CA Class action lawsuit re: AMC undisclosed fees?

[chad hampton]

I have no problem paying the lawyer 100% of the settlement.

 

[Sadie]

IMO- If we think a bit about it, the Fed had the opportunity to be "transparent" about Fee's back in 2010+/- when Dodd/Frank came into play and they avoided it like the plague. It was their opportunity to solidify Public Trust by breaking out the Fee in the HUD-1 which they failed to do. Therefore, bringing on the AMC Eveolution and destruction of the appraisal industry as a whole, which appears to be their intent via the rear-view mirror.

IMO-all a Class Action lawsuit does is feed the attorney. Looking at the Real Estate one for NAR, in actuality, it does not support the Seller Agent by limiting their ability to offer the Buyer Agent via MLS equal, more, or less of an incentive to sell a particular property. It is now hidden away and requires an inquiry by the Buyer's Agent, sort of self-defeating for the Seller. If I were a Seller I would look for as much Exposure as possible for the highest and best by All potential Buyers.

Maybe the real benefit of a class action suit is providing a little daylight into what has been hidden.

 

[glenn walker]

Maybe the real benefit of a class action suit is providing a little daylight into what has been hidden.

There is no class action lawsuit.
They needed more apprasers to join it.

You can call the law firm and see if you can get involved, if you have done work for that AMC. Maybe they have new California cases you can help with.

 

[Sandra Koutsopoulos]

Yes, we could use a LOT of daylight on this issue.
I was chatting with an old friend last week, and she said she's always paid over $500 for an appraisal. When I told her about the AMCs 'split' the fee, and what they often offer the appraiser who does the work, she was shocked. She's a fairly enlightened person, and had no clue about this issue, remarking that she had thought the experienced professional appraiser's expertise warranted the fee, and had no idea we often get only half. Yeah. That's why SHE paid for lunch!

 

[Terrel L. Shields]

 

[Mile High Trout]

There is no class action lawsuit.
They needed more apprasers to join it.

You can call the law firm and see if you can get involved, if you have done work for that AMC. Maybe they have new California cases you can help with.

Nope. Don't think that's entirely accurate. They're following the success attained by the Ocwen class action model, only a much bigger pie, going after those whom were charged the fees, the suit is not about the appraisers. And if it's successful, sky's the limit every other AMC comes down the line next.

https://topclassactions.com/lawsuit-settlements/open-lawsuit-settlements/ocwen-loan-servicing-fees-settlement/

The legal prescient has been set.

Plaintiffs in the home loan fee class action lawsuit claim Ocwen Loan Servicing and Ocwen Financial overcharged borrowers for BPOs and hybrid valuations through undisclosed markups. According to the class action lawsuit, Ocwen should have disclosed these fees.