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Wells Fargo Overcharging For Apprasial?

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AMC's are an olitopsony that has market power on price. You have a right to know that and you have a right to challenge that. Put a stop payment based on price based on antitrust legislation. Then report it to your state government.
 
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I was only asking if the PMI was removed! I suggested that the charge be challenged since Wells Fargo would be asked by the credit card company to defend it.
 
scott durand said:
I recently requested a removal of PMI on my wells fargo mortage. I had inquired several times and last year I was told it would be in the range of 400-450 dollars and I could choose my own appraiser. I called back last month and now they said I had to use their appraiser and could not provide my own. I have the appraisal done last week and wells fargo charged me $550. I did receive the official copy from the appointed appraisal and their fee was $395.00, thus wells fargo overcharging $155.


Do I have a right to stop payment on my credit card for this fee?
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Unless you obtained their "$400-450" fee quote in writing ........................rottsa ruck.
 
Eli said:
You have a right as long as you stay focused on the appraisal fee and where it is going. Go for it.
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scott, don't listen to eli. you will not like the results if you do.

look at your paperwork and see what it says the charge for the appraisal fee will be. if that is what you were charged then you have no recourse.
 
TRESinc said:
scott, don't listen to eli. you will not like the results if you do.

look at your paperwork and see what it says the charge for the appraisal fee will be. if that is what you were charged then you have no recourse.
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I didn't know you were a judge. Scott may be rich as a hog's butt for all you know.

 
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TRESinc said:
scott, don't listen to eli. you will not like the results if you do.

look at your paperwork and see what it says the charge for the appraisal fee will be. if that is what you were charged then you have no recourse.
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I agree.

Scott: There is a great deal of animosity between many appraisers and AMCs. That animosity can influence the advice given.
You (a) want an appraisal that credibly values your home and (b) you don't want to be illegitimately charged for that service.
Sounds like there is no issue as far as the appraisal goes. So you just want to make sure you are not being illegitimately charged for the service. You were not over-charged IMO. If your house is complex, you more than likely were undercharged. I'm assuming your house is a typical home in its neighborhood. Not the Ritz. Not a hovel.

As others said, unless you have a written quote that is enforceable and different from the $550 you are being charged, I think you received the necessary service you paid for.

Good luck!
 
:)Talk to your state representative or state government Scott 1st. Your state appraiser commission would be a good start. Go over their head to a state representative or the governor next. After that, talk to the FTC, or CFPB or hire a lawyer if you like. I feel you. :)
 
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