Customary and reasonable fees - 90 days

[Mirage]

Marion, back in the day of having to chase down my own fees when mortgage companies said escrow paid it, escrow said they sent it back to mortgage, mortgage said escrow must be mistaken, etc., I always found it easy to get a copy of the HUD1 from the escrow company so I could settle the argument. This was before the payee was an AMC, though, so it might be harder now.

Is there really not a central place that HUD1's are filed? I guess I always assumed that since it's called a HUD1 that it was sent to HUD at some point. Do they really only exist in the files of the principals? What about with FHA loans? Surely FHA has copies somewhere that could be obtained using the Freedom of Information Act or something.

I would be happy to make a list of all my borrowers and their mailing addresses for a master list if I just know exactly what you need, from what time period, and where to send it. If a class action suit starts, I'm sure I could get our local news to pick up the story and provide a link on their website for more people to send in their information, too.

Edited to say: I believe most AMCs charge the homeowner up front for the appraisal. Is their fee/our fee even shown on the HUD1 if it's an item paid outside of closing? That's a scary thought on many levels.

I believe it still has to be disclosed in the HUD1 !

 

[Meandering]

I believe it still has to be disclosed in the HUD1 !

Don't believe, know.

These are facts, not opinions.

The HUD1 records the total of all fees paid for valuation services. The only name to post is the name of the AMC and this is done on line 804.

When paid outside of closing (POC) it is so noted and is recorded on the right hand margin at line 801 of the HUD 1

This is also for the GFE, Good Faith Estimate.

But that was as of 2 days ago. Now the rule is changed

http://appraisersforum.com/showthread.php?t=171506&referrerid=88483



It is all being hiddend from the borrower. That's why last year David Stephens of FHA said we could write our fee in the report and AMCs could not stop us.

 

[eld2310]

That's why last year David Stephens of FHA said we could write our fee in the report and AMCs could not stop us.

Another law with no teeth because it's optional rather than required. AMCs stop us the way they always have, with the threat of no more work.

 

[Meandering]

Another law with no teeth because it's optional rather than required. AMCs stop us the way they always have, with the threat of no more work.

Not law, policy.

Policy without enforcement. Which still means it is policy that was broken and now there is going to be enforcement available to us.

Believe that it is back stroke time for the AMCs.

Just look at TAVMA still trying to find value in AMCs when this nifty company exists between AMCs and the lenders.

http://www.realec.com/default.asp

Yup, the AMC of AMCs. They don't get the work unless these guys assign it to them so they can assign it to you.

Aint it grand?

 

[Mike Kennedy]

http://appraisersforum.com/showpost.php?p=2024074&postcount=34

 

[Meandering]

http://appraisersforum.com/showthread.php?t=171506&referrerid=88483

 

[Mike Kennedy]

http://appraisersforum.com/showthread.php?t=171506&referrerid=88483

Your prior "announcement post"

YUP NOTHING IN THE NEW BOOK ABOUT BORROWERS PAYING AMCs AND THERE IS NO LINE ON THE FORM FOR A FEE TO BE PAID TO THE AMC.

Luv ya but......incorrect statement.

"Line 804 is the charge for the appraisal report prepared by an appraiser."

"Lines 808 and any additional lines are used to list other third party services required by your lender, including FHA or VA fees."

 

[Meandering]

"Lines 808 and any additional lines are used to list other third party services required by your lender, including FHA or VA fees."

Yes and it does not say APPRAISAL MANAGEMENT COMPANIES. Nope, it does not.

It is all being hiddend from the borrower. That's why last year David Stephens of FHA said we could write our fee in the report and AMCs could not stop us.

And my post is still correct. No where does it say the borrower pays the AMC fee.

 

[Mike Kennedy]

(2) Definitions. As used in this chapter, the following terms shall have the following meaning:
(a) "Appraisal" means the practice of developing an opinion of the value of real property in conformance with the Uniform Standards for Professional Appraisal Practice as developed by the Appraisal Foundation.
(b) "Appraisal management company" means a person that directly or indirectly performs appraisal management services, regardless of the use of the term appraisal management company, mortgage technology provider, lender processing services, lender services, loan processor, mortgage services, real estate closing services provider, settlement services provider, real estate closing services provider, vendor management company or any other term.
(c) "Appraisal management services" means to, directly or indirectly, perform any of the following functions on behalf of a lender, financial institution, client, or any other person:
(i) Administer an appraiser panel;
(ii) To recruit, qualify, verify licensing or certification, and negotiate fees and service level expectations with persons who are part of an appraiser panel;
(iii) Receive an order for an appraisal from one person, and deliver the order for the appraisal to an appraiser that is part of an appraiser panel for completion;
(iv) Track and determine the status of orders for appraisals;
(v) Conduct quality control of a completed appraisal prior to the delivery of the appraisal to the person that ordered the appraisal; and
(vi) Provide a completed appraisal performed by an appraiser to one or more persons that have ordered an appraisal.

(d) "Appraiser" means an individual who holds a license or certification to complete an appraisal in the state where the real property that is the subject of the appraisal is located.





http://www.appraisalinstitute.org/newsadvocacy/downloads/ModelProvisionsAMC.pdf

 

[NC Appraising]

http://appraisersforum.com/showthread.php?t=171488


This kind of crap has to stop.