Tagged: Customary & Reasonable Fees

February 19, 2016

Where is all the Mortgage Work?

We should be busting with mortgage work. Where is all the mortgage work? I talk to appraisers and they all ask the same question. With the looming spring market and low interest rates, we should be busting with mortgage work. But the appraisers I know tend to get a reasonable and customary fee of above $400. So is it going to the bottom third? Now don’t get me wrong; I am quoting 2 to 3 weeks due to our back log. But outside of VA’s it’s everything but first mortgage work. I am fine with it because it’s less hassle....

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

February 9, 2016

Mr. $225 Appraiser and VaCAP

Mr. $225 Appraiser, you are a major contributor to the problem Recently VaCAP has been receiving correspondence from Virginia Appraisers complaining about low fees and AMC abuses. Comments like the “The AMC is taking more than half of my fee” and another “Why hasn’t VaCAP done something?” One of the best yet… ”When is the Customary and Reasonable Fee Committee meeting? I can’t keep accepting appraisals for $225“ This came two weeks after the Customary and Reasonable Fee Committee meeting! Well Mr. $225 Appraiser, what rock have you been under? VaCAP sends out information on a regular basis; on average...

Appraisal / Appraisal News / Appraisal Organizations / Appraisal Subcommittee / Appraisers News / ASC

February 8, 2016

Environmental Issues Notice to Appraisers

Response to LRES email concerning appraiser’s responsibility regarding environmental issues Fellow Appraisers, Have you asked yourself WHY a few more of the larger regional AMCs are joining organizations like REVAA? In my opinion, it is because they and their clients (usually GSE lenders) KNOW that they are not truly compliant with Dodd-Frank’s C&R requirement. Despite disclaimers or advisories like this, they also know that the bulk of their work products are ‘probably not compliant’ with USPAP. Notices like this don’t normally get set out until ‘after the fact’ issues arise. REVAA recently helped coerce the State of Virginia (through threat...

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

February 5, 2016

Big Data is in Real Estate

The only thing Big Data can’t do is smell. I got a call from my credit card company. Now I have been traveling a lot lately on business. Apparently, someone got my number and charged $199.53 at WalMart on Monday. I was not in WalMart, but a couple a weeks ago I bought a new TV at Sam’s Club. No question about the Sam’s Club purchase. How did they know I did not go to WalMart? I am truly amazed. The reason – BIG DATA! The banks are amassing massive amounts of data on you, me, everyone. They know more...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / CoreLogic Valuation Services

February 1, 2016

Competition & Joe Above-Average

The appraisal profession is in competition with other professions Ask any appraiser nowadays, and they can give you numerous details and opinions about why things are a mess and why appraisers are leaving this profession in droves. In a previous story, it was reported that Illinois alone lost somewhere near 900 appraisers last renewal. Every appraiser already knows about the fee problem, insane liability, higher costs, ridiculous revision requests, and the list goes on. All those reasons are the finer details. I would like to add a different perspective and paint a bigger picture as to why I think appraisers...

Appraisal / Appraisal News / Appraisers News / Customary & Reasonable Fees

January 29, 2016

Talked Lately? We Need to Talk!

Being informed is the key to success. Have you talked lately? Communication among appraisers is critical to our continued success. Whether it is reading a newsletter, having lunch with a colleague, or socializing at an industry function, this is how we learn, grow and succeed. Are you registered with the Townhall? The Virginia Regulatory Townhall is the regulatory website for information. Here you will find the regulations of the Virginia Appraisal Board, proposed regulations, and proposed changes. The Townhall is also the place to go for dates, times, agendas, and meeting minutes of the Virginia Appraisal Board Meetings. This is a must...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisers News

AMCs vs Public Interest - VaCAP Advocacy

January 8, 2016

AMC vs Public Interest – VaCAP Advocacy

Since the beginning, Federal Regulation of the industry was initiated to “protect the public. “ FIRREA, USPAP, HVCC, Dodd Frank and state licensing of appraisers and appraisal management companies were initiated with consumer protection as the goal. Customary and reasonable fees, mandated by Dodd Frank, are also to protect the consumer. The Virginia Coalition of Appraiser Professionals supports customary and reasonable fees and believes in order to determine a customary and reasonable fee all things associated must be considered and incorporated into the determination. The below practices by AMC’s are not in the interest of protecting public trust and go...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisers News

December 22, 2015

Animosity Between Appraisers and AMCs

AMCs control the money. We hear a lot about animosity between appraisers and AMCs and this doesn’t make for a good working relationship. Business relationships work best when it is in the best interest of both parties to be on a level playing field. Keep in mind that the AMC does nothing for the appraiser. They may provide a service for the Lender. Since this is a service that the lender has contracted with the AMC to provide, then the Lender should pay the AMC a fee based on the value of the service that lender receives (the appraiser is...

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

December 14, 2015

Appraisers and Their Lack of Fees

I feel it’s only prudent to put my ten cents, or more, in on the subject of actual cost, versus paid fees for appraisals After an overwhelming outpouring of response from appraisers all over the country, I am compelled to write a follow up article to “Appraisals and The Real Cost of Doing Business.” I must stress that my original intent was to highlight the ever increasing cost in all aspects of our industry, passed on to our clients, due for the most part to increased compliance requirements, additional staffing required to monitor said compliance, Dodd Frank rules, HVCC, TRID...

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

November 25, 2015

Day Laborers Needed…Inquire at any AMC

Help Wanted – Day Laborers Needed …. Inquire at any AMC The Dodd Frank act requires the lender to be responsible for their agents. This means the lender is responsible for the actions of the AMC. Do the lenders know what their AMC’S are doing? Probably not. The Dodd Frank act also requires the most qualified appraiser be selected for each and every assignment. What vetting is done by the AMC’S to ensure the most qualified Appraiser is selected? Many AMC’S have the false mentality every appraiser is qualified and competent to appraise every piece of real estate. This simply...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisers News