Oklahoma AMC Transparency Bill

[Non Sequitur]

The 2017 Oklahoma AMC Transparency Bill is Back from the Dead!​

"Thanks to the tireless work of the ARCC (Appraisal Regulation Compliance Council), State Senator Dave Rader, and State Representative Mark Tedford, the bill that would require transparency in AMC fees is back on track and exactly...where it was stuck last time (almost to the finish line)!"

"Despite this support, the bill never made it into law. It stalled in the Senate Banking Committee, chaired at the time by a state senator who was also an executive with a major credit union in Oklahoma. Citing "administrative complications," the bill was shelved, with concerns that it would place unnecessary burdens on appraisers. This decision came despite the fact that modern appraisal software can easily generate an additional PDF invoice to include with the report, making the "complications" claim dubious.

This lost opportunity in Oklahoma reflects a larger, systemic issue. Powerful industry groups, including an AMC-backed lobby called the Real Estate Valuation Advocacy Association (REVAA), played a role in opposing the bill. REVAA argued that the additional transparency would be burdensome, though many see this as a way for AMCs to protect their profits by avoiding scrutiny of their fees.

Ultimately, the failure of Oklahoma’s bill illustrates how regulatory efforts to protect consumers can be derailed by industry interests. Consumer advocates continue to push for state-level requirements to mandate fee disclosures, but this example highlights the challenges they face against well-funded lobbying efforts that favor industry over transparency."


AMCs-and-hidden-fees

 

[Junkyard Dog]

And the solution will be to make sure all fees to each party are to be made known in the report. Blah blah blah. Won’t do anything.

Not until they are disclosed separately in the mortgage docs and closing statements.

This won’t change anything. Not until the lenders are the ones that pay appraisers directly and pay the AMCs separately for their garbage contributions

 

[Non Sequitur]

And the solution will be to make sure all fees to each party are to be made known in the report. Blah blah blah. Won’t do anything.

Not until they are disclosed separately in the mortgage docs and closing statements.

This won’t change anything. Not until the lenders are the ones that pay appraisers directly and pay the AMCs separately for their garbage contributions

Maybe, maybe not. But we have to start somewhere.

Listen to the first 15 minutes of this, Mark Cuban is taking on Pharmacy Benefit Managers. Their business practices and what they are doing are the same as AMCs, and his call for transparency and cost-plus options are what we need.