my FHA appraisal fee is $495, so........

[SmartMoney]

Originally Posted by Annemieke Roell

It is highly unlikely that the appraiser received the full fee. So this is not the appraisal fee, it is actuially 2 different fees: the appraisal fee and the AMC's admin fee. Based on the lenders you have listed I am willing to bet that the appraiser saw maybe 50% of that fee.

Another by-product of HVCC. Still, the lender can charge only you the they are charged on the invoice (no padding). Lenders don't see what the Appraisal Management Company charges in addition to the appraiser. We only see one bill. How the fee is paid out, who gets what, is not the lender's business.

I like it because I don't have to deal with the complaints, it's out of my control. The problem with this set up, the wrong appraisers are making the big money. The good ones were squeezed out. Now, who knows what you are getting.

[naeem5]

Originally Posted by Annemieke Roell

It is highly unlikely that the appraiser received the full fee. So this is not the appraisal fee, it is actuially 2 different fees: the appraisal fee and the AMC's admin fee. Based on the lenders you have listed I am willing to bet that the appraiser saw maybe 50% of that fee.

Well, I was asked to pay an application fee of at least $350.

And on my cost list I see the $495 appraisal fee, and maybe as you say, the appraiser gets half that.
Then I see "our origination fee" of $488 which I assumed was a lender fee out of which the loan officer got their share.

So, on my $39,468 mortgage, those 3 fees total over $1300.00.

Another loan officer at a major bank, said his commission was somewhere between 0.6% and 0.8% of the total of all their loans for the month.
So, on a $50,000 loan, using 0.7% as an average, the loan officer gets $350.

So, on a $50,000 loan, the loan officer might receive $350 while the real esate agent on that $50,000 house, in my area, receives 3% = $1500.

It must be harder to sell houses than get loans approved.
But, home loans approved = houses sold.

The loan officer would need over 4 such loans to make the same.......UNLESS the loan officers have a base salary and the .6%-.8% commission is on top of the base salary.

[jen1985]

Our appraisal was $400 through a broker we are going through. Wells fargo quoted $470.

[Goodpasture]

Originally Posted by naeem5

So, on a $50,000 loan, the loan officer might receive $350 while the real esate agent on that $50,000 house, in my area, receives 3% = $1500.

Maybe

If two agencies are involved, you have a selling agent, a selling broker, a listing agent and an listing broker. That $1300 could be divided 4 ways.

[ilikepizza]

I just paid $320 for the appraisal but it was conventional not FHA. Here is a link I think is very helpful with people who are concerned about paying to much for closing cost.

Save Thousands on Closing Costs - ABC News

[Annemieke Roell]

First of all, there should not be too much difference between the cost of an appraisal used for conventional or FHA loan. In fact, we charge the same fee for both.

The article mentions that a "drive by" appraisal is much cheaper than a 1004. We charge the same for both. There are 2 differences between a "drive by" and a 1004: 1) with a "drive by (2055) we don't measure the dwelling(s) nor do an interior inspection. Everything else is the same - same amount of research, analysis, etc; and 2) with a "drive by" our liability is greater because we have to make the extraordinary assumption on the condition of the interior.