CFPB Crackdown: Unfair Practices Hurting Consumers

[Mejappz]

Bureau is currently investigating various fees associated with obtaining a loan, with the goal of identifying any that may be particularly burdensome or concerning for borrowers.


As we all know many AMCs are not paying Customary & Reasonable fee as required by TILA. They have consistently pushed down the pay of Appraisers while making undisclosed profit off consumers and prioritizing cheapest and fastest over quality and competency. The CFPB has been in communication with individuals behind the scenes and are concerned with what has been shown enough to include AMCs in their data collection process.

Now is the time to send them everything we have. To drive legitimate change, we must encourage as many appraisers as possible to submit all relevant information to the contact details provided below.

CONSUMER FINANCIAL PROTECTION BUREAU
[Docket No. CFPB-2024-0021]
Request for Information Regarding Fees Imposed in Residential Mortgage TransactionsAGENCY: Consumer Financial Protection Bureau.


ACTION: Request for information.

SUMMARY: The Consumer Financial Protection Bureau (Bureau or CFPB) is seeking comments from the public related to fees charged by providers of mortgages and related settlement services.

CFPB | Bureau Crackdown: Unfair Practices Hurting Consumers

It is crucial for appraisers to act & provide the Bureau/CFPB with as much information as possible regarding the unethical practices of AMCs.

appraisersblogs.com

 

[Dublin ohio]

Bureau is currently investigating various fees associated with obtaining a loan, with the goal of identifying any that may be particularly burdensome or concerning for borrowers.


As we all know many AMCs are not paying Customary & Reasonable fee as required by TILA. They have consistently pushed down the pay of Appraisers while making undisclosed profit off consumers and prioritizing cheapest and fastest over quality and competency. The CFPB has been in communication with individuals behind the scenes and are concerned with what has been shown enough to include AMCs in their data collection process.

Now is the time to send them everything we have. To drive legitimate change, we must encourage as many appraisers as possible to submit all relevant information to the contact details provided below.

CONSUMER FINANCIAL PROTECTION BUREAU
[Docket No. CFPB-2024-0021]
Request for Information Regarding Fees Imposed in Residential Mortgage TransactionsAGENCY: Consumer Financial Protection Bureau.


ACTION: Request for information.

SUMMARY: The Consumer Financial Protection Bureau (Bureau or CFPB) is seeking comments from the public related to fees charged by providers of mortgages and related settlement services.

CFPB | Bureau Crackdown: Unfair Practices Hurting Consumers

It is crucial for appraisers to act & provide the Bureau/CFPB with as much information as possible regarding the unethical practices of AMCs.

appraisersblogs.com

Noble Idea. But what make one think that bringing to light the fees charged by AMCs will result in an increase in the appraiser's fees. Just sayin'

 

[TerryRohrer]

Noble Idea. But what make one think that bringing to light the fees charged by AMCs will result in an increase in the appraiser's fees. Just sayin'

How badly will it hurt? How much will it reduce appraiser's fees? Just askin.

 

[George Hatch]

Compile a list of complaints then urge appraisers to copy/paste and add to.

 

[Terrel L. Shields]

As we all know many AMCs are not paying Customary & Reasonable fee as required by TILA.

No, we do not all know that since C & R is a unicorn fairy tale. No one can define it, no one can say this fee or that is C & R, etc. As long as appraisers are out there taking $295 fees before paying 'technology fees', then what is C & R? $295 looks like to me. No C & R is a joke and a cruel lie to get appraisers to support TILA and other fish-slapping legislation that does nothing.

 

[Mejappz]

Well, it is up to you guys whether you want to participate or not. I for one will be providing quite a few examples including one I received from an appraiser last week where the consumer was charged $900.00, and the form-filler got paid $200.00.

 

[Surf Cat]

SUMMARY: The Consumer Financial Protection Bureau (Bureau or CFPB) is seeking comments from the public related to fees charged by providers of mortgages and related settlement services.

From the public is not from appraisers. In the minds of the public....they're paying too much in fees to purchase a home. The appraisal fee on the docs "is" showing customary and reasonable.....the lenders "can" prove they're paying C&U fees to the AMC's.

The AMC fee to the appraiser and engaging geographically competent appraisers is where the stuff hits the fan....

Only a full stop will do. Signing some stupid petition won't do anything.

 

[Surf Cat]

Well, it is up to you guys whether you want to participate or not. I for one will be providing quite a few examples including one I received from an appraiser last week where the consumer was charged $900.00, and the form-filler got paid $200.00.

You've posted some compelling evidence in this regard. I got off the Merry-go-round...it was too sickening.

 

[jay trotta]

From the public is not from appraisers. In the minds of the public....they're paying too much in fees to purchase a home. The appraisal fee on the docs "is" showing customary and reasonable.....the lenders "can" prove they're paying C&U fees to the AMC's.

The AMC fee to the appraiser and engaging geographically competent appraisers is where the stuff hits the fan....

Only a full stop will do. Signing some stupid petition won't do anything.

Last time that was done, the AMC gained the advantage, and we were stuck with the "wet noodle" that did not stick to anything. IF the "costs" are hidden from the Public (as noted in the HUD 1) how would they ever know what they are paying for without Full Disclosure they're chasing buffalo chips, IMO

ACTION: Request for information.

SUMMARY: The Consumer Financial Protection Bureau (Bureau or CFPB) is seeking comments from the public related to fees charged by providers of mortgages and related settlement services.

 

[Terrel L. Shields]

the consumer was charged $900.00, and the form-filler got paid $200.00.

Do I shame the AMC more for making their business model profit or shame the form-filler willing to take $200 for an appraisal. It's not like they don't know other people get 3x that for something similar.