"Customary and reasonable" appraisal fee issue resurfaces

05/18/2011 | AmericanBanker.com (free registration)

The Dodd-Frank Act requires lenders to pay appraisers "customary and reasonable" fees for their services. Appraisers had long complained that fees were being driven down and quality sacrificed by appraisal management companies. The goal of the measure, which took effect April 1, is to ensure the most competent appraisers rise to the top rather than the most inexpensive. Appraisers and independent AMCs, however, argue that lenders have continued to reduce their fees.

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