Note: RIMS fees always go into General Ledger Account 540240 no matter how or when you collect.
How do I know what the property interest to be appraised is?
It depends on the property type; however, in most instances it is fee simple. If you need additional clarification, contact Real Estate Analyst at x307903.
How long will appraisals be stored in RIMS?
Indefinitely
Can you export appraisals?
Whenever you view appraisals in RIMS they are pdf documents which can be saved to a hard drive, burned to a disk or e-mailed.
Does the 4% RIMS fee affect the APR?
Yes. RIMS will generate an invoice which includes the Appraisal Fee & itemize out the 4% RIMS fee.
Does it nee disclosed on the GFE?
Yes. It is itemized in the 800’s as a pre-paid finance charge payable to RIMS.
What do we do with the RIMS invoice and explain how it is handled?
This question is in reference to the RIMS generated invoice which includes the 4% RIMS fee. For example, when the loan officer collects a total fee of $520 ($500 appraisal + $20 RIMS fee) it all goes into General Ledger Account # 540240 which is for appraisal fees. When the appraiser is paid, they will be paid using their appraisal invoice of $500 (no changes from before). The $20 RIMS will be retained in the General Ledger Account for Appraisal Fees until RIMS invoices us for the monthly charges. Credit Administration will confirm the RIMS charges and then forward for payment using General Ledger Account #540240. Since this all goes to the same account it will be a wash.
What is the protocol for paying invoices?
a. When our client pays for appraisal – cut a cashier’s check and send to the appraiser – the client’s check is your offset.
b. When appraiser gets paid from loan proceeds – send appraiser check offset LIP (Loan in Progress).
c. When Bank is paying for appraisal fees – do not cut a check. Send the request to Accounts Payable. This would be a rare instance as appraisal & RIMS fees should be paid by the client.