Law firms begin addressing AMC fraud

[George Hatch]

Doing it for cash isn't the same thing as doing it out of personal animosity for the individual's immutable characteristics.

You shop by price and value every week. As do I and as do all other consumers, worldwide. Not just for goods but also for services, including professional services whenever we have need for such. We do that despite knowing that some of those sellers are losing at the expense of others as a direct result of our conduct as consumers. Nor do you or any other consumer give the well being of the losers any consideration whatsoever. All you care about is getting the adequate-to-you product at the lowest possible price. Same as me and same as everyone else.

Some buyers prefer fruit that's labeled "organic", enough so to routinely pay extra for it. Others don't care. Way of the world. Or if you prefer, Human Nature 101.

 

[ZZGAMAZZ]

Dumb reasoning. Nothing wrong with DEI policies.

my only concern is that the concept is unnecessary 99% of the time. Having worked in several industries across the USA for what seems like 1000 years, I can count on one, maybe two, hands the number of times that anything but an applicants/employee's potential to be successful, i.e., "return on capital investment," was prioritized. Baby, capitalism has inherent faults, but bias isn't one of them. Bias appears certainly to have been integral to the Amerian way of life five decades ago, having died a slower death throughout the South, but it's been replaced by the entitlement concept [that per a very educated professional with whom I recently spoke, has virtually destroyed the impetus of various demographic populations to succeed, to be resourceful, to struggle, to do whatever is necessary to accomplish a task--because it's so much "easier" to be given basic needs than to struggle to obtain them. [possibly less than objective perspective...[

 

[ZZGAMAZZ]

Well.....not for racial or social reasons (although the last Administration made this come into play) but, AMC's have been doing this to appraisers for Cold Hard Cash.....

Sure, the "inexperienced" appraisers are licensed. However, AMC's are passing up the more qualified and experienced appraiser within the subject's immediate market area for the desperate, non-geographically competent bottom feeder.

So in a sense, AMC's are rejecting qualified applicants (appraisers) which is "inherently immoral".

I often think that there must be other trades/professions/endavors who experience the type of injustice that you describe, but I'm never able to do so: to describe a profession in which competence isn't prioritized--but I'm damn sure that a major league relief pitcher wouldn't get paid $5M a year if the team's rotation was based upon the desire to minimize salaries...

 

[DTB]

There might be exceptions, but normally the borrower has no relationship or even any communication with the AMC. There's no contractual relationship there for the AMC to abuse or cheat or defraud

I always thought that AMCs were the lenders' agents.

Was I wrong?

 

[Essexfenwick]

my only concern is that the concept is unnecessary 99% of the time. Having worked in several industries across the USA for what seems like 1000 years, I can count on one, maybe two, hands the number of times that anything but an applicants/employee's potential to be successful, i.e., "return on capital investment," was prioritized. Baby, capitalism has inherent faults, but bias isn't one of them. Bias appears certainly to have been integral to the Amerian way of life five decades ago, having died a slower death throughout the South, but it's been replaced by the entitlement concept [that per a very educated professional with whom I recently spoke, has virtually destroyed the impetus of various demographic populations to succeed, to be resourceful, to struggle, to do whatever is necessary to accomplish a task--because it's so much "easier" to be given basic needs than to struggle to obtain them. [possibly less than objective perspective...[

Outside of being blatantly racist and illegal…

… tell me who’s in charge of measuring people’s skin tone, hair texture , nose and lip width and all the combinations to make sure an applicant truly qualifies ??

 

[George Hatch]

I always thought that AMCs were the lenders' agents.

Was I wrong?

We're saying the same thing. There is no contractual relationship with the borrowers. The AMCs relationship is with the lender.

 

[Mejappz]

Class-action law firm opens investigation into appraisal fees, AMCs

The law firm of Morgan & Morgan is investigating the role of appraisal management companies (AMCs) in driving up the cost of appraisals.

www.housingwire.com

 

[Mejappz]

Investigation Launched into Appraisal Fees and Appraisal Management Companies​

The rising costs of appraisals have caught the attention of Morgan & Morgan, a prominent law firm known for representing consumer interests. The firm is currently delving into potential misconduct by appraisal management companies (AMCs), which act as intermediaries between lenders and appraisers. Analysts in the mortgage industry have voiced concerns that AMCs may contribute to inflated appraisal fees by imposing additional layers of cost without necessarily enhancing the quality or accuracy of appraisals. There is a growing belief that the AMC business model prioritizes profit over fair evaluation practices, leading to greater expenses for consumers seeking mortgage loans or refinancing options. This investigation could bring to light questionable practices prevalent in the appraisal industry and their subsequent effects on homebuyers and homeowners alike.

The implications of the Morgan & Morgan investigation are significant, particularly in an environment of increasing home prices and rising interest rates. If evidence substantiating the claim that AMCs are artificially inflating costs is unveiled, it could prompt regulatory scrutiny and potential reforms within the appraisal management sector. Stakeholders, including real estate professionals, lenders, and advocacy groups, are closely monitoring the situation, as changes in AMC operations might lead to more transparent and fair appraisal processes. Furthermore, this inquiry could empower consumers by advocating for their rights against excessive charges in the mortgage process. The ongoing developments could fundamentally reshape how appraisals are conducted and pave the way for a more equitable landscape in the housing market.

**Key Elements:**
– **Morgan & Morgan’s Investigation:** The law firm is scrutinizing AMCs for their potential role in inflating appraisal costs.
– **AMC Business Model:** Concerns are raised about AMCs prioritizing profit, impacting appraisal quality and consumer costs.
– **Impact on Consumers:** The investigation highlights potential adverse effects on homebuyers and homeowners regarding mortgage affordability.
– **Regulatory Implications:** Findings could trigger regulatory oversight and reform within the appraisal management industry.
– **Consumer Advocacy:** The inquiry aims to empower consumers and promote fair appraisal practices in the mortgage process.

Investigation Launched into Appraisal Fees and Appraisal Management Companies - Note Servicing Center

Morgan & Morgan explores how appraisal management companies (AMCs) may impact appraisal costs, raising concerns for private lenders in the mortgage industry.

noteservicingcenter.com

 

[chad hampton]

Should be an open and shut case. But you can’t underestimate the power of the unethical, stakeholders and other various low lifes of questionable character who have played a part in creating this mess. They will protect their scam at all costs.

 

[George Hatch]

You do you.
If you think the case against AMC violations of their contractual agreements with the lenders is so obvious then I think you should set up a Go-Fund-Me to support these lawyers. Or you can just hand your donations to them directly. Anonymously, of course.