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Survey shows which assignments generate highest fees
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Tuesday, September 2, 2014
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The Utah Association of Appraisers (UAA) recently conducted a survey of mortgage lenders and licensed and certified residential real estate appraisers in the state to find out how appraisal fees differed last year for five different appraisal types: Form 1004 (full appraisal); Form 1004 FHA (full appraisal for FHA); Form 1025 (small [1 to 4 units] residential income property appraisal); Form 1073 (individual condominium unit appraisal); and Form 2055 (exterior-only inspection appraisal).
The UAA sent the survey to all licensed and certified real estate appraisers in Utah, as well as to all licensed mortgage lenders, over the course of eight weeks earlier this spring. Six hundred seventy-one lenders and 576 appraisers participated in the survey. The results do not factor in assignments involving third-party appraisal management companies (AMCs).
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