Tagged: Customary & Reasonable Fees

The Proposed Bifurcation of the Appraisal Process. Who Benefits & Why? 15

Shifting Narrative of Appraisal Modernization

…the reasoning for changing the appraisal process has shifted… Is there are Crisis? Rahm Emanuel eloquently stated “You never let a serious crisis go to waste. And what I mean by that it’s an opportunity to do things you think you could not do before.” There has been a narrative that there is a shortage of appraisers. Interestingly, this is not coming from lenders that engage appraisers directly. This is coming from Appraisal Management Companies otherwise known as “Middlemen” and the lenders that employ the Middlemen. These Middlemen will shop an appraisal assignment by blast emails to as many appraisers...

Quoting Fee/TT to AMCs - Lenders SLOWING DOWN the Loan Process 30

Quoting Fee/TT to AMCs

Appraisers, I had a revealing conversation with a clerk at an AMC last week. I actually received an email requesting Fee/TT, then awhile later a phone call about the same property, from a different clerk. I decided to call that clerk back after researching the property. Conversation went something like this: AMC clerk: Hi, this is James. Me: Hi James, I’m calling about the Timbucktoo property, which I can do for you. AMC: OK, I have that pulled up. Me: First of all, I don’t discount my fee for anyone, including your AMC. Second, I can do the assignment, probably...

Appraiser’s Response to MyAMC Panel Invitation - Appraisers Blogs 28

Appraiser’s Response to MyAMC

Thank you for your invitation to join your panel. I read all your details. They are addressed in the following: I find it unlikely you retain top appraisers nationwide if you think $350 is a reasonable fee in my area. Did you arrive at that by buying Corelogic’s purported ‘independent survey’? I don’t accept 30 day billing from any unproven clients with unspecified volume. Provide a copy of your current Dunn and Bradstreet rating along with a guarantee of a minimum of 25 orders per month, and I will consider deferred billing. Otherwise you would have to pay me by...

Stand Your Ground in Protecting Your Business! 43

Stand Your Ground!

Many states have laws in place that allow citizens to protect themselves and their property without prosecution. In the appraisal profession, you must also stand your ground to protect their business. Social Media is a quick and easy way to communicate. Recently there have been numerous appraisers reaching out and sharing trouble getting paid from some Appraisal Management Companies. Some are claiming they are long time clients with no issues in the past. This is wake up call for all appraisers to pay attention to the economic and financial side of your business. Volume is slowing as school starts and the...

The C&R Compensation Argument - Audit AMCs for C&R Payment Compliance 24

The C&R Compensation Argument

Audit amc’s for C&R payment compliance nationally… A wrongful denial of that immunity is effectively unreviewable because it subjects states and related entities to the indignity of defending sovereign action through protracted litigation. Delaying appeals or orders denying state action immunity will interfere with their regulatory freedom by distracting officials from their duties and hindering their discretionary actions. Please allow me to help with a summary of the past 10 years in the appraisal industry. Amc’s are billion dollar companies and they circumvent many long standing ethic and spirit of regulatory compliance laws in states where they operate. They shop...

BB&T Adopts VA Appraisal Fee Schedule & Will Refund Appraisers Upload Fees 10

Appraisal Fee Increase & Upload Fees

VaCAP has learned from one of our members, BB&T will be following the Veterans Administration Fee Schedule moving forward. They will also being reimbursing appraisers for all upload fees. This is exciting news. Please share with your contacts and clients. See the announcement below. To: BB&T Approved Mortgage Appraiser Continuing our commitment to compensate appraisers with fees which are customary and reasonable, BB&T utilizes the Veterans Administration’s published fee schedule as a foundation. We wish to inform you that we are adjusting our mortgage fee schedule to remain consistent with recent fee increases announced by the Veterans Administration to certain states in...

AMC Registration Act, Hybrids Take Another Hit, & Appraiser Liability Webinar 13

Hybrids Take Another Hit

Registration Act, reinserts the definition of “appraisal firm”… Bifurcated (Hybrid) Appraisals Take Another Hit Last week VaCAP shared some information questioning the legality of these products in Virginia. This week Phil Crawford, Voice of Appraisal, talks about the ethical side of them and how appraisers completing these could be on the receiving end of legal actions. Listen to show E206 at Voice of Appraisal NAR Appraiser Liability Webinar On July 17, 2018, the National Association of Realtors along with Peter Christensen from LIA, presented a Webinar on liability issues for appraisers. A strong concern about the certifications exists that open up liability...

What is Real Estate Valuation Partners Hiding? 13

What is Real Estate Valuation Partners Hiding?

In the case of the FTC vs Louisiana Real Estate Board, Real Estate Valuation Partners (REVP) was issued a subpoena by Louisiana to provide some documents. They have filed a motion to quash the subpoena and not provide documents. When you read through the 11 page document, and we highly recommend you do, it appears REVP is hiding crucial documents that may be incriminating to themselves and other appraisal management companies. There are 12 specific items being requested. Take a look for yourself here. It is very telling! b.  Requests No. 4, 5, 6, and 11 ask for REVP’s internal...

Blast AMCs Emails Do Not Meet the Spirit of The Law 16

What Goes On Behind The Scenes…

This year it appears many AMCs have turned to blast requests of fee and turn time. We get them constantly and simply delete them. Last week we received a blast email from an AMC that sends out blast requests for bids. We have never worked with Appraisal Nation before and don’t know how we ended up on their panel. In their rush shopping for the cheapest and fastest appraisers, they forgot to BCC the appraisers they blasted. It appears that this AMC is not only incapable of maintaining quality control and assuring competency for specific assignments but by disclosing appraisers’...

North Carolina in FTC's Crosshairs Over C&R Appraisal Fees 12

FTC Sends Warning to NC Over C&R Fees

North Carolina in the FTC’s crosshairs… VaCAP learned that the Federal Trade Commission (FTC) has issued a warning to North Carolina over HB-829 mandating Customary and Reasonable Fees. This is the second time in the last couple of months that the FTC is accusing a state of violating antitrust laws over Customary and Reasonable fees. An article titled “FTC Warns NC Appraisal Fee Bill Could Break Antitrust Law” was published on Law360 on July 6, 2017. See excerpts of the article below. To see North Carolina Bill H-829, click here or see below. So what can be done? Contact The FTC with...

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