CFPB Crackdown: Unfair Practices Hurting Consumers

[Dublin ohio]

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

If it was broken out. What do you think the consumer would point to. The high AMC fee or the low appraiser fee.

 

[Charles West]

I'd send them a few examples of request for order forms and the ridiculous insulting fee schedules that some AMC's employ.

 

[TerryRohrer]

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.

Can you read? There is no stupid petition. The CFPB is looking for facts. Anyone who can't do more than whine should tell the CFPB that they opt out of any gains made from the effort of others.

 

[Dublin ohio]

The desired outcome from the OP is that AMCs charge less for their services and pay the appraiser more. CFPB: Mr AMC you charge too much and pay the appraiser too little. You need to charge less but pay the appraiser more. AMC: Ok we will cut our fee by $100 and pay the appraiser $100 more. Consumer: Wait...............What?

 

[Mejappz]

Can you read? There is no stupid petition. The CFPB is looking for facts. Anyone who can't do more than whine should tell the CFPB that they opt out of any gains made from the effort of others.

This one is interesting. For those in the know the CFPB already has information on the AMCs predatory activity, but they are asking for more information.

 

[Mejappz]

The desired outcome from the OP is that AMCs charge less for their services and pay the appraiser more. CFPB: Mr AMC you charge too much and pay the appraiser too little. You need to charge less but pay the appraiser more. AMC: Ok we will cut our fee by $100 and pay the appraiser $100 more. Consumer: Wait...............What?

Evidence for that claim?

 

[Mejappz]

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]

Can you read? There is no stupid petition. The CFPB is looking for facts. Anyone who can't do more than whine should tell the CFPB that they opt out of any gains made from the effort of others.

You're right.... I had a visceral reaction to seeing AMC and customary and reasonable fees in the same sentence. Thus, I spat out my petition quip even though Mejappz made no mention of one. I'll stand by the rest of my comment though as, I did read the request they're looking for information.....not facts.

Appraisers backdooring the CFPB providing them with evidence that appraisers are only accruing 25% of the AMC fee when they're looking for consumer feedback is a different approach. I'll give Mejappz that.

BTW.....don't consumers acquire good faith estimates anymore?

 

[jay trotta]

If it was broken out. What do you think the consumer would point to. The high AMC fee or the low appraiser fee

both - IMO-it would cause one to question the Fee's....and why

 

[Zoe]

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

I have already emailed Chopra. I haven't done it 10 times in a row. I sent it to Whitehouse when I emailed Chopra.

I will chime in on this one. It will give me another reason to email Chopra.