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A powerful blow against inflated lender's fees.

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Karl

Elite Member
Joined
Jan 15, 2002
Professional Status
Licensed Appraiser
State
Arizona
This should be read by all & maybe a copy dropped here & there to homeowners U know that this has happen too. BUT more importantly this needs to be read by the DOOM & GLOOM that say we CAN'T CHANGE THINGS. Notice this claim was for $65 SIXTY FIVE DOLLARS. look what it opened.
 

jtrotta

Senior Member
Joined
Jan 16, 2002
Karl, excellent point, but unless the consumer is made aware of these various cases, they will not know. In most instances, articles such as these never get around the country.

8)
 

Dee Dee

Elite Member
Joined
Jan 16, 2002
Professional Status
Certified Residential Appraiser
State
Colorado
Yipeeee!
It's about time!
 

Residential Appraisal Ser

Sophomore Member
Joined
Jan 26, 2002
Forum: The Guild has a Class Action suit against Cendant Mortgage for marketing up appraisals. We also have been speaking to HUD, Fannie, Freddie for the past 2.5 years about the issue.
With the change in adminstration and a new Sec of HUD, we found him to be more user friendly then the past Sec would ever be.

In November the Sec fined 52 Lenders 2.3 million for upcharging appraisals. We are enthused about the government stepping in as friends of the court.
We invite all appraisal organizations to join us in this battle.

William Sentner
President
American Guild of Appraisers OPEIU AFL-CIO
[email protected]
 

Warren Sumner

Sophomore Member
Joined
Jan 19, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
"The law does say that "no person" may receive "any portion, split or percentage of any charge . . . other than for services actually performed."

HOW WILL THIS AFFECT AMC's???
 

graindart

Junior Member
Joined
Jan 20, 2002
Professional Status
Certified Residential Appraiser
State
Montana
I think that they can argue that they provide a service, for which they take a portion of the fee......they connect the lender with the appraiser.
 

Larry Lyke

Senior Member
Joined
Feb 2, 2002
grain --

The AMC can charge for their service. They don't have to mark up the appraisal. EVEN if their charge were only a handling fee as in ordering. But of course most AMCs provide a package service including the appraisal.

In order to comply with regs, they might have to separate out some the services and strew them around the HUD-1.
 

Non Sequitur

Elite Member
Supporting Member
Joined
Feb 14, 2002
Professional Status
Certified Residential Appraiser
State
Louisiana
/Hijack

William, it almost sounds like the AFL-CIO might have something good to say about a Republican. I know it pains you and you may not want to speak his name but the Sec. of HUD is Mr. Mel Martinez.

Now I will say that I applaud what your "orginization" is trying to do, especially since I've been a victim of this type of fraud myself. But I just can't bring myself to back the AFL-CIO in anything when I know how partisan an orginization it is. Hell who knows, the AFL-CIO may even decide to contribute a couple of hundred dollars to a Republican out of the millions it sends to the DNC and various other Democrat candidates whether its members like it or not. They do have a say, do they?

Thank God Louisiana is a right to work state.

After reading your post I just couldn't resist.

Hijack
 
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