Tagged: costs

Is a Horde of Deadbeat Borrowers Again Walking Among Us? 8

Is a Horde of Deadbeat Borrowers Again Walking Among Us?

There are signs of a new horde of deadbeat borrowers, but the foreclosure filings are being delayed and masked by the government itself. Some of the current deadbeat borrowers will learn to expertly work the system…  In 2022, a San Ramon, California, couple who hadn’t made a mortgage payment since 2009 was finally evicted. Anita and Mahesh Khurana had put on a masterclass in the use of the courts to keep foreclosure at bay. The holdouts had lived in their home payment-free for 13 years. A state court finally ruled they had exhausted all appeals, and they were ejected. In...

Appraisal / Appraisal News / Appraisers News / Automated Valuation Models / AVM / Fannie Mae - Freddie Mac

Appraisers to Subsidize UWM Underwriters' Salary 47

UWM Underwriters Subsidized by Appraisers

The $29 fee also happens to nearly match the average hourly base salary of $29 for UWM underwriters.  United Wholesale Mortgage (UWM) began an aggressive campaign in September 2021 to recruit appraisers for their new Appraisal Direct system, which aimed to cut out appraisal management companies as middlemen. Through repeated emails, they urged appraisers – both current and former, alive or deceased – to partner directly with UWM through ANOW. Despite claims that this system would benefit appraisers by providing higher fees and faster payments, the reality did not match the hype. Fees offered by UWM through ANOW were well...

Appraisal / Appraisal News / Appraisers News / Trending

Where is the Invoice? AMCs Hiding Fees from Consumers & Appraisers 30

Where Is the Invoice?

Typically when you sell a service, you include an invoice to the buyer or consumer for the services you provided. This invoice lays out the products sold, the quantities, and services provided as well as the price or fee charged. The invoice is a vital part of any business. It is an official document that businesses use to show the terms of the agreement, it specifies the buyer of the product or services, and it documents the terms of payment. An invoice allows businesses to keep track of payments made or outstanding payments due. Some business will even tack on...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Trending

No Shortage Exists - Bankers Data Proves No Appraisal Shortage Exists 9

No Shortage Exists

No shortage exists other than too few appraisers willing to work for drastically discounted fees that would also be willing to overlook the complexities of rural appraising in their completion time estimates. Nowhere in the ND proposal is there an assurance that in return for waivers, consumers would not be charged one dime for appraisal or appraisal related AVM fees. “Rising costs” is a deceptive claim to hide bankers desires to usurp appraisal fees for themselves. Perhaps they would call them evaluation fees to warrant charging $600 to $1,500+ for 30 second AVM analysis fees. Dear Mr. Park: RE: Appraisal...

AGA / Appraisal / Appraisal News / Appraisal Organizations / Appraisal Subcommittee / Appraisers News

Appraisers Disappointed at Federal Banking Agencies - Appraisers Blogs 21

Appraisers Disappointed at Federal Agencies

I’ve read a number of posts where appraisers are disappointed at federal banking agencies declining to hold public hearings on the topic of raising the appraisal minimum threshold for residential real estate transactions from $250,000 to $400,000. The request for a public hearing on the issue was ‘worth a shot’ but was never a realistic expectation. We knew that when we joined with others in signing the letter. Federal rulemaking agencies already have policies and procedures in place for mandatory public input. It’s unrealistic to expect them to make special exceptions. Especially when existing lobbyists that promoted the short-sighted policy...

AGA / AI / American Society of Appraisers / Appraisal / Appraisal Institute / Appraisal News

Ulterior Motive in Raising De Minimus 20

Ulterior Motive in Raising De Minimus

…raising de minimus shenanigans being promoted… Appraisers, a couple of weeks ago, I sent out a message about a Fee/TT quote conversation I had with an AMC clerk. I received a number of responses from appraisers across this fruited plain who said often they will receive Fee/TT quote requests for the SAME property from MULTIPLE AMC’s. That corroborates stories I hear from appraisers I talk with at conferences. The entire AMC situation is a giant time-wasting game that really doesn’t benefit the borrower at all, and least of all, appraisers. Lenders are the coaches in this game. Another message I received...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Trending

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

Lender Contributions FNMA Policy Adding Fuel to the Confusion... 6

Concession Reporting Confusion

…how are these "lender contributions" identified… Appraisers are ‘required’ to report comparable sales or financing concessions that benefit a borrower in the GSE form appraisal report, on the second line in the comparison grid (as a negative adjustment). Secondly, for subject properties, appraisers are ‘required’ to report any concession benefiting the borrower on page 1 of the report form. Subject concession amount is NOT entered on the Comparable grid. Well now, FNMA has issued a modification to their Selling Guide (which takes effect as of 4/03/18) – SEL–2018-03 – (I have added type face enhancements): Lender Contributions With this update we are...

Appraisal / Appraisal News / Appraisers News / Tutorials

Increased Cost of Appraisal Businesses... Lettuce and Tomato Cost More 22

Lettuce and Tomato Cost More!

…our health insurance is  more than it was last year, and our auto insurance policy increased as well… There is a burger place my wife and I frequent here in town. All they do are burgers and you can pretty much get them any way you want with your choice of rolls and topping. They offer a vegan burger as well as many organic toppings. We each get a burger and split an order of loaded nacho fries and the bill usually is $25 and some change. The other day we went for burgers. The bill was $31.58. When looking closely, guess what,...

Appraisal / Appraisal News / Appraisers News / Trending

Know How Much You Are Paying for an Appraisal? - AppraisersBlogs 42

What’s Not in Your Wallet?

Shouldn’t consumers know where their money is going to? Before the housing collapse, when applying for a loan, you would go to your bank or mortgage broker and apply. Upon approval, they would explain the property would be appraised by a real estate appraiser and as the borrower, the cost of the appraisal was to the borrower (even though the appraisal is for the lender). The appraiser would either bill the lender the cost of the appraisal or coordinate payment when the appraiser was at the house. Sometimes, the lender would pay for it and roll it into your mortgage...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Customary & Reasonable Fees

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