FeeSurvey.com was developed to assist Lenders and their agents (AMCs) to comply with Title XIV of FINREG. The Dodd Frank bill was signed into law on July 21, 2010.
CUSTOMARY AND REASONABLE FEE
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.
Penalties for non compliance will be $10,000 for each day any such violation continues. $20,000 civil penalties will be applied for subsequent violations.
In the case of an appraisal involving a complex assignment, the customary and reasonable fee may reflect the increased time, difficulty and scope of work required for such an appraisal and include an amount over and above the customary and reasonable for non complex assignments.