Lenders still making big money on home appraisals

"Last year's Dodd-Frank financial reform law mandated that appraisers receive fees that are "customary and reasonable" for their local market areas, yet the largest national appraisal organization, the 25,000-member Appraisal Institute, says that is not happening. Leslie Sellers, immediate past president of the group, said in an interview that "the average fees across the country today are about $225 to $250 -- nowhere near reasonable or customary" in most markets."