Weeks ago VaCAP sent out an open letter to the AMCs. This letter was republished by many coalitions, and
appraiser groups across the country; liked and shared on Facebook and broadcast
on several industry blogs. VaCAP received an overwhelmingly positive response
from the letter. We even heard from several Realtors applauding our efforts!
Activity is still ongoing with comments. Click here to see the letter.
heard you loud and clear......The letter can now be signed
by individual appraiser on AppraisersBlogs. We will gather signatures
and submit the signed letter to the FDIC, CFPB, Comptroller of the Currency and
the Federal Reserve BoardNote: To protect the
appraiser identity from retaliation, only the initial of your last name and
state will show on line. The copies sent to the FDIC, CFPB, Comptroller of the
Currency and the Federal Reserve Board will have the your full name.
authorizes anyone to use the letter. Several appraisers have asked to send our letter in
response to AMCs soliciting them for fee and turn time. Please feel free to
customize the letter as you see fit.
To sign the letter, click
Thank you for
Copyright © 2016 Virginia Coalition of Appraiser
42314Richmond, VA 23242(804) 741-4968 All Rights Reserved.
Smoke & Mirrors?
I got an email from an appraiser today. The only thing the email said was “Call Me 804-XXX-XXXX” The email had a read receipt attached to it . My first thought, “What did I do now?” With hesitation, I called the number. The appraiser said, I have to share something with you, but you have to promise not to mention my name or the AMC. I agreed.
The appraiser received an order request from an AMC for a fee that was low, but not nearly the lowest we have ever seen. As Virginia just passed the Veterans Administration Fee Schedule as a base guideline for determining customary and reasonable fees, the appraiser accepted the order and then called the AMC. The discussion went like this:
Appraiser: My base fee is $ XXX. What do I have to do to get that fee?
AMC: You just need to update your profile to reflect the higher fee.
Appraiser: That’s all? How do I do that?
AMC: Log into our portal and update your fee schedule.
Appraiser: OK. Thanks
The appraiser logged into their portal and updated the fee schedule. Within a few minutes, the order was changed and the new fee was reflected on the engagement letter. Could it be true?… Ask and you shall receive.
There is only one way to find out!
How much did your fees go up
since UAD was implemented?
With the onset of the UAD format
for Fannie Mae, there are 37.3% more fields to complete on the 1004. That’s 231
more fields! The 1073 field count increased by 223 or an increase of 34.6%.
Did your fees increase correspondingly?
The time is now!
Come make a difference
Customary and Reasonable Fee
Virginia Real Estate Appraiser Board
January 12, 2016
9960 Mayland Dr
Richmond, VA 23233