Tagged: Dodd-Frank Act

Lenders May Still Profit Most from Appraisal Fees, writes Kenneth Harney WASHINGTON — When you pay $450 to $550 at settlement for an appraisal on a  home purchase or refinancing, do you assume that all or most of the money is  going to the appraiser who comes to the house and performs  the valuation? That’s logical, but probably not correct. Despite new Federal Reserve  regulations that took effect April 1 requiring lenders to pay appraisers fair  fees, growing numbers of them say they are still being offered $200 to $250 —  even as low as $134 —  for work that...

Where To Direct Questions and Comments Regarding Customary and Reasonable Fees There has been a lot of confusions about where appraisers can direct questions and comments regarding customary and reasonable fees. The Appraisal Subcommittee has recently posted the following information: The appropriate agency to receive your concern about a creditor’s compliance with the Truth in Lending Act (TILA), including the creditor or the creditor’s agent paying an appraiser a customary and responsible fee, is the agency that enforces TILA for the creditor. If the agent or appraisal management company (AMC) is affiliated with a federally-regulated creditor, the appropriate agency to receive...

Who to Call? Fellow appraisers, peers, coalition members and all who work as professional real estate appraisers, we ask for your help. Federal Law known as the Dodd-Frank Act went into effect on April 1, 2011. It clearly states and intends that real estate appraisers be paid “Reasonable and Customary” fees for appraisals performed by state licensed and certified real estate appraisers. Reasonable and customary, generally means what appraisers in a geographic area are generally paid based on a survey of such fees. The survey is supposed to be of fees paid by such entities as the Department of Veterans...