Fellow Professional Appraiser,
I am asking you to take a moment from your busy day to PARTICIPATE in an important industry effort.
That issue is referred to within Title XIV of the Dodd-Frank legislation as “Customary and Reasonable Fees”:
CUSTOMARY AND REASONABLE FEE
In General – Lenders and their agents shall compensate fee appraisers at a rate that is customary and reasonable for appraisal services performed in the market area of the property being appraised. Evidence for such fees may be established by objective third-party information, such as government agency fee schedules, academic studies, and independent private sector surveys. Fee studies shall exclude assignments ordered by known appraisal management companies.