CFPB Crackdown: Unfair Practices Hurting Consumers

[Zoe]

I have explained that market structure is the problem. You don't listen. Separation of fees on truth in lending disclosures, which is how it was intended to be on truth in lending disclosures.

 

[Zoe]

Now, I won't leave gses out on who were speculatively going to pay appraisers for proprietary data and intellectual data.

Don't get me going George. Fastest and cheapest is in the mix too George.

 

[Zoe]

How much do you make compared to an AMC George. I told you don't get me going for public trust. I will be very proper in my comments to Mr. Chopra.

 

[Zoe]

it will merely take me a little bit of time. I will get there to Mr. Chopra.

 

[Dublin ohio]

I don't think that is it George. I think it lender maybe charging $1,500 to consumer for the appraisal and AMC getting $1,500 and appraiser getting $200 for fastest and cheapest.

$1500 seems a bit hyperbolic

 

[Zoe]

$1500 seems a bit hyperbolic

How does borrower know?

 

[Zoe]

Separate fees between AMC and Appraiser on TIL disclosures. Borrower will know then.

 

[George Hatch]

I'm 100% in support of such disclosure requirements. Always have been.

 

[Dublin ohio]

How does borrower know?

How do you know?

 

[Dublin ohio]

Separate fees between AMC and Appraiser on TIL disclosures. Borrower will know then.

I am all for that. But will they care. You use exaggerated numbers. But I will take an example from one of my clients: AMC fee: $175, Appraiser fee: $450. Which one do you think will catch the consumers eye