Request for Information Regarding Promoting Access to Mortgage Credit

[TerryRohrer]

This is the borrowers' appraisal, the valuation of their house or a home purchase;

All this time and you still don't understand who are clients and who are intended users and who are not?

 

[djd09]

i love it when the price fixers say do not include an invoice

 

[NC Appraising]

i love it when the price fixers say do not include an invoice

Or

The loe says do not discuss fees with the lender or the borrower lol.

 

[Bob Ipock]

I care what the appraiser gets. There is no shame in that, and I am sick of the schills trying to make appraisers feel like hypocrites for it.

At the same time, we can ALSO care about transparency. I personally care far less about the consumer overpaying because, in most cases, they did not overpay - what happened is they were not informed that a big chunk of their check would go to a middleman, AMC.

What they also were not informed about was how their order would be shopped flea market style by the AMC to the lowest bidder. Even with these lawsuits, the borrowers might not be aware of that aspect. I bet a whole lot of them would feel ripped off if they knew that.

This is the borrowers' appraisal, the valuation of their house or a home purchase; it is not shopping for sneakers on Amazon.

I have had many RE agents complain about the bad AMC appraisers they see that come into PBeach County, 2 counties away, and knew nothing about the market.

This is your comment from 2003. That is 23 years ago.

It would not have been a joke if the first law in the HFVCC had stood - (VA fees , govt surveys, lender surveys ) but the AMC and affiliated lenders lobbied the regulators - who caved ( how many favors and $ changed hands ?) , the regulators caved and allowed a SECOND just for AMC own internal surveys for their C and R and it was game over.

Barring a class action by appraisers suit or other such event no change in sight - best strategy is avoid AMC work -if at all possible.






Not much has changed in 23 years.

 

[NC Appraising]

I'm all for transparency. But in this case, it will just result in transparency for transparency's sake

Agree.

But doing it doesn't hurt anything...so go for it.

It only takes one VP at a bank or a mortgage company with morals or ethics to recognize something isn't right.

Im part of multiple mortgage fakebook forums. You would be surprised that most do not even know it's happening.

In my opinion, if a bunch of appraisers would go to LinkedIn or email the powers that be and show them proof of how the AMCs are stealing g their consumers money..would probably get further. I know it would with credit unions...they actually care about their members

Large mortgage bankers......not so much....needle in a haystack

 

[Bob Ipock]

Agree.

But doing it doesn't hurt anything...so go for it.

It only takes one VP at a bank or a mortgage company with morals or ethics to recognize something isn't right.

Im part of multiple mortgage fakebook forums. You would be surprised that most do not even know it's happening.

In my opinion, if a bunch of appraisers would go to LinkedIn or email the powers that be and show them proof of how the AMCs are stealing g their consumers money..would probably get further. I know it would with credit unions...they actually care about their members

Large mortgage bankers......not so much....needle in a haystack

You do remember the great Appraisal Petition for over 20 years ago? Less than 10,000 people signed it and it went nowhere. Now, tell me how the AMCs are stealing consumer's money? That is just simply a lie. There is no theft. If banks want to go back to having their own appraisal departments....what they charge for appraisals will not go down one penny. The banks went to AMCs to SAVE MONEY....and they have. You care about how fees are split, others may care. The consumer does not care because they are going to pay the same appraisal fee that they agreed to. If this was of any concern to consumers it woulds not matter. Nobody has any right to know how much I pay my appraisers or trainees (if I had any). The consumer does not tell me how much I should pay the folks that I pay. They know what they are being charged for the appraisal. Never once have I had a consumer want to discuss MY FINANCES and the pay of benefits.

I got news for some folks. If you are too afraid to use your real name on an appraisal site I won't expect you to lead any public battles with AMCs and/or lenders.

 

[Zoe]

You do remember the great Appraisal Petition for over 20 years ago? Less than 10,000 people signed it and it went nowhere. Now, tell me how the AMCs are stealing consumer's money? That is just simply a lie. There is no theft. If banks want to go back to having their own appraisal departments....what they charge for appraisals will not go down one penny. The banks went to AMCs to SAVE MONEY....and they have. You care about how fees are split, others may care. The consumer does not care because they are going to pay the same appraisal fee that they agreed to. If this was of any concern to consumers it woulds not matter. Nobody has any right to know how much I pay my appraisers or trainees (if I had any). The consumer does not tell me how much I should pay the folks that I pay. They know what they are being charged for the appraisal. Never once have I had a consumer want to discuss MY FINANCES and the pay of benefits.

I got news for some folks. If you are too afraid to use your real name on an appraisal site I won't expect you to lead any public battles with AMCs and/or lenders.

Separate fees on truth in lending disclosures and it will change the market structure. It will force appraisal management companies to compete against each other on fee and it will almost force the bank to pay the appraisal management company directly.

You don't understand.

Fastest and cheapest will be removed from the equation because the appraisal management company will already know their fee. Competency will be more in center of focus.

You want more of a free market? Separate fees on truth in lending disclosures and watch what happens on the change in market structure.

 

[Dublin ohio]

You don't understand.

Look in the mirror. You obviously have never thought it through to the end

 

[Bob Ipock]

Separate fees on truth in lending disclosures and it will change the market structure. It will force appraisal management companies to compete against each other on fee and it will almost force the bank to pay the appraisal management company directly.

You don't understand.

Fastest and cheapest will be removed from the equation because the appraisal management company will already know their fee. Competency will be more in center of focus.

You want more of a free market? Separate fees on truth in lending disclosures and watch what happens on the change in market structure.

YOU don't understand....not at all. The lender ALREADY pays the AMC directly. They cooses which ANCs they want to use, sign contracts and as a rule, pay them on a monthly basis.

AMCs already compete with each other on fees and turn times. Always have. The lenders want the fastest and cheapest AMCs so they can charge less to the consumer for the appraiser. Under FEDERAL law the lender must disclose what they charged the consumer for the appraisal. The appraisal is not for the consumer....they just pay for it. The appraisal and the fee that goes with it are a condition of making the loan. The lenders do not care. Congress does not care because BIG BANKING owns a large share of Congress. National pest control and home inspection firms sub-contract all the time. They do not disclose how the fee is split. This fee split nonsense has been going on since the very first AMC came along. Your theory has no basis in fact.

The simple solution for those that are bothered by the "no reporting of how the damn fee is split" is to stop doing AMC work. If this is such a huge moral issue about how the fee is split.....just quit! I refuse to tell anyone what I pay the independent contractor who works for me is compensated. Car expenses...none of your business. Office expenses....none of your business. Number of appraisal per month...none of your business.

The AMC lawsuits mentioned yesterday? Look 'em up. Nothing has been done and it would take a federal court to decide. The FTC has had 40+ years to "correct this issue" and has not done so.

Sorry folks......nobody cares.

 

[Bob Ipock]

Look in the mirror. You obviously have never thought it through to the end

Why has this not been corrected in 40 years? Do you really think, bankers and lawyers are going to make this happen? Do you really thing Congress casers about this issue. Tell me why, how and when and while you are at it explain why states did not enforce or even have their legislatures require it? I understand you want it to happen but the appraisal profession has a long history of promises, excuses and inability of state legislatures to fight others with more money, power and interest. You can explain it to me real slowly but this crap has been preached for probably longer than you have been an appraiser. In all this time the fee split issue has gone nowhere and has no support by those that matter.