From the Publisher Defining “Customary and Reasonable” Fees What’s all the fuss about customary and reasonable fees? FHA wrote into recent regulations that appraisers should be paid fees that are fair; customary and reasonable is the language they use. FHA did this in response to feedback that pressure for low fees from appraisal management companies…
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Professional Marketplace Insurance, Education, Information Workers comp, auto, general liability/property and umbrella coverages are now available to you from CNA Insurance and OREP in addition to errors and omissions insurance. Competitive rates and quick, efficient online quoting are available nationwide for appraisers, agents/brokers and certain other professions. Please call or email OREP.org for a free…
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Industry News Financial Reform Financial Reform legislation (Dodd Frank) signed into law in July is the most important to the profession since FIRREA (Financial Institutions Reform Recovery and Enforcement Act of 1989), the landmark legislation passed in the wake of the Savings and Loan Crisis which created licensing for appraisers. Find the appraisal related text…
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Readers Respond Appraiser Last Laugh It is bad enough that if this continues there will not be many appraisers left in the country. It is economically impossible to survive. The AMCs and underwriters make demands that show they are incompetent. They treat us with no respect and we are now doing double the work for…
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Financial Reform Passes: Tonic for Cynical Times by David Brauner, Editor The groundbreaking financial reform legislation signed into law in July leaves little for appraisers to complain about and in fact offers hope to a beleaguered profession. The language supports appraiser independence, addresses appraisal management companies (AMCs), further defines the concept of customary and reasonable…
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Professional Marketplace Insurance, Education, Information Workers comp, auto, general liability/property and umbrella coverages are now available to you from CNA Insurance and OREP in addition to errors and omissions insurance. Competitive rates and quick, efficient online quoting are available nationwide for appraisers, agents/brokers and certain other professions. Please call or email OREP.org for a free…
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Industry News FDIC: Help Wanted According to appraiser Thomas J. Inserra, MBA, MAI, SRA appraisers are adapting their practice to different markets and customers rather than lender loan origination work only and there is great opportunity if you know where to look. Speaking at the Valuation 2010 Expo, Inserra said appraisers can find abundant work,…
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Readers Respond Customary and Reasonable Fees I do not understand how the AMC can take their fee out of my normal fee. I used to charge $400-$450 and now make $200-$250 and cannot afford to live. Why did I have to take a 40-50 percent pay cut? I am forced to work for the AMC…
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Magic Johnson Said That I’m a little amazed at how fast the last 10 years have flown: 2011 marks year 10 for Working RE Magazine and OREP.org. Thank you. In this time, here’s what I’ve learned about business: put the customer first; do what you say and say what you do; under promise and over…
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Professional Marketplace Insurance, Education, Information Appraisers E&O: $455 (minimum premium certain sates)> Appraisers enjoy same-day E&O insurance coverage (most cases) with an A++ carrier and other benefits through OREP. Instant financing is available. Individual Appraiser E&O Rates Per Claim/Annual Aggregate Most States $1,000,000 / $2,000,000 $650.00 $500,000 / $1,000,000 $573.00 $300,000 / $600,000 $501.00 Please…
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