CFPB addressing ‘junk fees’ -> need to separate Appraisal and [AMC] Management Fees!

[Mejappz]

Management fee????


You mean those racially biased appraisals are being "managed" and it's still happening????

Sounds like an opportunity for a bigger, better lawsuit by the "victims".


Yeah require disclosure of the "management" fee and what exactly they are being paid for.

Lol. Go figure a bunch of racists have a management company. Some are owned by Lenders that bribe the same politicians who are making these defamatory claims.

 

[djd09]

if, the minion AMC's do not control the closing docs, then why did they ask me not to include an invoice?

 

[Mejappz]

if, the minion AMC's do not control the closing docs, then why did they ask me not to include an invoice?

They don't want the borrower to know they are being taken to the cleaners by a bunch of gum chewing high-school dropouts.

 

[RustyTapeMeasure]

The issue is not the AMC disclosure. AMCs do disclose (to the lender) the fee paid to the appraiser and the total fee. When I worked at a large AMC every lender we worked with required that. But, it is the lender, not the AMC, the prepares the disclosures on the closing docs. An AMC cannot control how a lender discloses.

Not one single borrower for a refi or buyer ( if they happened to be on site during my inspection) had a clue that the $900 they were paying was not going directly to me. So it is good for them to know about the junk fees. I make sure to mention it, if ever in a conversation about the appraisal process, middle man etc.