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Just a thought

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Dan/Fla

Thread Starter
Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
Florida
I am seeing here a common complaint we all have is about AMCs, is in many cases they are making more than the Appraiser, for an appraisal. Though some of us will not ***** out our services, and complete a $200 assignment. We still know that the AMC is making more than the fee we charge them, which is fine we accept that. With all these changes going on in this market right now, I have 1 though since all mortgage companies are require to break down the cost any way why not require a true cost break down and require the appraisal cost to show the True cost of appraisal punishable by law. If the AMC or bank has an added fee which did not go to appraiser and they truly provide a service for that fee which the borrower will understand and have no problem paying. This should be disclosed. Question do they have Surveyor SMCs ? is the surveyor cost the true cost? I just saying we need to have transparency in all cost. Why was this not covered in Truth in Lending. Why does AMC not want you to mention your fees?
 

Mike Boyd

Elite Member
Joined
Jan 18, 2002
Professional Status
Retired Appraiser
State
California
I have been saying that all along. An AMC fee should not be reported in the HUD 1 as part of the appraisal fee. It's obvious why the lenders and AMCs don't want it noted separately. It is just another one of the "GARBAGE FEES" many or most lenders pass on to the borrower. They would have to justify that fee to the borrower and any informed borrower would tell 'em to go do something obscene with their loan offer.

First we have to get rid of the Republican Prez's veto power. Then we can start pressuring our congress people to require transparency.
 
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