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Guest

I am about to close on a home and noticed the appraisal fee on the Good Faith Estimate is higher then normal. The average I was quoted by other lenders was low to mid $300s. The lender I have now is estimating $460. I've spoken with friends, and they said it is a result of the HVCC settlement. This basically no longer allows brokers to get appraisals. Being I am paying for the appraisal, can I request an invoice of what the lender was actually charged for the service? If so, can the lender legally charge me more than they paid? Any help would be appreciated on this.

Jim

gmakerley · Posted: Sat Oct 24, 2009 11:08 am Post subject:

you have a right to see the invoice, in my opinion. with hvcc - causing turmoil all over the place, by the way - fees are quite a bit higher than previously. the main reason for this, it appears, is that there are now these "companies" that manage the appraisal process. the appraiser doing the work actually ends up worse off, and there is now a "middle man" getting a portion of the fee for the arranging of the assignment, "review" of the report and delivery thereof.

here's hoping that enough appraisers get sick of this, and enough loan originators get sick of seeing their borrowers hosed with fees so that this horrible abomination will go away - that is, replaced with something that is practical and affordable.

Guest

Thanks for the advice. I'll ask for the invoice but have a feeling I'll get the "let me get back with you answer." Seems like the independent appraisers are taking this in the shorts.

Jim

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HVCC and Appraisal Fee