May, 2009 - This article, first published in 2007, seems more important today than ever. In my opinion, artificially low appraisal fees are the number one threat to the appraisal industry today. The HVCC has ushered in additional concerns about fees in our industry. Oddly, most of the blame for low fees lies with appraisers,…
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FHA appraiser William R. Pruett, SRA has a problem that we're sure you can relate to.
Pruett, appraising 12 years, five in West Des Moines, Iowa, knows what a "customary and reasonable" fee is for an FHA 1040 in his market and so does everyone else, he says, except the large national bank and its in-house…
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When it comes to fair fees, if you’re waiting for government help, you may be waiting a long time. The issue over customary and reasonable fees (CRF) for appraisers under Dodd-Frank is far from settled. For now, when it comes to earning fair fees, you may be your own best friend.
As most know by now,…
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Congress, recognizing that quality reports are dependent on paying appraisers “fairly,” wrote a customary and reasonable fee provision into Dodd-Frank, and going further, stipulated that any independent studies to determine such fees should specifically not take into consideration fees paid by appraisal management companies (AMCs), suggesting their acknowledgment that AMC fees are artificially low.
The Interim…
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As implementation of Dodd-Frank takes effect, the Federal Reserve Board shed light regarding the implementation of the customary and reasonable fee provision of the legislation.
The Federal Reserve Board, tasked with implementing the landmark Dodd-Frank Financial Reform legislation passed last year, laid out its guidance in the “Interim Final Rule” (IFR) published in October 2010 (find…
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To most appraisers this story is familiar: “I have been working with an AMC who shall remain nameless,” says Vrej Avedissian. “Having accepted a few assignments from them and dealing with their constant emails and phone calls regarding the status of each report, which borders on harassment, when it comes time to pay, it is…
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Texas Fee Survey Unpacked by David Brauner, Editor The most recent appraisal industry survey reveals interesting results, mainly because both appraisers and appraisal management companies (AMCs) participated. The Texas Appraisers and Appraisal Management Company Survey, as the title suggests, sampled appraisers and AMCs in Texas only. Despite this limitation, certain survey results will be of...…
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Editor’s Note: Fast becoming one the profession’s most pressing problems, another AMCs has failed; this time leaving individual appraisers owed thousands or tens of thousands of dollars. How the lender and regulators respond may create important precedence for the industry. AMC Fails: Appraisers Stiffed Again by Isaac Peck, Associate Editor Evaluation Solutions/ES Appraisal Services is…
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Editor’s Note: Hundreds, possibly thousands of appraisers are left with unpaid invoices as a result of AppraiserLoft shutting its doors; now one major lender is stepping up and paying up. Lender Paying Appraisers Stiffed by AppraiserLoft By Isaac Peck, Assistant Editor The argument is unsettled to what degree lenders are responsible for the agents they…
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Success Collecting AMC Debt from Lender By David Brauner, Editor One appraisal company, at least, has collected monies owed by the now defunct appraisal management company (AMC) AppraiserLoft. How did they do it? They did it by citing chapter and verse of FIRREA. C. Brent Chitwood, office administrator for Phoenix Real Estate Appraisal in Irmo,…
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