Law firms begin addressing AMC fraud

[Dublin ohio]

https://www.forthepeople.com/blog/h...ow-about-appraisal-management-companies-AMCs

 

[chad hampton]

I just talked to a mortgage broker friend of mine who said they’ll be on the lookout for an appraisal of his that’s coming my way through a particular AMC. I told them maybe, but that AMC only sends bid requests and I’m sure I won’t be the cheapest. He had no idea, he said his borrower has to pay 700 no matter what. I said sure, your borrower is being fleece by the lender and appraisal management company. Multiply that by 10s of thousand appraisals getting done today.

 

[Mejappz]

I understand this is upsetting to some on the forum but I’m simply reporting the news.

Attorneys Investigate Appraisal Overcharges After ARCC Findings

FOR IMMEDIATE RELEASE — The Appraisal Regulation Compliance Council’s (ARCC) concerns about the impact of unregulated third-party middlemen on borrowers, housing affordability, and consumer buying power have captured th...

arcc-usa.org

 

[Mejappz]

Multiply that by 10s of thousand appraisals getting done today.

It’s in the billions now.

 

[Mejappz]

https://www.forthepeople.com/blog/h...ow-about-appraisal-management-companies-AMCs

View attachment 96136

Try the link above . The initial one is corrupted.

 

[George Hatch]

I understand this is upsetting to some on the forum but I’m simply reporting the news.

Attorneys Investigate Appraisal Overcharges After ARCC Findings

FOR IMMEDIATE RELEASE — The Appraisal Regulation Compliance Council’s (ARCC) concerns about the impact of unregulated third-party middlemen on borrowers, housing affordability, and consumer buying power have captured th...

arcc-usa.org

Is this level of dishonesty how you conduct all your interactions with others? Because we deserve better than that from you.

Nobody is disputing the dollar amounts or the idea that appraisers should be getting a larger split. Nobody is happy about the status quo so there's no "upsetting" for anyone to experience if/when the appraisers' end improves. Everyone hopes that it does improve. That anti-appraiser allegation you keep levying is just a personal insult you use every time someone points out an inconvenient fact that you are incapable of addressing directly. Which occurs with you on a regular basis. Like just yesterday.

-------------------
To the topic of the OP

How common would you say it is for a borrower to have some contractual relationship with the AMC itself? By which I am not referring to the borrower's contractual relationship with the lender who actually does have such disclosure requirements under the law. Because the borrowers have zero contractual relationships with the appraiser who is doing the work. Except in a couple states which require it, appraisers in most states have no disclosure requirements relating to the fees. And even when appraisers are making a disclosure, that disclosure is aimed at the intended user. Not to a borrower.

I know, I know. You don't answer questions. Just feelings.

 

[Dublin ohio]

Try the link above . The initial one is corrupted.

One thing for sure. The whole concept by that law firm is "corrupt". How much would the "damages" be, $300-$400. How could they justify punitive damages if any. Ambulance chasers plain and simple

 

[George Hatch]

Just to add, unless these lawyers can come up with a reasonable explanation for a potential cause for action between the borrowers and the AMCs then I hope no appraiser is paying them to engage in some pointless and unproductive paper chase. Appraisers have already suffered enough economically to be volunteering to get hustled for more.

Appraisers at least have a shot with the govt's interpretation of C&R. Why isn't anyone pursuing the origin of their fee problem?

 

[Mark K]

Be careful what you wish for.

How many assignment/engagement letters from AMCs include a Hold Harmless/Indemnify clause that appraisers signed in order to obtain jobs. I'd bet most do and will guarantee you that they are wide reaching.

BITD, I showed my attorney one of their agreements and he said I would be a fool to sign it. I was liable for EVERYTHING and they were liable for nothing. And if they got sued, the agreement said I'd protect them, hence the Indemnify clause. I would be responsible for their legal fees. I never signed an agreement and never worked for an AMC so I don't know for sure in this instance. But I'm sure we'll find out.

 

[Mark K]

One thing for sure. The whole concept by that law firm is "corrupt". How much would the "damages" be, $300-$400. How could they justify punitive damages if any. Ambulance chasers plain and simple

How many hundreds of Millions of $$ did the ambulance chasers get out of the MLS and the Brokerage firms? They are crafty bstrds, they'll find a way.