Thursday, November 23, 2017

Fee Schedule

The Real Estate Appraiser Board adopted a Guidance Document on February 23, 2016, about customary and reasonable compensation for fee appraisers. The Board’s law and regulation require Appraisal Management Companies (AMCs) to pay customary and reasonable compensation in compliance with the Truth in Lending Act (TILA) and its regulations.

The Guidance Document outlines the two presumptions of compliance with customary and reasonable compensation as found in TILA and its regulation. An AMC is presumed to pay a fee appraiser customary and reasonable compensation if the AMC meets either of the two presumptions.

The second presumption says, in part, if an AMC relies on rates based on fee schedules—prepared by independent, third parties such as government agencies—it is presumed to comply with customary and reasonable compensation.

The Board, through this Guidance Document, adopts the U.S. Department of Veterans Affairs’ Roanoke Regional Loan Center Appraisal and Inspection Fee Schedule (VA fee schedule) as a government agency fee schedule which AMCs may use as a presumption of compliance to provide customary and reasonable compensation to fee appraisers. If an AMC uses the VA fee schedule as the basis for paying fee appraisers, the Board considers the AMC as meeting the presumption of compliance for customary and reasonable compensation. However, an AMC may also meet the presumption of compliance if it uses another presumption set out in TILA and its regulation.
 
http://www.benefits.va.gov/HOMELOANS/documents/docs/roanoke_fee.pdf

NOTE: What is actually Customary and Reasonable varies per appraiser based on additional factors such as Education and and years of Experience. A one size fits all fee schedule does not meet the definition of Customary and Reasonable.

Single-FamilyForm(s)Fee
     
Single Family Appraisal FNMA 1004 $450
Single Family Appraisal - FHA FNMA 1004 $475
Single Family Investment FNMA 1004 and 1007 $525
Single Family Investment - FHA FNMA 1004 and 1007 $550
Single Family Investment FNMA 1004 and 216 $525
Single Family Investment - FHA FNMA 1004 and 216 $550
Exterior Only Appraisal FNMA 2055 $400
Exterior Only Appraisal - FHA FNMA 2055 $425
Exterior Only Investment FNMA 2055 and 1007 $500
Exterior Only Investment - FHA FNMA 2055 and 1007 $525
Exterior Only Investment FNMA 2055 and 216 $450
Exterior Only Investment - FHA FNMA 2055 and 216 $475
Reverse Mortgage - FHA FNMA 1004 $475
USDA Single Family Appraisal FNMA 1004 $475
     
Condominium    
     
Condominium Appraisal FNMA 1073 $475
Condominium Appraisal - FHA FNMA 1073 $500
Condominium Investment FNMA 1073 and 1007 $550
Condominium Investment - FHA FNMA 1073 and 1007 $575
Condominium Investment FNMA 1073 and 216 $525
Condominium Investment - FHA FNMA 1073 and 216 $575
Exterior Only Appraisal FNMA 1075 $425
Exterior Only Appraisal - FHA FNMA 1075 $450
Exterior Only Investment FNMA 1075 and 1007 $525
Exterior Only Investment - FHA FNMA 1075 and 1007 $550
Exterior Only Investment FNMA 1075 and 216 $525
Exterior Only Investment - FHA FNMA 1075 and 216 $550
Reverse Mortgage - FHA FNMA 1073 $525
USDA Condominium Appraisal FNMA 1073 $525
     
Multifamily    
     
Multifamily Investment FNMA 1025 $600
Multifamily Investment - FHA FNMA 1025 $650
Multifamily Investment FNMA 1025, 1007 and 216 $750
Multifamily Investment - FHA FNMA 1025, 1007 and 216 $800
Multifamily Investment FNMA 1025 and 1007 or 216 $700
Multifamily Investment - FHA FNMA 1025 and 1007 or 216 $750
Exterior Only Investment FNMA 1025 $500
Exterior Only Investment - FHA FNMA 1025 $550
Exterior Only Investment FNMA 1025, 1007 and 216 $600
Exterior Only Investment - FHA FNMA 1025, 1007 and 216 $650
Exterior Only Investment FNMA 1025 and 1007 or 216 $575
Exterior Only Investment - FHA FNMA 1025 and 1007 or 216 $625
     
Land    
     
Vacant Land Appraisal   $450
     
Additional Services    
     
Pre-Listing Appraisal (Using County / MLS Data) FNMA 1004 $200
Comparable Rent Schedule FNMA 1007 $100
Operating Income Statement FNMA 216 $75
Comparable Rent Schedule w/ Operating Income Statement FNMA 1007 and 216 $150
Certification of Completion / Update  FNMA 1004D $100
Property Inspection Report FNMA 2075 $100
Market Conditions Addendum FNMA 1004MC $100
FHA Inspection (CIR) HUD 92051 $100
Real Estate Value Estimate   $200
Desktop Appraisal   $300
Supplemental REO Addendum   $100
     
Other    
     
Additional Trip Fee   $100
Rush   $100
Cancellation Fee (after or at inspection)   $150
General Home Inspection   $200
Replacement Cost Appraisal Insurance Appraisal $325