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There's new laws in town......A lender cannot charge for the appraisal fee until the Good Faith Estimate has been reviewed and acknowledged in writing that the buyer wishes to proceed by the borrower, or, 72 hours has passed since the GFE has been sent out. Every appraisal AMC website will ask the person ordering the report for the "RESPA doc date." This is to make sure they do not charge the customer's credit card until it's permissible. Many lenders have a 72 hour wait before they will move ahead with the order, some order without collection of the funds and others wait until they have the automated approval prior to ordering. On most of my transactions, I do not collect up front, but the borrowers all sign an agreement that they are responsible for the fees in the event their loan does not close.
As for payment of the appraiser.......withholding payment is now a reportable offense for the banks and brokers. Lenders must pay the appaisal bill or face punitive charges and penalties.
Both of these regulations (among many others) are part of Dodd-Frank (which spun off HVCC and Appriaiser Independence). I find it sad because so many in the mortgage (and real estate) community are unaware of these regulations and the other half doesn't care (until they get the hefty fine).
Last edited by SmartMoney; 08-23-2012 at 09:35 PM..
Reason: constant misspelling issues
Update all. They finally ordered the appraisal. Got a call from the appraiser saying he's not scheduling appraisals until later in September. Meanwhile, as stated, the lender already delayed this by two weeks (and my closing date's the end of this month with extension). Agent is furious and demanding they find another appraiser who will do it immediately.
My question is, will I have to pay again or was the money paid to my lender so they'll still have it to pay anyone else they choose? What's my recourse if their delays end up putting me outside of my contract period, anything at all?
Update all. They finally ordered the appraisal. Got a call from the appraiser saying he's not scheduling appraisals until later in September. Meanwhile, as stated, the lender already delayed this by two weeks (and my closing date's the end of this month with extension). Agent is furious and demanding they find another appraiser who will do it immediately.
My question is, will I have to pay again or was the money paid to my lender so they'll still have it to pay anyone else they choose? What's my recourse if their delays end up putting me outside of my contract period, anything at all?
He's putting off the inspection, he really can't charge you until he does some work on it. Ask your lender to cancel the order and try someone else. If they won't, cancel the loan app and go somewhere else.
Thanks Smartmoney. My team pitched enough of a fit that they found someone else and put a rush on it so the appraisal got done. Now waiting on the report.
Why I am being asked to paid $ 250.00 for a "post appraisal however I had already paid $450.00 for the appissal,
Is this for new construction? I had to pay a regular appraisal fee and then a second "inspection fee" for the appraiser to go back to the house just before closing to make sure it was all complete, since construction wasn't finished when they did the original appraisal. I think it was $125, not 250 for the inspection fee, but it was a second charge in addition to the actual appraisal.
Update all. They finally ordered the appraisal. Got a call from the appraiser saying he's not scheduling appraisals until later in September. Meanwhile, as stated, the lender already delayed this by two weeks (and my closing date's the end of this month with extension). Agent is furious and demanding they find another appraiser who will do it immediately.
Let me see ..... the lender waited several weeks before ordering the appraisal and now it is the appraiser's fault? We are 3 weeks out for appointments and from what I hear from my peers around the country it is pretty much the same thing everywhere.
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