AMC fees are not a requirement in the 3.6

[NC Appraising]

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.

Rather be the triple D, instead of the Lil D. Maybe that one will not go over your head.

Maybe that's why you are always insulting me. Trust me, size matters, no matter what they tell you.

 

[TerryRohrer]

Rather be the triple D, instead of the Lil D. Maybe that one will not go over your head.

Maybe that's why you are always insulting me. Trust me, size matters, no matter what they tell you.

I didn't insult you. Apparently, you still can't articulate your point, though. Why not try that once? Or are you among the trolls?

 

[Non Sequitur]

Funny how "Get the Facts" doesn't apply to AMC fees.

 

[Dublin ohio]

Let's be honest about it. The only way disclosing fee splits might make a difference is if it was on the first page in bold 24pt font or in bold type right next to your OMV. But you would also have to provide an explanation of wtf it means to the borrower

 

[sputnam]

I guess I don't get it. The fee the consumer is charged is between the lender and the consumer. The fee the appraiser is paid is between the appraiser and the Client. I seriously doubt that many consumers care even a little bit how much the appraiser is paid. They do care how much they are charged in closing costs.

 

[Non Sequitur]

Let's be honest about it. The only way disclosing fee splits might make a difference is if it was on the first page in bold 24pt font or in bold type right next to your OMV. But you would also have to provide an explanation of wtf it means to the borrower

For me it's a "Why not?" issue.

I'm not sure it would make a difference, but I strongly lean toward disclosure because REVAA, AMCs, and the GSEs are against it. That is a strong indication they believe it will move the needle.

 

[Zoe]

For me it's a "Why not?" issue.

I'm not sure it would make a difference, but I strongly lean toward disclosure because REVAA, AMCs, and the GSEs are against it. That is a strong indication they believe it will move the needle.

It could make a difference with some state regulators but won't move the needle as much as being separated on Truth in lending disclosures to borrowers. It would likely be on good faith estimate also if it would have went through the way the bill was originally written before it got changed at last minute.

Some borrowers study their good faith estimates between lenders as well as the final truth in lending disclosures. That loan don't close if the borrower don't like the disclosures. A borrower can go to closing and say this is not right. I am going somewhere else.

 

[NC Appraising]

I guess I don't get it. The fee the consumer is charged is between the lender and the consumer. The fee the appraiser is paid is between the appraiser and the Client. I seriously doubt that many consumers care even a little bit how much the appraiser is paid. They do care how much they are charged in closing costs.

I would agree with you if the borrower had the choice to pick the appraiser and shop the fees. Or if the lender paid the appraisal fee. If the lender paid the appraisal fee, it would be a non starter.

1. The issue is, the borrower pays the fee, but is not allowed to shop for the best fees. They are trapped.

2. Let's be honest here, if you asked a borrower what they payed for the appraisal, they would say xxxx and would think that all of the fee goes to the appraiser. If fact, they are being misled. Xxxis going toward the appraiser and zzz is going toward the AMC. Should be split up for full disclosure.

3. We all know that most lenders have a set paid price for the appraisal fee. If the AMC can find an appraiser that will do it for cheap, they pocket the rest. I realize that fees do not always reflect the best appraiser, but let's be honest, you get what you paid for. Again, a low paid skippy doesn't benifit the borrower.

4. Since the borrower pays the fee, the lender should have a set cost for the AMC fee. Maybe legislation? In my opinion, this is theft on behalf of the AMCs.

5. Borrowers don't care? Most are living paycheck to paycheck. The appraisal fee is one of the first things lenders charge, almost right away and most use a credit card. I think that most borrowers would care if they could save $100 bucks?

Don't believe me? See the link from the GSE....they seem to believe that borrowers care.

Lastly, in the long run it doesn't matter. The GSEs are our biggest competition. Kind of hard to compete with $200 avms with a property inspection.

 

[Non Sequitur]

Don't believe me? See the link from the GSE....they seem to believe that borrowers care.

Great point. Saving the borrower $$ is part of the push for PDCs.

 

[Sadie]

I guess I don't get it. The fee the consumer is charged is between the lender and the consumer. The fee the appraiser is paid is between the appraiser and the Client. I seriously doubt that many consumers care even a little bit how much the appraiser is paid. They do care how much they are charged in closing costs.

If the fee was separated on the closing statement, the borrower would see an appraisal fee and a 'management fee'. And the questions would start (hopefully). What is this and why do I need it? Getting this information out is the first step in getting the management fees under control.