AMCs are done soon

[glenn walker]

Okay, comminglingThe bill died of fees really helped transparency of fees. (fastest and cheapest).

The borrower is the one getting screwed by AMCs.

The original bill had separation of fees between AMC and appraisal fee on truth in lending disclosures. How did that bill get changed?

The Bill Died Years Ago - LMAO

 

[George Hatch]

I've said it 100x on this forum over the years. I would love to see the lenders be compelled to show the fee breakdown in all their disclosures. Not because I think full disclosure would lead to any changes (because IMO they won't) but because that would then make for one less scapegoat for the appraisers to blame for these fees. They'd be forced to engage with the other explanations.

 

[glenn walker]

I've said it 100x on this forum over the years. I would love to see the lenders be compelled to show the fee breakdown in all their disclosures. Not because I think full disclosure would lead to any changes (because IMO they won't) but because that would then make for one less scapegoat for the appraisers to blame for these fees. They'd be forced to engage with the other explanations.

I really do not think any lender has spent one minute caring what appraisers think. This is only a issue with a few old appraisers that are still talking about HVCC- C & R and dreaming the old FHA rotation system is brought back. We all now those Ships Sailed a long time ago

 

[Zoe]

It gave them a hitch to offset overhead and get fastest and cheapest. Many probably get kickbacks from an AMC. It is shady and fraudulent.

I don't know what changed CFPB's mind or anybody's mind to not separate fees on truth in lending disclosures.

This new guy Rohit is going after many. I hope he decides to separate fees on truth in lending disclosures.

Don't think many borrowers don't study their truth in lending disclosures.

 

[Zoe]

Get on CFPB's email list. They are going after some folks.

 

[Zoe]

By the same token, lenders who engage appraisers directly, usually want the best appraisal they can get and they don't want commingled fees on their truth in lending disclosures.

 

[Zoe]

AI before very long at all will put AMCs out of business. AI talks to me almost everyday on something.

 

[glenn walker]

It gave them a hitch to offset overhead and get fastest and cheapest. Many probably get kickbacks from an AMC. It is shady and fraudulent.

I don't know what changed CFPB's mind or anybody's mind to not separate fees on truth in lending disclosures.

This new guy Rohit is going after many. I hope he decides to separate fees on truth in lending disclosures.

Don't think many borrowers don't study their truth in lending disclosures.

The issue is not on the CFPB agenda. The issue was closed by FTC quite a long time ago and no agencies I follow have it on their dockets . Right now its all about the 14-Federal Task Force and HUD re-making the appraisal business on racial and social equity issues. PAREA is supported by all and its being led by the TAF and the AI and the large AMCs.

 

[glenn walker]

By the same token, lenders who engage appraisers directly, usually want the best appraisal they can get and they don't want commingled fees on their truth in lending disclosures.

Thats not true we were a direct lender but when we did have to use the AMC we did not seperate the fees on our HUD-1 or our disclosures . It just showed total appraisal fees paid.

 

[Zoe]

The issue is not on the CFPB agenda. The issue was closed by FTC quite a long time ago and no agencies I follow have it on their dockets . Right now its all about the 14-Federal Task Force and HUD re-making the appraisal business on racial and social equity issues. PAREA is supported by all and its being led by the TAF and the AI and the large AMCs.

That is possible but the CFPB on this appraisal bias panel has not like many witnesses. FTC and CFPB are different animals. I can tell that this appraisal bias panel has gone after many witnesses. They have not gone after appraisers. Jonathon Miller was prime example. They were nicer to him than any witness before the appraisal bias panel. AMCs are done soon.