last 20 years. One of the requirements of your job as an appraiser is getting to the property to appraise it. Unless you are appraising a property within a few blocks of your own house or office, chances are that you will be driving there. Today, the costs of driving — higher gas prices, higher insurance premiums and higher maintenance costs — have gone through the roof. This got me thinking: the cost of almost everything that we, as appraisers, need to do to successfully perform our...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Customary & Reasonable Fees

AMC Rules Inconsistent with Congressional Intent - Banking Agencies 2

Agencies AMC Rules Lack Guidance

Banking Agencies are Told Proposed AMC Rules Fall Short on Guidance In comments filed June 6 with several federal banking agencies, the American Society of Appraisers (ASA) and the National Association of Independent Fee Appraisers expressed our concerns that rules proposed to regulate appraisal management company (AMC) conduct lack sufficient detail to allow for effective implementation. Additionally, the organizations expressed concern that some provisions of the proposed rule depart from Congress’s intent when the enabling law was included in the Dodd-Frank Act, and could negatively affect the overall public policy goals. In the comment letter, ASA and NAIFA cover numerous...

AMC / American Society of Appraisers / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations

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