Yes, this is a company called RELS. They are an Appraisal Management Company. When you refinance your home for example, you pay Wells Fargo an "appraisal fee of $400", for example. RELS is Wells Fargo's appraisal management company -this bank owns RELS. RELS is a "middle man", for the company's owner Wells Fargo, to make more money off their housing transactions. Of the noted $400, the appraiser doing the assignment for your loan will be lucky to receive $230. So RELS makes a tidy profit of roughly 42%, on your $400, SIMPLY for sending your home appraisal to a licensed appraiser. Wells Fargo, RELS, takes advantage of their Fee Appraisers, and typically hire incompetent, newer appraisers, who will work for a pittance, i.e., $230. If you are working with an appraiser hired by RELS, be forewarned, your appraiser PROBABLY doesn't know what they are doing, and are "new", or working a 2nd job, and not a "seasoned", veteran appraiser. Your appraised value by a RELS approved appraiser will likely be "off", or incorrect!! So yes, if you aren't working w/ RELS or Wells Fargo, this number should NOT be calling you!
This is a real estate appraisal managment company called RELs. They normally contact residental real estate appraisers for assignments and represent lenders like Wells Fargo. Unless you are in the real estate industry you shouldn't be receiving calls from them.
Yes, this is a company called RELS. They are an Appraisal Management Company. When you refinance your home for example, you pay Wells Fargo an "appraisal fee of $400", for example. RELS is Wells Fargo's appraisal management company -this bank owns RELS. RELS is a "middle man", for the company's owner Wells Fargo, to make more money off their housing transactions. Of the noted $400, the appraiser doing the assignment for your loan will be lucky to receive $230. So RELS makes a tidy profit of roughly 42%, on your $400, SIMPLY for sending your home appraisal to a licensed appraiser. Wells Fargo, RELS, takes advantage of their Fee Appraisers, and typically hire incompetent, newer appraisers, who will work for a pittance, i.e., $230. If you are working with an appraiser hired by RELS, be forewarned, your appraiser PROBABLY doesn't know what they are doing, and are "new", or working a 2nd job, and not a "seasoned", veteran appraiser. Your appraised value by a RELS approved appraiser will likely be "off", or incorrect!! So yes, if you aren't working w/ RELS or Wells Fargo, this number should NOT be calling you!
Unfortunately, this practice is not confined to just RELS, although they are among the worst offenders as far as "fee cuts". I have heard of them charging as much as $600 (the appraisal charge is listed on the HUD sheet) for a single family appraisal -of which the appraiser gets at MOST $295.
Appraisers are getting shafted by appraisal management companies (AMCs), since 95% of all banks/lenders utilize their "services". The AMC charges a fee higher than what an appraiser would charge for an appraisal, then takes at LEAST 25%. Many appraisers have been forced out of business, as they can no longer make a decent living.
Homeowner are getting shafted by AMCs, as the are paying more $$ for an appraisal. Also, the AMCs choose appraisers based on those who will accept the lowest fee, rather than the most competent; sometimes these appraisers are from out of state and have no idea about the area. Home owners need to be made aware of this practice!
FYI: Wells Fargo does not own Rels. Stop spreading lies about the quality of appraisal you will receive from them. Just because you may have been unhappy with your appraisal does not mean the thousands of others were. Those deals made it through just fine.