AMCs to Pay Appraisers C&R Fees
Call to Action in Support of Virginia Senate Bill Requiring AMCs to Pay Appraisers C&R Fees
Appraiser Colleagues,
Finally, you have an opportunity to get what you have been screaming for: customary and reasonable fees for your work.
On January 23, 2015, Senator Martin offered Senate Bill NO. 1445, requiring appraisal management companies to pay appraisers customary and reasonable fees. The bill mirrors the language in Dodd-Frank. A copy of SB 1445 as introduced is attached.
Please contact your legislative representatives in support of this important legislation. VAR’s support will be important to the success of this bill. Please include VAR and Realtors in your advocacy efforts for the passage of this bill.
No more whining- time to start making some phone calls!!
Mark White
VaCAP President
Coalition of Appraisers in Virginia at Virginia Coalition of Appraiser Professionals
Coalition of individual appraisers working together to unite, promote and protect the collective interests of all appraisal professionals in Virginia; to promote needed changes in laws, rules, regulations, policies and standards affecting all appraisers in Virginia; to observe and report the actions of regulatory, legislative, oversight, and standards-setting entities of the Commonwealth.
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So, is this a nationwide bill or just for Virginia appraisers?
Virginia
What’s the timeline for something like this?
You can track the status of the Bill here.
I stand dumbfounded that it’s taken nearly SIX YEARS for a state to finally get up off of their ask to take this type of action. Thank God I wasn’t holding my breath for it to happen. I believe Louisiana may have actually beat Virginia to the punch though if I remember correctly.
All it will take is one iota of external pressure from a lender lobbyist for the whole thing to fall apart all over again.
i dont get it. i thought we were already SUPPOSE TO BE getting customary and reasonable fees for our work?
is this just another warm and fuzzy-looking bill, that will become another waste of time and paper and eventually completely meaningless too?
In every state other than Louisiana appraisers are being paid C & R fees “as defined by AMCs”. Louisiana grew a set and said decided to define C & R for the AMCs. Virginia is now attempting to grow a set. Kentucky will grow a set in the year 2525.
Amc’s have a financial incentive to depress appraiser fees, because the amc fee is inappropriately co mingled with the appraisers fees. This sort of co mingling for distinctly different services should not be allowed, and amc third party fees should have a separated closing costs line in closing documents. / The C&R issue is an unenforceable point, as long as the amc and appraiser fees continue to be co mingled. / Just this morning I removed myself from the Solidifi panel, because they refuse to offer C&R fees and refuse to acknowledge that I’ve already passed records checks at the state level, demanding another records check from me. Possibly they’re just wanting my personal information to sell to third party data brokers. I’ve spent more time removing myself from amc lists, than I ever spent marketing them. If I want to get sold on accepting more work for less compensation, I’ll definitely focus on amc work again. As an ethical business person though, I find myself unable to abide the amc program. Also tired of listening to amc appraisers cry about their compromised independent contractor position with amc’s. They choose to continue servicing for amc’s, so they all should just quit crying about their own bed that they’ve made, and continue to lie in.
Independent Appraisers need an “Independent Fee.” Customary and Reasonable reflects a slave fee. The name means a lot. It would had solved the fee issue before it was an issue.