AMC fees are not a requirement in the 3.6

[NC Appraising]

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?

 

[TerryRohrer]

Why would that be a GSE requirement? Do you disclose your E&O premium, too? License cost? Rent? The force promoting the steep rise in the prevalence of AMCs in residential lending was legislated. Shouldn't that be the focus for a cure?

 

[swandel1]

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?

AMC fee / appraiser fee disclosure is at state level. Here in AZ there is a state law requiring the appraiser fee whem AMC is used.

 

[NC Appraising]

Why would that be a GSE requirement? Do you disclose your E&O premium, too? License cost? Rent? The force promoting the steep rise in the prevalence of AMCs in residential lending was legislated. Shouldn't that be the focus for a cure?

Why would it hurt? Is there a law that prohibits the GESs to mandate this?

I'm all about transparency...just like the uad 3.6 should have a section to state the actual location the appraiser is located in...Certified in nc, but is physically located in New York.

They are the ones promoting saving borrowers money?

Full disclose....transparency? I never liked it when the AMCs on the LOE do not discuss the fee...Lil slimy....would hate for the borrower to find out how much we are making...

Nothing g to do with the uad 3.6...but

Truth in Lending (TIL) form for clearer, borrower-friendly information on final loan terms and costs, with lenders now responsible for its accuracy and delivery three business days before closing.

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[Tom4value]

Why would that be a GSE requirement? Do you disclose your E&O premium, too? License cost? Rent? The force promoting the steep rise in the prevalence of AMCs in residential lending was legislated. Shouldn't that be the focus for a cure?

“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!

 

[chad hampton]

Pays to be besties in the breakfast club. These guys are thick as thieves.