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.