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Comment on Financial Reform Implementation

August 17, 2010

In regards to the Financial Reform Bill, according to Title XIV of the Dodd-Frank bill appraiser fees will be determined by "customary and reasonable" appraisal fees. I have owned my own business as a certified residential real estate appraiser since 1995. Due to the lower fees I receive from the AMC's I have been forced to lay off workers. I have the same overhead but make much less than I used to. It seems that the only ones being punished for the bad loans are the appraiser's. No one else took pay cuts. And certainly none of the politicians had their salaries lowered. The borrower is also being ripped because they pay more now for an appraisal. I am hoping the average fees that appraiser's used to make in their market area and FHA & VA fees will be used to make a new fee schedule to pay appraisers. Please implement a fair fee schedule that AMC's have to pay appraisers.

Thank you,
John McDermott
McDermott Real Estate Appraisals, Inc.

Last Updated 9/14/2010

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