Wednesday, April 20, 2011

A Normal Appraisal Fee Is:

A "Customary and Reasonable" appraisal fee is the fee the borrower paid for the appraisal service.

Not the fee from the appraiser's fee schedule, but the "appraisal fee" the borrower/buyer paid.

This fee is always specifically identified on the HUD-1, a Federally required form, as "the appraisal fee." [Ed. - Line 804]

So the fees are already known and the market has been paying them, and the market (and appraisers) have third-party proof.

Now do the AMCs understand what kind of hole they are in?

Richard Hagar SRA

No comments:

Post a Comment