How Appraisal Regulation Failed

[Zoe]

She has probably figured out a way to monetize it

Her suggestion was cost/plus which would have had an impact but not the same impact as separation of fees on truth in lending disclosures. She knows that.

I give her credit for knowing commingling of fees is wrong.

I tried and tried to convince her to help. She is pretty and has a bunch of money and influence. She wouldn't help on separation of fees on truth in lending disclosures.

I can see where she would have made many enemies if she would have fought for separation of fees on truth in lending disclosures. Maybe she don't like enemies.

Maybe she has a soft side to her that is scared.

 

[Zoe]

Many people don't know Joan Trice was certified residential appraiser. I think she probably still owns the certification. It is pocket change for her to keep it.

The woman is very rich.

Wealth and rich are different animals. Joan has to lay down at night knowing she could have fought for separation of fees on truth in lending disclosures.

She already knows commingling of fees is wrong. She has to sleep with that.

 

[Zoe]

Joan Trice is possibly the most influential rich person in appraisal world today. I was just trying to steer the lady in right direction. Money was talking.

Joan said "money" or "Eli"

I'll take money route.

I'll give Eli a cracker and push for cost plus model.

 

[Terrel L. Shields]

Joan Trice is possibly the most influential rich person in appraisal world today.

 

[Zoe]

I hear you. I tried to get her to play cards. I know lobbyist are the biggest players. Don't rub it in.

Owners of AMCs are the biggest players that lobbied Congress to keep separation of fees on truth in lending disclosures FROM Happening. .

Joan just played the game.

I think the woman had pull and still does. I just don't know anymore unless FTC gets involved on separation of fees.

 

[Zoe]

Keep this in mind. State business tax is involved in the big picture.

 

[Zoe]

When you look at state business tax, it sheds a different light where State Government could overrule.

I don't care. Me and Joan Trice agree commingling of fees are wrong.

I think chances of her making a change are like snowballs chance in Hell.

 

[Zoe]

Why in the world would I care about separation of fees and public trust?

Be careful. You have the right to remain silent.

 

[Sadie]

To the best of my knowledge, the reason the law got changed on separation of fees truth in lending disclosures is because it would be too confusing to borrowers. That just burns my azz.

It makes no sense at all. Tells me some money got changed in congress from lobbyist. There is no other logical explanation.

The only other explanation is you are calling all borrowers dumb and can't read a truth in lending disclosure and good faith estimate. It would be too confusing to them.

Because borrowers are too stupid to figure it out? They can borrower 100s of thousands of dollars, sign a multi line closing statement, but this would confuse them? Ha. its more like "I want to hide my grift".

 

[J Grant]

Because borrowers are too stupid to figure it out? They can borrower 100s of thousands of dollars, sign a multi line closing statement, but this would confuse them? Ha. its more like "I want to hide my grift".

The term they used to suppress the disclosure of fee splits was "information overload." As if a simple one-line sentence would cause the poor consumer's fragile brain to fry? .

AI Overview


The
CFPB (Consumer Financial Protection Bureau) currently permits, but does not require, the separation of appraisal fees from Appraisal Management Company (AMC) fees on closing disclosures, citing concerns that mandated, granular breakdowns could cause "information overload" for consumers. While industry groups argue this bundled, or opaque, approach masks true costs, hampers competition, and reduces appraisal quality, the CFPB has traditionally resisted mandatory separation to keep disclosures simple.