20 Reasons Appraisers Should Get Paid Full Fee
JIM THORPE, Pa., May 24, 2012 /PRNewswire/ — Rick Grant of RGA Public Relations and Jeff Schurman of Leading Causes have released an industry white paper entitled “The Appraisal Management Company Full-Fee Hypothesis.” This is the first paper in a series the two plan to write in 2012, while also working with a number of mortgage technology thought leaders to produce other papers.
“I’m very proud of the work we’ve done on this paper,” said Grant. “While the conclusions we have reached are bound to stir up controversy, this is an issue the industry needs to start taking very seriously. I hope we are able to help key industry players carefully consider the actions they need to take to move our industry forward.”
“The AMC wholesale, split fee or discounted fee model is 30 years old now,” said Schurman, who previously served as executive director of the Title/Appraisal Vendor Management Association. “A lot has changed in the mortgage settlement services industry particularly in the last 5 years. What we offer are 20 self-serving benefits to the AMC industry that result from paying full fees and charging a service charge to the lender. We believe the entire industry will be better served if we adopt this standard.”
Grant and Schurman began writing white papers for industry thought leaders earlier this year and are reaching out to a select group of CEOs who may want to publish additional material.
“The government has created a super-regulator in the CFPB that may or may not hear the real needs of our industry,” said Grant. “Now is the time to show the government that our executives are thought leaders. If we fail to do so, we can expect the government to continue its relentless hostile takeover of our business and we’ll have no one to blame but ourselves.”
RGA and Leading Causes are making available many methods by which interested industry leaders can share their thoughts. For more information, visit www.rga-pr.com.
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According to Rick, the paper is meant to benefit the AMCs which makes perfect sense. Taking money out of the equation is a great place to start.
ONE REASON WHY APPRAISERS WON’T BE PAID HIGHER FEES:
They are a group of LAZY ignorant azzez that refuse to organize!
It’s about time someone in the AMC industry came to their senses. Thank you Mr Schurman for putting forth this paper. Now if only the amc’s would listen.
This paper is my new mandatory attachment when I communicate with hopeful amc clients. Of course they are not going to pay me full fee and operate on a cost plus system until the lenders force them to do so. Even then, I doubt I’ll be put back on all the amc lists I’ve been kicked off of for arguing the exact same full fee position as this paper presents. I’ve been removed from more amc panels for requesting full fee, than the total number of full fee orders all amcs as a group have sent me. Consider those ratios in the future, when there are no new appraisers in this business.
Sadly though, an appraiser still cannot get a fair share of work orders from most amc’s, unless the appraiser provides the amc more profit via discounted appraisal fee.
If that’s not giving a thing of value to attain disproportionate share of work orders, I don’t know what is.
A dollar short and a day late, to be sure.