RHL Appraisals Network News Blog

Customary and reasonable real estate appraisal fees

On July 21, 2010, President Obama signed H.R. 4173, the Dodd-Frank Wall Street Reform and Consumer Protection Act, into law, ushering in a rewrite of the rules governing financial service providers and products and ending a nearly year-long struggle to enact meaningful reforms.

According to the law that is to be enforced on October 19, 2010, Lenders or their Agent (i.e. AMC's) are required to pay Customary and Reasonable fees to Real Estate Appraisers. Failure to pay an appraiser these customary and reasonable fees may constitute a violation of the Truth in Lending Act and can be fined tens of thousands of dollars per day.