MBREA exploring Illegal appraisal fee price-fixing Investigation

[Mike Kennedy]

Mar 16, 2014 The MBREA Board of Trustees
is exploring the idea of petitioning the U.S. Federal Trade Commission and the Department of Justice to investigate the likelihood lenders and their agents are engaging in illegal price fixing of appraisal fees. We believe sufficient ground exist to justify such an investigation.
One way to support our investigatory request is by demonstrating the level of consistent pricing for residential mortgage appraisal services across the profession. Since fees are for the most part preset by lenders or their agents, the prospect of collusion is very strong.

We developed a 6 question survey we would like you to complete. The questions are grouped to reflect residential fees paid by AMCs and fees paid by other lenders. Please do not include fees paid by private, non-lender, clients.

Please take a few minutes right now to complete the survey. Click here or copy and paste the link below into your browser's address bar: https://www.surveymonkey.com/s/ZTFJV28

The deadline to complete the survey is Wednesday, March 17, 2015. Do not delay, take the survey now.

Please direct you questions to Steve Sousa at the MBREA office.

 

[Meandering]

Thank you Mike,

Can I copy and paste it all over the forum?



I know right where to start!

.

 

[Dan Umstead]

Who is the MBREA?

 

[Evincere]

Why is this posted in the MA forum? Is it on any of the main forums?

 

[Mike Kennedy]

1. M.B.R.E.A. - Massachusetts Board of Real Estate Appraisers
   www.mbrea.org
   MBREA, The Association for Valuation Professionals, has proudly served real estate valuation professionals since 1934.
   

 

[Meandering]

Well, if the
Massachusetts Board of Real Estate Appraisers is willing to go after a RICO suit,

perhaps some other states will also engage themselves of the same endeavor.

With dropping appraiser numbers, perhaps, this should be on the wider forum as an incentive for states to protect their property owners from a sever loss of appraisers needed to get their loans through financing.

Mass could be starting a party, and we get to hand out the invitations.

.

 

[Ms. Janet]

MBREA. Is this the State Appraisal Board? I thought this was an independent organization with their own membership and designations.