Be the Driver, rather than just a passenger of your appraisal practice

[djd09]

go AMC go rip off all the borrowers

 

[glenn walker]

C'mon now. I think any atty worth their salt could figure out how to milk it for at least 7-8 billable hours.

Yeah but who is going to pay to be told its a no-go -Some poor guy who is concerned about $15 portal Fees LMAO

 

[djd09]

Just curious, how could one hold an AMC accountable for disclosure to the borrower when the AMC has no contractual relationship with the borrower? When I was at an AMC we always made disclosure to the lender (our client). We made no disclosure to the borrower because we collected no money from the borrower.

Lenders' disclosures to borrowers are created and controlled by the lenders. Just sayin'

And, if you want to impose limits on AMCs' fees, would you support a similar limitation on appraisers' fees?

are you speaking as a quasi gse rep or an ex AMC shill or a TAF agent?

 

[DWiley]

are you speaking as a quasi gse rep or an ex AMC shill or a TAF agent?

As usual, you cannot address/refute the content, so you resort to (attempted) ad hominem. Good to see that some things never change.

 

[djd09]

the truth is not an ad hom. freddie, servicestinks, and asb chair. all facts

 

[J Grant]

I

I think we should start a gofundme to solicit just enough in atty fees to consult with a lawyer who specializes in class action lawsuits. Pitch the facts to them of the "AMCs stole our fees" issue and see what comes of it from a legal expert.

I'd be willing to contribute to that fund, if for no other reason than to settle the viability of the "class action lawsuit" once and for all. That would be totally worth it.

I would contribute for the consult fee nd write out my argument of where I think it might have cause. Contact me any time by PM!

Do attorneys who do class action suits work gratis for a percent of the settlement ? Idk. The question would be does a suit like that grounds or not for them to proceed.

 

[J Grant]

I think we should start a gofundme to solicit just enough in atty fees to consult with a lawyer who specializes in class action lawsuits. Pitch the facts to them of the "AMCs stole our fees" issue and see what comes of it from a legal expert.

I'd be willing to contribute to that fund, if for no other reason than to settle the viability of the "class action lawsuit" once and for all. That would be totally worth it.

We can't say The AMC stole our fees because that is not what happens. However, the extreme imbalance in demand/supply by a very narrow pool of demand (AMC's ) led to ability to leverage their split to a much higher level than normal in such RE settelemnt statements, and also at what point does an appraiser lowering their fee to get work become a form of kitckback to get the work ? At least thos are the issues I can see. An attorney might see things differently, esp with fair trade etc. They would have an idea is it viable or not.

 

[J Grant]

Just curious, how could one hold an AMC accountable for disclosure to the borrower when the AMC has no contractual relationship with the borrower? When I was at an AMC we always made disclosure to the lender (our client). We made no disclosure to the borrower because we collected no money from the borrower.

Lenders' disclosures to borrowers are created and controlled by the lenders. Just sayin'

And, if you want to impose limits on AMCs' fees, would you support a similar limitation on appraisers' fees?

What I see is not a limit on AMC fees, but rather a cap on the percent the AMC can take out of the bundled appraisal fee. The AMC is free to collect as much $ additional fee money from their lender customers as they can get (which probably is nothing but that's not the point. ) The point is nobody is dictating their total fee, just capping the percent they can take out of the bundled fee )

 

[glenn walker]

I

I would contribute for the consult fee nd write out my argument of where I think it might have cause. Contact me any time by PM!

Do attorneys who do class action suits work gratis for a percent of the settlement ? Idk. The question would be does a suit like that grounds or not for them to proceed.

I previously posted on how a class action is initiated and that 95% of them are not certified by a Judge and die . BUT Class Action mostly only take lawsuits against Major Corporations who have deep pockets, or Insurance they do not work on contingencies for cases like what has been processed here If they did I would be running down to my nephews law office today, but they would laugh at me and tell me to go home.

 

[DWiley]

What I see is not a limit on AMC fees, but rather a cap on the percent the AMC can take out of the bundled appraisal fee. The AMC is free to collect as much $ additional fee money from their lender customers as they can get (which probably is nothing but that's not the point. ) The point is nobody is dictating their total fee, just capping the percent they can take out of the bundled fee )

As I have posted numerous times, the AMC does not report a bundled fee to a lender. The AMC has its fee. The appraiser has his/her fee. When AMCs bill lenders the invoice is detailed out.
It is the lender who then, sometimes, combines them.