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 our lending footprint.
In addition, we are updating the mortgage fee schedule across the entire lending footprint in order to reimburse our approved appraisers for increased costs associated with utilizing our mortgage software programs, AppraisalPort.
Both of the aforementioned changes will be implemented for mortgage appraisal orders ordered on or after August 13, 2018.
Our mortgage assignment process continues to allow for an order to be rejected, accepted, or accepted with conditions. All requests for a fee change will be considered for assignments that require increased time, difficulty and scope of work, following regulatory requirements.
If you have any questions regarding these fee changes, please contact BB&T at AppraiserRegistry@bbandt.com.
AppraisalPort technical support is available by calling 888-963-3330 (M – F 7 am to 7 pm CST) or via email at firstname.lastname@example.org.
We hope this communication is of help. We will continue to work to remain transparent with our fee calculations as a part of our efforts to endure a fair and competitive environment. On behalf of Real Estate Valuation Services, thank you for your continued processional partnership.
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Well, well, well, its about time. Now we’ll have to wait and see how many idiot AMC’s follow suit. Very few I’m guessing. I wonder what’s VA’s stand on LOWbrid appraisals?
“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.”
If BB&T is like most lenders who seem to add a page a year to their appraiser guidelines instead of just requiring a USPAP compliant report, then the foundation fee (VA) could be several hundred dollars short per report.
In my county of San Diego (VA fee is $600), direct lenders pay $400 to $500, and AMC’s still pay $275 to $375. These fees reflect an area for me where 2 in 5 assignments are over one million dollars.
Seek the truth.
That’s just ruthless. You should move to kansas or something. I don’t understand how they expect appraisers to complete 500k to 1m work on anything less than $550+ per order. Amc’s absolutely devastated this industry with their collusive fee suppression activity.
They are driving their workman out of business. Its not sustainable, therefore they will go away.
Follow The VA way !!! NO problems !!! Only idiot L.O.’s that get MAD that Appraisals and Appraisers are NOT in their control.
As a single county (3.3 million people) San Diego County has nearly 1 out of every 80 licensed appraisers (all within 25 miles of me) in the country. With an isolated and cut off location (Desert, Ocean, International border, military base/open space), the games that lenders, and AMCs play locally, are borderline abusive and certainly offensive. That being said, and with a huge veteran presence in the county, I’m blessed to have numerous VA assignments a month at $600 a pop (at times 15 a month). Locally, all lenders should follow the lead of BB&T and raise the starting fee to $600. Nothing is more annoying then doing VA lender work for a certain client at $600, only to have that same client shop a Conv. loan appraisal for $300 to $350 by way of an AMC.
Seek the truth.
In CO, VA fee is 700. Currently several amc’s are soliciting and bragging how successful volume appraisers are whom are running them in the 250-350 range. Meanwhile, consumer fees remain relatively constant for everyone.
It’s important to understand the VA is just another guarantee program, but administered by different people. At any moment FNMA could implement similar structuring. They choose not to. Apparently only veterans deserve reliable protections from checks and balances systems these days, the regular citizens are deemed second class.
It’s a step in the right direction. I think we should give credit where credit is due if we have hopes others will follow suit; or better yet, expand on the concept and make it “VA PLUS” for complex high end assignments. Not necessarily for VA (do they still have the +25% rule for amounts in excess of standard limits), but for all property types, including ranges requiring appraiser certification vs licensing.
The VA system is the best !!! The whole country should be following it !!!
Chris, I agree!
pay attention to who transmitted the announcement. Don’t they control the lions’s share of AMC orders?
then, it follows that it should be implemented across their entire “footprint”.
BB&T sent same email to panel their panel appraisers. Appraisalport (corelogic) sent it out as well.
Pretty ironic when BB&T told me just last week when I conditionally accepted an order at the VA fee schedule. It’s our fee, take it or leave it. Lesson to be learned here – if we all don’t accept below market fees then they will pay market fees.