Tagged: Real Estate Appraiser Board

Where is all the mortgage work 14

Where is all the Mortgage Work?

We should be busting with mortgage work. Where is all the mortgage work? I talk to appraisers and they all ask the same question. With the looming spring market and low interest rates, we should be busting with mortgage work. But the appraisers I know tend to get a reasonable and customary fee of above $400. So is it going to the bottom third? Now don’t get me wrong; I am quoting 2 to 3 weeks due to our back log. But outside of VA’s it’s everything but first mortgage work. I am fine with it because it’s less hassle....

VaCap Speaking out Regarding C&R Fees 8

VaCap Speaking out Regarding C&R Fees

CUSTOMARY AND REASONABLE FEES When Dodd Frank was passed a few years ago there was much discussion as to what it actually meant to lenders, appraisers, and AMCs. AMCs were quick and forceful in their definition. It was the fee they could coerce an appraiser into accepting. That was their definition. This has been a big impact on the well-being of an honorable profession. In June the Federal Final Rules were released, and they took effect in September of this year. These Final Rules clarified many questions regarding lending, appraising, and AMC involvement.   First, the Feds have made it very clear that lenders...

Appraisers Participation Needed - NMAC Tackling BPO & CU Issues - Imagecredit Flickr - Miles Heller 2

Appraisers Participation Needed – Tackling BPO & CU Issues

The appraisal industry was blindsided once again only this time by the AG’s office when they determined that the Real Estate Appraiser Board cannot regulate BPO’s. The New Mexico Appraiser’s Coalition and the Rio Grande Chapter of the Appraisal Institute sent a joint letter to the Appraisal Board prior to a hearing that was held in January to discuss the BPO language in the Appraiser Act. Although we feel we provided enough information to guide the Board, the Attorney General Representative at the meeting made the determination that the Appraisal Board had no jurisdiction over the BPO product. Even though...

  | xml sitemap