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Mortgage Bankers Association (VMBA), chaired by Sandy Peele of Richmond.
“We have found that the average appraisal fee in comparable markets within our region is $125-150,” Thomas said. “I do want to be fair to the appraisers in this jurisdiction who, according to the Virginia Mortgage Bankers Association, find our present fee of $95 too low. Therefore, I feel it is necessary to raise the fee to $125.”
“I am hopeful that this action, along with our recent decision to increase the number of FHA-approved appraisers, will expedite the processing of applications for FHA mortgage insurance,” Thomas added.
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