Submit Appraisal Reports in accordance with the appraisal fee
During the vetting process, an appraisal fee
is negotiated--depending on the complexity of a specific property.
Examples of fees that may be paid by the Bank include origination fee, 4506-T fee, underwriting fee, processing fee, tax service fee, flood certification fee, appraisal fee
, credit report fee, lender's title policy, county recording fees, pest, survey and others although never to exceed a total amount of $4,500.
This is a common tactic that involves collection of an appraisal fee
, and/or an application/broker/commitment fee up front, which is illegal for a licensed, loan originator to collect in North Carolina.
Focus on work that is billed by the hour not by a bid, and situations where the client wants an intellectual not a valuation drone; where the appraisal fee
is not as important as the advice, protections, or counsel that is provided; and where the advice given is not a reason to hire or fire the professional.
Conditioning the ordering of an appraisal report or the payment of an appraisal fee
or salary or bonus on the opinion, conclusion or valuation to be reached.
He said he would need a lifetime registration fee of pounds 2,500, and an appraisal fee
of pounds 1,000 to cover a three-hour telephone consulting session and an intensive home visit and until this was paid in cash into his bank account he could enter into no further correspondence.
Offering them a discount on the appraisal fee
may be the right incentive to generate an inquiry.
What also has hurt the industry is the switch to a more online-based hypercompetitive lending market in which the appraisal fee
often becomes the only other price comparison and shopping item, with all other fees being almost equal.
The appraiser had an engagement agreement with a limitation of liability clause that specified the appraiser's maximum liability would be no more than the appraisal fee
received for the assignment--in this case $7,500.
Now for a limited time, PenFed will pay up to $10,000 in costs involved with closing on its 5/5 ARM ; including, but not limited to, the appraisal fee
, tax service fee, title free, transfer tax, credit report fee, and more.
If there was no direct appraisal fee
, the IRS looks to other indications of compensation.