AMC fees are not a requirement in the 3.6

[djd09]

really how unethical for appraiser to let the borrower think the appraisal fee is 1,100 when it was just 275...

 

[Zoe]

really how unethical for appraiser to let the borrower think the appraisal fee is 1,100 when it was just 275...

I think there is a lawsuit going on in California and Florida along those lines relative to truth in lending disclosures. Maybe Joan will chime in on separation of fees on truth in lending disclosures to borrowers.

Joan may have to say, I am in the lawsuit. I can't comment right now.

 

[Zoe]

Many appraisal institute members work for appraisal management companies. Those who do love Joan.

 

[Zoe]

Joan won't even show her face anymore. I am not shy on wanting separation of fees on truth in lending disclosures. Some forum members are. Joan is one.

Have to remember many appraisers don't do GSE work period. It has no impact on them because fees are not commingled on truth in lending disclosures to borrowers.

Their client loves them and hires them. May get 2 or 3 bids but they like the appraiser. No appraisal management company involved.

Nothing says lender has to hire fastest and cheapest for their borrowers. When they put the fee on the Truth in lending disclosure, it is the appraiser's fee.

 

[Trihard]

Over under of 2.5 reports before your AMC client drops you if you start filling that section out.

Taking the Appraisal Institute class on the URAR 3.6.

Per the teacher, the AMC section on fee disclosure is not required by the GESs. It's optional.

How convenient?

Under of 2.5 reports before your AMC client drops you if you start filling that section out.

 

[sputnam]

I realize that.

I thought when the new form came out, it would be mandatory by the gses. Some AMCs prevent appraisers from disclosing what the appraisers fee was. Kinda goes against the truth in lending...in my opinion not 100% transparent.

There are some banks that mandate it now, even though it is not required by state law.

In my opinion, there are more positives than negatives for the new uad 3.6 to require fee disclosures when the reports are for the GSEs.

I simply do not understand the resistance on this matter? Let's do what is in the best interest of the borrower who is paying for the appraisal.

It is the borrowers money. Full disclosure.

Why would you assume that lenders have the best interest of borrowers in mind when they set policies?

 

[NC Appraising]

Why would you assume that lenders have the best interest of borrowers in mind when they set policies?

You mean they don't?

I thought this push to close loans within under a week by the large mortgage bankers was for world peace?

Wait, are you saying its all about profit and maybe about trapping the borrower to use them and to try to prevent the borrowers from shopping for the best fees and service? Or about becoming a ogliolopy....getting new products, getting the rules changed... to become the..the Amazon of the lending world. Ie, destroy the competition?

Learn something new everyday.

Ps....what im posting appears to be going over most everyone's head.

 

[TerryRohrer]

Ps....what im posting appears to be going over most everyone's head.

Yeah, that is it. Like Zoe and Fernando, you post some drivel trying to make a point you can't articulate, so no one can revise it to arrive at your meaning, and that is on the reader! Maybe if you worked at actually conveying what your talking about, instead of assuming everyone oughta just know, you would be more persuasive. Instead, you prefer the disjointed, discombobulated, drivel approach. Maybe we should refer to you three as Triple D's.

 

[Sadie]

“Do you disclose your E&O premium, too?” Yes. Clients want a copy of my binder in the report. The binder has my fee.

Regarding the AMC fee, I went to AMC rehab and am AMC sober for 6 years now!

I just give them a redacted copy of the dec page. None of their beeswax what I pay for my insurance.

 

[Sadie]

I think there is a lawsuit going on in California and Florida along those lines relative to truth in lending disclosures. Maybe Joan will chime in on separation of fees on truth in lending disclosures to borrowers.

Joan may have to say, I am in the lawsuit. I can't comment right now.

https://appraisersblogs.com/the-AMC...Pw_aem_CXBbgAhuPX7EIyszwkKrAg#google_vignette