RESPA statements contain a detailed listing of all costs and fees incurred in obtaining a mortgage.
If the appraisal fee is listed as paid but, in fact, is not, is there any recourse to the appraiser?
Do you think HUD would have an interest in this?
If a fee is listed on the settlement sheet as paid when it is not the person providing that information ( the seller or the buyer) has violated RESPA. I would file a complaint against that party and the settlement agent.
I've asked settlement agents about this issue and they tell me they do what the lender tells them to do. The lender provides this information to them and that it's not up to them to ask for a paid receipt. I didn't like that answer but do think the settlement agent might be able to cover their own with this. Back to the lender.
Ditto Pam's response: I have gotten the same run-around!
The lender is the one ultimately responsible: they ordered the appriasal they used it!
Hence my suggestion: hold the Banking Commission stick over the lender's head: In many states that commission can make a lenders life quite miserable searching for copies of invoices (and other documents) that are REQUIRED to be maintained in the lender's file.
I have gotten many panicked calls from lenders saying they are undergoing an audit and HAVE to have copies of the invoices they mysteriously 'lost' :roll: .
What a PERFECT time to mention that they owe you money 8)
:twisted: How odd that so many lenders who owe me money get audited :twisted:
Alabama FINALLY has licensed Brokers in the state. My favorite lender told me he now has to have a paid reciept in his file from me. He doesn't have to show anyone but he has to have it on file. I assume in case of an audit?
But now Alabama Appraisers can turn to the Banking Commision to collect as I understand. This is all fairly new so most of us Bama Appraisers are not aware of it.
Do you have access to that law or can you provide me with a specific law # etc, or link ?
I sure would like a copy of it to submit to lobby the heck out of the state govt here: we not only have no such law, but there are an increasing number of deadbeats who really could not care less about us appraisers (nuisances to thier system).
While I can file complaints witht he banking commission, all that is required is that the broker/lender has a copy of the invoice in the file so that it matches up with the HUD, there is NO provision that the lender actually has to PAY the appraiser :roll:
No real teeth, Id sure like to provide presharpened dentures :twisted:
Sorry Lee Ann, I dont have anything off the top of my head but might can come up with something. I have been getting my info from my buddy and his Broker. They are attending classes and learning the laws and all. If I can find something will email it to you.