TRID and Appraisal Fees..You may be getting less qualified Appraisers

TRID laws in part state that Lenders must provide a Loan Estimate with all the fees, including Appraisal FEE estimates within 3 days of loan application. PASS THIS ALONG TO EVERY LENDER YOU KNOW~~~

There are many times an appraisal assignment involves complex homes like Lakefront or Acreage or Log homes, etc.  L.O.'s Have to start asking the borrowers a few more questions about their home. If you are talking about any kind of Jumbo loan, ASK before you quote a LOW Appraisal fee. Consider using one of the new systems out there to calculate such fees for Complex properties OR call a local Appraiser for a rough estimate of  fees for Complex Homes OR estimate a bit on the high side rather than the low side and then if it turns out that the fee is lower, you can make the borrower happy and return that amount to them one way or the other. 

I just had a lender decline my upgraded FEE request for a MILLION Dollar+ Lakefront Property due to TRID. It was a  Jumbo loan REFI.  I asked for $150.00 more than their estimate. Their upgraded estimate for this Complex, Large home on the lake with small acreage was only $100.00 over their typical appraisal fee! No responsible Appraiser should allow themselves to take low fees and accept HIGH Liability!

Here is what will happen. Certainly another Appraiser will take that low fee, but guess what? The more experienced Appraisers who deserves that higher fee and who are more qualified will decline the assignments as they will not get paid accordingly. NOT Good! Fannie requires that Lenders employ those who are most qualified for these assignments. That will not happen, the one who takes the lower bid first will get the assignment. 

So please consider quoting higher and come down lower if needed, than to quote LOW and lose the best qualified  Appraiser for the Job.

Borrowers WANT the best qualified person. Think of them please!  In this case with a Lakefront property,  what I typically see is an Appraiser who is less experienced with Lakefront will UNDER Value the home. Is this what you want just because you quoted a low Appraisal FEE..I would HOPE NOT!