Illinois begins Customary and Reasonable Fee Study


Pursuant to Illinois Statute, IDFPR has begun the process of compiling data provided by appraisers regarding appraisal fees.  The study is being conducted by the University of Illinois to establish Customary and Reasonable fees for appraisals of 1 to 4 family properties.  Illinois Law requires AMC’s to comply with the federal Truth and Lending Act which includes C & fees.   The AMC Act contains the following language: (f) Appraisal management companies are required to be in compliance with the appraisal independence standards established under Section 129E of the federal Truth in Lending Act, including the requirement that fee appraisers be compensated at a customary and reaso...More

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