Making Your Case for Fair Fees
E&O insurance leader OREP.org and Working RE Magazine announce the new Appraiser Customary and Reasonable Fee Survey. Survey results will be available for all.
Why: New legislation calls for appraisers to be paid Customary and Reasonable Fees and allows for independent studies as evidence. The studies are to exclude AMC-ordered appraisals. The legislation calls for stiff fines for lenders and their agents (AMCs) who refuse to comply.
That’s the good news. But now what? What are customary and reasonable fees (CRFs)? Most appraisers say they know what CRFs are in their marketplace for various assignments. Now you can make your case for fair fees. Substantiate your fees and create an independent record.
There were over 1,000 responses in the first 24 hours and has grown steadily from there. The value of this survey depends on your participation. Take a few moments to (once again) make your voice heard.
TAVMA's Letter to Delay Requirements
AMC interests are fighting to delay or stop enforcement of the customary and reasonable fee requirement. The following is from a recent letter to Chairman Ben S. Bernanke, Board of Governors of the Federal Reserve System from TAVMA, a group representing AMC interests:
”This (customary and reasonable fee requirement) is at best a vague standard lacking any coherent definition.” Act now. Complete this survey today.
Survey Includes:
- 365 Metropolitan Statistical Areas plus rural areas for each state
- 8 products/services including reviews and FHA
- Turnaround times surveyed
- Results available for all
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