Law firms begin addressing AMC fraud

[Mejappz]

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.

Absolutely, and the MLS lawsuits are minor compared to the AMC fiasco, which the public is only now discovering.

 

[Bobby Bucks]

My dream is unrealistic, but it is a dream. A class action law suit on a grand scale dating back 25 years. As a slovenly type who accepts AMC work more than most, I will agree to a letter of apology from every AMC and a golden parachute of $150 for every report that required a revision. Payable in Bitcoin of course,

 

[George Hatch]

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.

If the lawyers can find an angle then that's great. But whatever that angle is, it's been 15 years already and nobody has yet been able to identify it. And it hasn't been for lack of motivation to find that lever.

 

[Dublin ohio]

Absolutely, and the MLS lawsuits are minor compared to the AMC fiasco, which the public is only now discovering.

Dollar amounts involved per instance are nowhere near comparable. $300-$400 per appraisal Thousands to tens of thousands per sale. What has really changed. As far as I can tell nothing but a new disclosure

 

[George Hatch]

Never say never. Maybe the lawyers can find a way to fabricate a contrived business relationship between these borrowers and the AMCs. While they're at it, maybe the lawyers can also find a way to make the AMCs pay an adverse judgment without directly passing the costs through to their "valued partners" among the fee appraisers.

 

[Mejappz]

Dollar amounts involved per instance are nowhere near comparable. $300-$400 per appraisal Thousands to tens of thousands per sale. What has really changed. As far as I can tell nothing but a new disclosure

Consumers are increasingly aware that they are often misled into paying fees they did not authorize. Many states, including mine, do not require appraisal management companies (AMCs) to disclose what portion of the fee goes to the appraiser. When attorneys get involved, they can identify various loopholes to secure funds for themselves and their clients. This presents a considerable opportunity for significant lawsuits.

 

[Mejappz]

 

[George Hatch]

Do you honestly think that the lenders are not being informed or don't know what these splits are? Because it's the lenders who are required to provide to the borrower with whatever disclosures in these transactions are mandated under the law.

 

[chad hampton]

Remember when appraisers used to think small time loan officers were corrupt? That was small time compared to AMCs and the GSEs.

 

[The Bob]

If the AMC passed along 100% of the fee they charge the lender to the appraiser, then there would no case, correct?

So it really comes down to appraiser's accepting less than the fee the AMC charges the lender. I don't see any fraud, but I do see some stupidity if those same appraiser's think they have somehow been screwed because of their own decisions and actions.