Get Lender & AMC fees
Monitoring appraisal fees for compliance is more important than ever. “Customary and Reasonable Fees” are a critical component to your compliance with Dodd-Frank and state regulations. Now, you have to disclose the appraisal fee on the loan estimate, so accuracy is more important than ever.
Mercury Network publishes a monthly set of analytics from actual appraisal transactions that include median and average appraisal fees, plus more than 30 additional metrics for every county in the U.S., as well as fees at the state and CBSA level.
Because nearly 1000 lenders and AMCs use Mercury, you can rest assured you will get solid guidance on current, customary and reasonable fees, without the bias from survey results.
Benefits for you
Clear appraisal fee guidance No more guessing. Mercury’s Fee Analytics includes details on every transaction, including the zip code and appraised value.
Easier path to compliance Set your fees based on what is customary in a market.
Stay on top of market shifts If appraisal fees are going up or down in a specific area, you’ll know immediately because the data is published monthly.
Huge savings The fee data can be segmented by property value so you can see pricing for simple versus complex assignments.
Anyway you want it
Flexible It’s delivered once a month as an Excel file to up to five email addresses, and you decide if you want lender fees, AMC fees, or both. Choose to include all properties or only those within a certain value range, the national data or the state level data, and if you want FHA fees included.
Delivering the details Dive as deep as you want into the property details of every observed transaction like Gross Living Area, Subject county, city and zip, number of appraisers covering each county, room counts and appraised value.
Fee data analyzed The subscription includes granular fee data, as well as analysis to help guide your decisions.
Subscriptions now available
Receive monthly fee data for all 50 states delivered automatically
to up to five email addresses, or subscribe to individual states.
Choose your details
AMC fees, lender fees or both
1004 without or with FHA
Property values under $500,000
Property values between $500,000 and $1,000,000
Property values over $1,000,000
Call 1-866-774-3282 to subscribe now
Compliance and appraisal fees
Fee Analytics gives you the information you need to form
compliant policies around appraisal fees.
Dodd-Frank and state boards
“Customary and Reasonable Fees” are required by Dodd-Frank. With a subscription to Fee Analytics, you will have the insights to get faster, higher quality appraisals and enhance your compliance with a data-driven perspective.
Dodd-Frank section 1472 amended the Truth in Lending Act to provide at 15 U.S. Code sec. 1639e(i)(1): 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.
For compliance perspectives on Customary and Reasonable, visit www.MercuryVMP.com/resources.
The Loan Estimate: disclosing appraisal fees
On the Loan Estimate, we’re required to disclose the appraisal fee, but what if you’re quoting higher than everyone else? Without data-backed policies, your institution could lose a competitive edge or face unnecessary overage costs that drive down your profits. With Fee Analytics, you have detailed and actual fees to inform your policies so you get the best of both worlds - compliance and cost savings. For compliance information on TRID, visit www.MercuryVMP.com/trid.
Proven
Fee Analytics was named a Top Innovation by PROGRESS in Lending Association. This honor is the Good Housekeeping Seal of Approval, the Gold Seal when it comes to recognizing true industry innovation. Progress In Lending looked for the innovation’s overall industry significance, the originality of the innovation, the positive change the innovation made possible, the intangible efficiencies gained as a result of the innovation, and the hard cost and time savings that the innovation enables industry participants to achieve.
