Wells Fargo Overcharging For Apprasial?

[Meandering]

Really?

There seems like more than a few AMCs charge a borrower's credit card for appraisal fees.

Whether or not the amount of fee is determined by the AMC or Lender, is not relevant to whom is charging whom.

.

 

[Fernando]

When I negotiate fees with AMCs, do they charge the additional fee to the borrower or the AMC swallow it?
I know USPAP says I can't charge base on value of property but AMCs have different fees for properties over $1,000,000 or $2,000,000 or jumbo loans. So now I charge higher because I know AMCs charge higher. I don't need to charge higher but I know the margin is there for me to get more. And I do.
I'm not happy that the borrowers are charge higher based on values but if AMC gets it, I want it too. Thanks AMC.

 

[TRESinc]

Really?

There seems like more than a few AMCs charge a borrower's credit card for appraisal fees.

Whether or not the amount of fee is determined by the AMC or Lender, is not relevant to whom is charging whom.

.

of course it is relevant. my post said that the lender sets the fee, that was the point.

and in this case it doesn't matter as wells is doing the fee setting and charging.

 

[Deleted member 130081]

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?

Seems unfair no? Is it actually unfair? I don't know...probably not. I suppose there is a time expense involved with arranging the appraisal from the lender end - they have to pay someone to call the appraiser and then write the check afterwards. Do they do the same with title reports? Not sure. Maybe. I would love to get paid $155 to "manage" a single appraisal - seems a whole lot easier and less time consuming than actually completing one. Maybe I should work smarter instead of harder and arrange that. Unless you have been charged a separate administrative fee for such "ordering" services, I would say their charge is at the very least appropriate, even if it appears excessive from the outside looking in.