Tagged: appraisal fee

COD at The Door? - Can Appraisers Collect at the Door? 28

COD at The Door?

Can Appraisers Collect at the Door (COD)? In the past, it was common for appraisers to collect their fees directly from the borrower at the time of the property visit (i.e., at the door). I would take credit cards, checks, or cash while at the door. Many years ago, this was common. Now, however, that rarely happens and we usually have to wait 30- to 60-days for payment from the AMC client. So recently, when I got a COD order from HUD, I was really surprised. In fact, I thought something was bogus. I needed to check this out since...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Fannie Mae - Freddie Mac

Appraisals Costs Hardly a Burdensome Cost? Appraisers & Realtors Unite! 19

Standing With Us Protecting Consumers!

…average costs and appraisal turnaround times are minimal… VaCAP joins 29 State Appraisal Organizations in opposing an increase in the appraisal threshold. Behind the scenes, VaCAP and the Network have been working with Constantine Cannon LLP on drafting a formal comment on the proposed appraisal threshold increase from $250,000 to $400,000. The result is very thorough and factual. Each state organization contributed facts, figures and scenarios and Constantine Cannon compiled it all referencing current law and prior attempts of increasing the threshold. VaCAP is proud of the work that has been accomplished and proud to be part of a Network...

AGA / AI / AMC / American Society of Appraisers / American Society of Farm Managers and Rural Appraisers / Appraisal

AGA Objects De Minimis Increase Proposal - It is Time to Call out the Liars 40

AGA Objects De Minimis Increase Proposal

We object to the proposal to increase the de minimis threshold at which no appraisal is required… Sirs: The American Guild of Appraisers (AGA), of the Office Professional Employees International Union (#44 OPEIU) of the AFL-CIO represents the members and extended family and retirees, taxpayer and consumer real estate appraisal interests of nearly Twelve and a half million citizens and voters. We object to the proposal to increase the de minimis threshold at which no appraisal is required from $250,000 to $400,000. Respectfully, if anything is done with it at all, lowering it to a range not to exceed $100,000...

AGA / AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations

Closed for Business, Sorry Folks! Appraisal Management Company Fiasco 62

Closed for Business, Sorry Folks!

For those who are not familiar with what an AMC is, it is short for Appraisal Management Company. They are not new, but since the adoption of the Home Valuation Code of Conduct, the number and the frequency of their use have increased. They are the order manager for the lender and ensure appraiser independence. If you have not already read “What’s Not in Your Wallet” or “Round and Round!”, go get a little more familiar before reading this. AMCs manage appraisal orders. They find the appraisers to give the orders to, and are supposed to provide quality control reviews...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / AppraiserLoft / Appraisers News

CoesterVMS in Bankruptcy? Not Paying for Orders Completed! 94

CoesterVMS in Bankruptcy?

…all payments on orders completed prior to 11/15/2018 cannot be paid… Appraisers, there is a body of evidence being disseminated via various sources that CoesterVMS, the AMC based in Maryland started by appraiser Brian Coester, is in bankruptcy. This message from CoesterVMS was circulated last week: “Due to financial difficulties all payments on orders completed prior to 11/15/2018 cannot be paid at this time, our BK attorneys will be in contact with all creditors. Coester can guarantee payment next day on all orders completed on or after 11/16/2018. We apologize for any inconvenience.” Does it make any logical sense to...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Coester VMS

Comments Needed for Proposed Rule to Amend Appraisal Requirements 8

Comments Needed on Appraisal Requirement

The OCC, Board, and FDIC (collectively, the agencies) are inviting comment on a proposed rule to amend the agencies’ regulations requiring appraisals for certain real estate-related transactions. The proposed rule would increase the threshold level at or below which appraisals would not be required for residential real estate-related transactions from $250,000 to $400,000. Consistent with the requirement for other transactions that fall below applicable thresholds, regulated institutions would be required to obtain an evaluation of the real property collateral that is consistent with safe and sound banking practices. The proposed rule would make conforming changes to add transactions secured by...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / FDIC / Political Action

New Client, Same Property... Allowed Options - Appraisers Blogs 2

New Client, Same Property

There is a problem that I would guess most appraisers run into on a somewhat frequent basis. Imagine the following scenario (it probably won’t be too hard since you have likely encountered something similar): You do an appraisal for Client A. Somewhere during the loan process, the loan is turned over or changed to Client B. Client B knows you recently completed an appraisal on the same property for Client A and asks for a copy of the appraisal in their name. What do you do next? It seems to me, at this point, you have at least four options:...

Appraisal / Appraisal News / Appraisers News

Cap on Fees & Appraiser Politics - Appraisers Blogs 32

Appraiser Politics

I doubt that appraisers would be as excited if a cap were placed on appraisers… Recently, I noticed many appraisers were excited about a new bill that was introduced in Virginia. This bill initially sounded favorable to me, but as I examined it more closely, I quickly became concerned with the excitement that was building up around it in the appraiser community. Laws in general are typically difficult to understand, and they can look better at first glance than they actually are. It is important for us to analyze new laws carefully before we advocate for them. Senate Bill 655...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Political Action

BB&T Adopts VA Appraisal Fee Schedule & Will Refund Appraisers Upload Fees 10

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...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / Customary & Reasonable Fees / Dodd-Frank Act / C&R Fees

MISMO Blueprint... The Evil Octopus - AppraisersBlogs 5

The Evil Octopus

Appraisers, it’s not paranoia when ‘the bastards’ really are out to get you (end us as a profession). …Find each octopus and how they relate to our jobs. Look at MISMO Directors list… An Open Letter to Appraisers: Residential & Commercial This started as a response to a blog post by a respected appraiser concerning the influence of AMCs. During drafting it was clear that trying to explain AMCs was only part of the bigger struggles we face today. Picture a violent “all in” three-way gang fight among Octopi. Say a dozen on each side. That’s 36 Octopi x 8 tentacles...

a la mode / AGA / AI / AMC / Appraisal / Appraisal Institute

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