CA Class action lawsuit re: AMC undisclosed fees?

[Zoe]

I do have a few ankle biters on this forum. More like a mosquito that play me. Play me.

 

[Zoe]

I was checking CA regs re: AMCs to see if there was a time period requirement for AMCs to pay for the appraisals they order in CA. Nope. Loosey-goosey, they pay when they feel like it. Then:
I ran across multiple headlines about a California February 2025 class action lawsuit against AMCs bilking the public out of some $12,000,000,000 for non-disclosure and not breaking out AMC fees incl tech and other charges from the appraisal fee stated on the loan closing statements. One contention is that Borrowers think the appraisal fee reflects the work of expensive professionals. Another observation noted the results of this practice of non-disclosure is that appraisers are leaving the business because their income is heavily eroded and chipped away, and that might result in an actual shortage of appraisers in time of need. Imagine that. They're only a decade or so late. What are the odds something positive will happen with this? Could it be the Appraiser's version of the recent disconnection of buyer-agent/seller-agent real estate co-broke fees offered in MLS?
arcc-usa.org
https://arcc-usa.org › california-class-action-challenges-i...
Feb 20, 2025 — ... (AMCs). “Lenders bundle hidden AMC fees with the appraisal costs, leading to inflated charges that are never clearly disclosed to homebuyers.

What You Need to Know About Appraisal Management ...

Morgan & Morgan Lawyers
https://www.forthepeople.com › Blog Index
Jan 29, 2025 — Many buyers may not realize is that hidden fees, often linked to Appraisal Management Companies (AMCs), can significantly inflate their costs.
Feb 24, 2025 — The lawsuit contends that AMC middlemen misrepresent appraisal costs ... AMCs charged borrowers more than $12 billion in hidden fees ...

Investigation Launched into Appraisal Fees and ...​

Note Servicing Center
https://noteservicingcenter.com › investigation-launche...
Feb 10, 2025 — Analysts in the mortgage industry have voiced concerns that AMCs may contribute to inflated appraisal fees by imposing additional layers of cost ...

AMC Fined Over C&R Fees​

Working RE Magazine
https://www.workingre.com › AMC-fined-over-cr-fees
A $10,000 fine big friggin deal!!! They were taking in $465 per appraisal. Paying out $250 and then minus a “technology or service fee” They were hauling in ...

Very good post. Many big players in this mix.

 

[Zoe]

Where is that beautiful blonde Joan Trice when I need her most?

I gave the woman a chance. She would post but maybe a little scared at moment to post.

Door is wide open now for all you ankle biters. Go get a coffee and come back.

 

[Zoe]

I was checking CA regs re: AMCs to see if there was a time period requirement for AMCs to pay for the appraisals they order in CA. Nope. Loosey-goosey, they pay when they feel like it. Then:
I ran across multiple headlines about a California February 2025 class action lawsuit against AMCs bilking the public out of some $12,000,000,000 for non-disclosure and not breaking out AMC fees incl tech and other charges from the appraisal fee stated on the loan closing statements. One contention is that Borrowers think the appraisal fee reflects the work of expensive professionals. Another observation noted the results of this practice of non-disclosure is that appraisers are leaving the business because their income is heavily eroded and chipped away, and that might result in an actual shortage of appraisers in time of need. Imagine that. They're only a decade or so late. What are the odds something positive will happen with this? Could it be the Appraiser's version of the recent disconnection of buyer-agent/seller-agent real estate co-broke fees offered in MLS?
arcc-usa.org
https://arcc-usa.org › california-class-action-challenges-i...
Feb 20, 2025 — ... (AMCs). “Lenders bundle hidden AMC fees with the appraisal costs, leading to inflated charges that are never clearly disclosed to homebuyers.

What You Need to Know About Appraisal Management ...

Morgan & Morgan Lawyers
https://www.forthepeople.com › Blog Index
Jan 29, 2025 — Many buyers may not realize is that hidden fees, often linked to Appraisal Management Companies (AMCs), can significantly inflate their costs.
Feb 24, 2025 — The lawsuit contends that AMC middlemen misrepresent appraisal costs ... AMCs charged borrowers more than $12 billion in hidden fees ...

Investigation Launched into Appraisal Fees and ...​

Note Servicing Center
https://noteservicingcenter.com › investigation-launche...
Feb 10, 2025 — Analysts in the mortgage industry have voiced concerns that AMCs may contribute to inflated appraisal fees by imposing additional layers of cost ...

AMC Fined Over C&R Fees​

Working RE Magazine
https://www.workingre.com › AMC-fined-over-cr-fees
A $10,000 fine big friggin deal!!! They were taking in $465 per appraisal. Paying out $250 and then minus a “technology or service fee” They were hauling in ...

How do I contact the Governor of CA on this situation? It is your thread.

I need to be specific on lawsuit when contacting Governor's office on email. Give me what you can.

 

[Zoe]

I am leaving defense and going offensive now to the Governor of CA.

 

[glenn walker]

There is no lawsuit...lol

 

[Zoe]

There is no lawsuit...lol

Are you referring to potential or pending with all due respect?

You don't want to play me like Joan Trice did on separation of fees. I will hurt you boy.

 

[Zoe]

There is no lawsuit...lol

Do you live in CA? Idk. LOL

I may need to ask CA to contact you for expert opinion on separation of fees.

What do you think Sir?

 

[Tom D]

Here's a thought for you calif class action lawsuit. An easier profession to be in instead of appraising.

Hotel owners are in open revolt against Los Angeles’s new $30-an-hour minimum wage, the latest blow to one of the country’s poorest-performing lodging markets.

This was supposed to be a great time to own a hotel in L.A. The area will soon be at the center of the globe’s premier sporting events, first as a host city for eight World Cup soccer games next year, and then the Super Bowl the following year. In 2028, L.A. hosts the summer Olympics.

 

[Zoe]

Here's a thought for you calif class action lawsuit. An easier profession to be in instead of appraising.

Hotel owners are in open revolt against Los Angeles’s new $30-an-hour minimum wage, the latest blow to one of the country’s poorest-performing lodging markets.

This was supposed to be a great time to own a hotel in L.A. The area will soon be at the center of the globe’s premier sporting events, first as a host city for eight World Cup soccer games next year, and then the Super Bowl the following year. In 2028, L.A. hosts the summer Olympics.

I am not really sure that is relative Sir to State bringing charges against you within their boundaries. I am not seeing the connection between appraisal profession and olympics.