Customary and Reasonable Fees
The risk of fee shopping!!
Most would agree with the old adage that you get what you pay for. In this modern era of on-line appraisal ordering, it has become easy to shop for the lowest fees. However, is it worth saving your client a few dollars and losing your full commission when the appraisal has not arrived, or has arrived and is not accepted by underwriting due to errors or missing comments? We at Lake Capital Group Appraisals are proud to say that we never delivered an appraisal later than five days from the date of inspection. Even in the refi boom when typical turnaround time was 2 to 3 weeks. Today we are committed to a 3 day turn around, with high quality appraisal reports that do not require additional explanations. Consider carefully the wisdom of putting your loan or legal decisions in jeopardy for the savings of a few dollars.
Read news article regarding the new Dodd-Frank Financial Reform Bill and Customary & Reasonable Fees
A note regarding Appraisal Management Companies; if you are considering an AMC to assist you in your appraisal needs, be sure to ask what percentage of the fee is going to the management company. This too could have an impact on the quality of the appraisal report, as many AMC’s charge 40% to 60% for the mostly automated service they provide. If you must use an AMC to comply with the HVCC, consider using the Mercury Network at https://www.mercuryvmp.com/ where the majority of the fee you are paying will go the appraiser.
Here are some of the services Lake Capital Group Appraisals offers:
This is not a complete list of the services we can provide.
Please contact us if the service you need is not listed.