1004MC

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Comment by Brian Davis on March 26, 2009 at 8:18am

SUGGESTION -

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[Wall] comments are not "threaded" and do not have any sort of "Subject Line".

To start a new topic, just click on the [Start Discussion] clink under the Discussion Forum heading.

Comment by Tracy Martin on March 26, 2009 at 8:04am

It's already started. I was told by an appraiser that she marked declining on the 1004MC and was asked by the underwriter to provide 3 additional sales and two additional listings to support her conclusion.

Comment by Dennis Butkovich on March 25, 2009 at 10:06pm

Daniel,

I think you are on the right page regarding a fee increase for the new 1004mc form! If we get paid $75.00 for the 216 and 1007 for the investment properties, why is this increased charge for a 1004mc form even an issue? Appraisers pay to take classes for learning how to complete the new form and we will have to take another class in a few months, after they update this form to the new and improved 1004mc. We all have extra time and money invested and should be paid for extra hours of work. We are not salaried employees with benefits and health insurance provided by our clients. Therefore, we should not be treated like salaried employees. This new form will reduce the amount of appraisals one can complete in a given business day or business week. Should we suffer even more financially by reducing how much we get paid for a larger volume of work? I think not! We are independent contractors who should be working together to maintain our profession and income, not reducing the amount we make. We suffered in 2008 and many of the appraisers worked for a reduced fee just to survive and stay in business. This new form comes at a time when the industry is demanding an increased amount of work when appraisal orders are increasing due to the refinance boom! The demand for appraisers has significantly increased in the past few months. This is a basic principle of supply and demand. In addition, we still should not work for less money with an increased work load. From my understanding during the recent class with Patrick, the underwriters have little understanding of the new 1004mc form. Many underwriters will kick back numerous unneeded questions for clarification due to their current lack of knowledge regarding this form. We will be training the underwriters for month’s maybe even a year. Numerous appraisers have not increased their fees for years. In many cases the price of appraisal services has lowered. We need to be united in our profession in many ways including on matters such as the 1004mc form increased fee. This should be the new industry fee standard for the 1004mc form.

Comment by Daniel Wagaman on March 25, 2009 at 8:51pm

here is an update for everyone concerning increasing fees. The AMC's have agreed to my increase and my independent clients are also agreeing. The verbage i used when speaking with them was this: My firm is following the industry standard increase of $75.00 for the completion of the 1004mc. The form is time consuming and I must be paid for my time. I charge $75.00 a piece for a 216 and a 1007 and it is the belief of many that the same amount of time is involved. If you ask yourself what industry standard? It's Dan's industry standard and it only takes one appraiser who will stand his ground (that's me) to get this rolling. Use this verbage and help support this cause and increase your fees! Lets all stand together on this!!!

Comment by Daniel Wagaman on March 25, 2009 at 8:53am

Clarification to my first big dialouge below.

1. AMC 's have told me they are going to play it by ear before they approve a fee for this form.

2. Independent Lenders are saying that sine it is mandatory they are not willing to accept a fee increase on this form.

3. Paul is the Walrus, and John is the Eggman!

Comment by Daniel Wagaman on March 25, 2009 at 8:34am

I just finished a class on the 1004MC with Acheson Appraisals.I also listened to the presentation from fannie mae on this. I'm sure that most of us have already being doing this research and something good can come from this. There is a certain comedy to this though, how are reviewers and underwriters going to use this information? How are they going to check our work? Are we doing all this work so they can eventually throw this form out? (that to me is comedy). The bright side is there is hope for we appraisers. If we all stand together and increase our fees we can win at this GAME! I have already worked out the 1004MC and in my opinion it is worth no less than $75.00 for the time to perpare this service. The powers that be say this is no increase in scope of work (that is true) but it is an increase in workload. Time is money my friends. here is my example if you complete 40 assignments a month and don't charge for it you have lost 40 hours of your life ( 1 hour to complete the form ) Please don't comment back and say well uh with this software you can do it in 10 minutes! That's not the point! I am not in the mood to lose $3,000.00 per month for filling out this form. It is a service we provide and as independent contractors they cannot dictate to us that there will be no fee icrease. That is up to us, If we would only stand together as one voice and group. In this down economy all of us need the extra cash. Fire back with your responses I want your feedback on my opinion! (this is my disclaimer i am really tired right so i might have jumbled some thoughts and been redundant however I'm sure you get what I'm driving at).

Comment by Anthony Fontaine on March 25, 2009 at 3:10am

Pat,
I really enjoyed your class on the new 1004MC form, I dont like the added work, my fees are going up at least $50.00 but your class gave me the confidance to complete this form accuratly.Thanks Once again.
Anthony Fontaine

Comment by Dan Wilson, RAA on March 24, 2009 at 8:22am

Had your class in Kansas City. Great job and thanks

Comment by Rick_from_Utah on March 9, 2009 at 10:07pm

Hey Patrick,
I really enjoyed "The 1004MC Problems & Solutions" seminar you taught here in (Salt Lake City) Utah. Thank you for all the 'freebies' you share and the great 'insights' into the new form.
Kind regards,
Rick Elliott

Comment by Keith Sineath on March 6, 2009 at 3:14pm

Hi Patrick,
Hope you arrived home safely. I thoroughly enjoyed your presentation in Orlando yesterday; it was very interesting and informative. With any kind of luck we will get a delay in the implimentation of this form which will give us a little time to play with it and become more familiar with it. Thank you for going "on the road" with this info to try and bring us up to speed.

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