CFPB Crackdown: Unfair Practices Hurting Consumers

[Terrel L. Shields]

The CFPB seems to be more concerned about fees, etc. than they are about fair, appropriate, or actually what serves the consumer best.

We'll all seen that cheapest isn't best. We know the real issue is getting the best bang for the buck. And the higher the AMC fee, we actually see less bang for the dollar.

 

[chad hampton]

To me, the CFPB is interested in the breakdown of fees and fleecing of consumers with junk fees. I doubt the consumers have too much knowledge about all the fees they have to pay, they’re just pissed off when they see that final number. So it makes sense that the CFPB is looking for comments from industry participants, small business owners, etc as to why fees have increased so much in the prior 5 to 10 years. I wouldnt expect to see much detail from consumers on the topic.

 

[George Hatch]

The consumers are already complaining about the totals of the fees they're paying, so maybe that criticism will extend to the AMC splits. It'll be interesting if it does and it will be interesting if it doesn't.

 

[Dublin ohio]

Did not say that, so are you saying the Public is so stupid they don't look at any costs??
Funny, when I stand in line at the food store, they seem to go over every line item. So your saying, when they are taking on the largest expense in their life, they don't care?

Did not say that. But appraiser fees are the primary argument by appraisers when complaining about AMC fees. The CFPB will not become an advocate for appraisers and their fees. But they could very well take a hard long look at excessive AMC fees. Even if they do cap AMC fees. That will not translate into higher fees for appraisers.

 

[djd09]

the mortgage brokers never tried to steal any of the appraisal fee from me...in fact they used to let me negotiate with the borrower

 

[djd09]

the cfpb hates appraisers as much as the unethical stakeholders...

 

[chad hampton]

the mortgage brokers never tried to steal any of the appraisal fee from me...in fact they used to let me negotiate with the borrower

That was back when everything was local. local mortgage professionals cared about their reputation in the community. Kept costs low. Now you have a hedge fund backed AMCs involved in every RE transaction wanting their cut. And they won’t quit till they take it all.

 

[George Hatch]

the cfpb hates appraisers as much as the unethical stakeholders...

Nobody cares enough about appraisers to either love or hate them. That is, until there's a gap between the appraisal and what the borrower or broker needs to do their deal.

 

[djd09]

That was back when everything was local. local mortgage professionals cared about their reputation in the community. Kept costs low. Now you have a hedge fund backed AMCs involved in every RE transaction wanting their cut. And they won’t quit till they take it all.

for profit and public trust cannot work together...they will love the one and hate the other

 

[Surf Cat]

the mortgage brokers never tried to steal any of the appraisal fee from me...in fact they used to let me negotiate with the borrower

I used to work with mortgage brokers that occasionally asked me to go easy on my fee with their client because they were living on a fixed income. Refinancing to get a lower rate without any cash out. I would happily oblige..... but not to the tune of 40% off like the scumbag AMCs!