Appraisers on Timeout for Delays!
Early in January, Mortgage Financial Services (MFS) sent out a notice to the appraisers on their panel announcing changes in their turn time policy. In this communication, they state if appraisals are more than 48 hours late, the appraiser will be suspended for 10 business days with no new orders assigned. They also state that the appraiser must request for a longer due date prior to accepting the order, or to raise the appraisal fee for rushes. However, they add, “turn times and fees have to be realistic”.
Not long ago, a small number of our clients included penalty clauses in their engagement letter. For each appraisal assignment we received, we asked them to resend the request for the appraisal, with any fee reduction clauses omitted. They quickly reversed their policy to penalize when more and more appraisers refused to work with them. Soon after, we stopped seeing penalty clauses for good.
Turn time depends on complexity. And complexity cannot be determined until the inspection. They are times we find the task is more complex than we first expected. It is absolutely not necessary to compromise your fee, or to accept assignments with penalty clauses to maintain an adequate volume of work. We all need to discourage clients from returning to such practices.
Mortgage Financial Services Notice:
Happy New Year! Hope you all had a great holiday break. As we ease into this new year the appraisal team here at Mortgage Financial Services wanted to let you know some important changes. This is to better stream line our process and our ultimate goal is to improve on the communication and turn times between the appraisal team and our appraisers.
If appraisals are more than 48 hours late a suspension will be put into effect for 10 business days with no new orders being assigned. We are paying a full 100% fee to you in order to get appraisals in on time and done professionally. We are very understanding that sometimes things get in the way, however there is a few ways to secure you can potentially get the order.
- Please let us know if you need a longer due date by accepting the order with a condition and letting us know your soonest available turn time. This also accounts for rural areas, or if you know comps will be tough ahead of accepting the order.
- Too much of a rush? Raise your fee only IF you can accommodate the turn time. Same for distance if that is the issue.
- Please pick up the phone and call either Sheri or Alex in order to discuss options. We try to leave assigned for a decent amount of time so you can login and accept, deny, or bid the order for a longer due date or turn time.
- We want to accommodate everybody with orders, but turn times and fees have to be realistic, and we expect great, quality service with turn times being met by 5pm on the day due.
Please know we have everyone’s best interest at heart. If any questions or concerns are ever needed, once again please contact Alex Gilbert or Sheri Mayers directly at Mortgage Financial Services. Our number is 225-293-6855.
Thank you all for everything you do and just know we are very appreciative of each and everyone of you.
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