United Wholesale Mortgage Sued

[Non Sequitur]

Appraisal Nation, AMC Links, United Wholesale Mortgage named as defendants in a new lawsuit alleging "unlawful, unfair, and deceptive practices relating to the "appraisal fees" they charge mortgage borrowers."

I advise anyone interested to save a pdf copy for reference, these links tend to disappear once the heat gets turned up.

https://www.valuationlegal.com/wp-c...k2Gu3jiZIzo0PkwA6s_aem_l0zArJGjQtZziaqejCDuCQ

 

[AppraisingLA123]

Appraisal Nation, AMC Links, United Wholesale Mortgage named as defendants in a new lawsuit alleging "unlawful, unfair, and deceptive practices relating to the "appraisal fees" they charge mortgage borrowers."

I advise anyone interested to save a pdf copy for reference, these links tend to disappear once the heat gets turned up.

https://www.valuationlegal.com/wp-c...k2Gu3jiZIzo0PkwA6s_aem_l0zArJGjQtZziaqejCDuCQ

This is one way to get rid of AMCs. If appraisers start sueing them and turning them in to the state, eventually they will go broke. I don't see enough effort from forum appraisers regarding how to eliminate the AMCs.

 

[Trihard]

Appraisers need more of this type of stuff.

 

[Tom D]

Good points in it. Won't get any money, but could be a precedent for other state's suits. Although, umw might have a bank account. Just in time for how many survivors left after 3.6 and waivers.

 

[chad hampton]

It’s unfortunate that the only way to have companies follow the law and play by the rules that are set forth is to have David try to sue Goliath.

 

[bluechip]

Oh really....

 

[Zoe]

I think there may be a similar lawsuit ongoing in California. Yeah. Sometimes threads like this tend to disappear from the forum.

 

[Zoe]

I guess it would have been hard to include F&F. I guess there is not enough direct connection to F&F. I think the legal term would be "privity".

I am not a lawyer. I wish this plantiff and other Florida impacted residents success. They must have a good lawyer on consumer protection laws.

All kinds of things could come out in preliminary disclosure. They have requested jury trial too. I noticed the "jury trial" mention at end of the complaint.

I noticed the complaint indicated there are hundreds involved.. They don't how many Floridians involved yet. Those records will be subpoenaed. .

 

[JTip]

I personally like working with UWM as they charge less than 10% for fees (portal and review) vs other AMCs that charge as much as the fee they pay the appraiser. Haven't hear much from KlearKapital on the forum lately, the worst of the worst.

 

[Zoe]

If the fees were separated on truth in lending disclosures, things like this would not happen. It would create intense competition between appraisal management companies to lower their fees to borrowers. The lowest priced AMC would get all the business they wanted, however, the lender would probably just drop the AMC and move it all back in house.

We don't need the AMC anymore. We can do it in house on our own. Some lenders have an ownership interest in the AMC. It is deceptive trade practices regardless of how you look at it.

The only way to win it is hit it from the borrower's standpoint like this lawsuit. I don't even think the plaintiff here is an appraiser.

If the person filing this lawsuit wins, it will go to benefit borrowers in Florida. Appraisers will benefit indirectly if the plaintiff wins.

Who knows, it may make to FTC desk and FTC require separation of fees on truth in lending disclosures.