Customary and Reasonable Fee Policy
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Appraisal Nation Customary & Reasonable Fee Policy
Recently the term “Customary and Reasonable Fees” has gained a lot of popularity due to the Interim Final Rule of the Dodd-Frank Act. Unfortunately a specific Customary and Reasonable Fee Schedule has not been developed as of yet. Until such time as a specific fee schedule is enacted by approved federal agencies, Appraisal Nation will implement the said policy for Customary and reasonable fees.
Appraisal Nation accepts the responsibility to pay all appraisers who complete assignments for Appraisal Nation a customary and reasonable fee in accordance with Section 226.42(f) of Regulation Z. Customary and Reasonable fees will be determined by the gathering of information using a reasonable method, including a multitude of factors including type of property, scope of work, turnaround time for performance of the work, appraiser qualifications, appraiser experience and professional record, appraiser work quality and geographic location. Fee surveys including but not limited to the inclusion of fees paid by AMCs in any such survey will also be included.
Appraisal Nation’s position is to provide a fair competitive fee to all appraisers who complete assignments for Appraisal Nation. Fees are discussed before appraisal requests are assigned. If at any time an appraiser feels he is not receiving a fair fee we ask that you contact us right away. The appraiser can always decline the order with no penalty or repercussion for doing so. The appraiser can also ask for fee increases after review of the subject deems the assignment to be Atypical or beyond the scope of the agreed upon complexity. Appraisal Nation will not engage in any anticompetitive acts in violation of federal or state law. Examples of prohibited acts include: (i) entering into contracts or engaging in conspiracies to restrain trade through price fixing or market allocation, in violation of federal or state antitrust laws, or (ii) engaging in acts of monopolization, such as restricting entrants into the relevant geographic markets or causing persons to leave those markets, in violation of federal or state antitrust laws.
Appraisal Nation’s position has and will always be to protect our lenders, investors and appraisers by operating with an understanding and integrity throughout the full scope of the law. If you have any question regarding customary and reasonable fees please contact our Customer Service department at firstname.lastname@example.org.