Industry NewsMortgage

Report reveals appraisal fees

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Mortgage industry software developer a la mode Inc. has begun publishing a monthly Appraisal Fee Reference report that the company claims is "the authoritative national analysis of independent appraisal fees." The Appraisal Fee Reference report relies on data from hundreds of thousands of actual appraisals to report the median appraisal fees for each of the 3,221 counties and districts in the 50 states, the District of Columbia, Puerto Rico and Guam, a la mode said. FHA's recently implemented guidelines require that participating lenders ensure that appraisers are paid "reasonable and customary" fees, independent of what may be added on by appraisal management companies, or AMCs. Implementation of the new FHA appraisal guidelines, originally scheduled for Jan. 1, was pushed back to Feb. 15. The report will allow lenders or appraisers to objectively determine what is a "customary" fee, and decide whether the appraiser is being offered less th...