Where are the orders!

[James Mpls]

Hahaha!

 

[Zoe]

Last month I had a assignment quote about 30 miles away. I request $100 more fee. The AMC said sorry, client/ lender set $650 as appraisal fee cap, after they took $200, I only can get $450. Otherwise, the borrower has to restart the loan application with new LE. Since contract is 21 days closing, no time to restart. I lost the bid.

That is the kind of thing that would interest Chopra (CFPB). He could literally get all of the lenders' truth in lending disclosures to borrowers on every loan they made in probably last 5 years or longer. Maybe 30 years.

What about the one where the fee is $1,100 and you got $250?

 

[Tom D]

my direct lenders don't care for AMC. the say AMC too slow and charge too much. however, the big banks, like chase, control the politics and they don't seem to care what appraisers make.
at this point it's all mute anyway. sorta like crying at your own funeral, not realizing you are in the casket.

 

[J Grant]

I never chastise you guys for fretting about your fees. I chastise you for the gaslighting on your motivations that some of you use for the purpose of diverting from your rent-seeking tendencies. Saying it's all about the societal good when it's really about your fees. And the main reason that's even a problem isn't because its wrong to fret the fees, but because the transparency of the gaslighting lie makes it counterproductive to your interests to use it. You're not going to change any hearts and minds by using a lie those minds can see you using. Everyone has to be smarter than that, at least with each other.

As for the guilt of the AMCs, I'll put it to you this way. If Wells directed the AMCs they work with to pay out a minimum fee to appraisers and to bill separately for their services then every one of those AMCs would proceed as directed and without uttering a peep. They only grind on appraisers for the fees because the lenders are leaning on them to do it.

And I am calling out you for repeatedly for your alleging that appraisers are "gaslighting on"our motivations- It is derogatory and makes us sound like hypocrites. You don't accuse the stakeholder of GSE's of gaslighting about their abuse of fake public trust concerns -while they are motivated by profit .

1) wrt your charge about gasliging - appraisers do not pretend we are not concerned about our fees.

2) What do you label societal concerns -are our opinions, as you have yours. People can have several different concerns at the same time, and that does not make them into hypocrites.. The GSEs and stakeholders are all about their fees and profit, yet you never accuse them of gaslighting.

It is a falsehood that the lenders lean on the AMCs to do reduce fees to appraisers.

Why do you keep repeating that ? Call some banks and lenders and ask them about it. The lenders charge a borrower a C and R fee similar to VA and lenders who do not use AMC's. That is their interest in appraisal fees- a lender is not allowed to fee split with itself, so they have no incentive to pressure fees down .

Unless you think the lender is getting under-the-table kickbacks from the AMC? Because other than that, a lender has no incentive to press the AMC to pay appraises less. The AMC pays less to the appraisers because that amount of split from the bundled fee is what compensates the AMC..

Unlike normal businesses that compete in the market by charging their customers a cost, AMC is unique in that it gets compensated by its vendor appraisers ) as part of the HUD fee split.
If you can get hold of appraisal reports from the states that require fee split disclosure on the appraisal report - you will see it right there - appraisal fee $550, AMC amount $250, appraiser $300.md t

 

[Terrel L. Shields]

That is the kind of thing that would interest Chopra (CFPB).

AKA Cash Flow Phone Book...

 

[Dublin ohio]

Last month I had a assignment quote about 30 miles away. I request $100 more fee. The AMC said sorry, client/ lender set $650 as appraisal fee cap, after they took $200, I only can get $450. Otherwise, the borrower has to restart the loan application with new LE. Since contract is 21 days closing, no time to restart. I lost the bid.

So did the lender dictate your $450, was that your standard fee. Let's compare apples to apples

 

[Zoe]

So did the lender dictate your $450, was that your standard fee. Let's compare apples to apples

It is not that. Tell me on 10 thousand truth in lending disclosures (or all would be better) to borrowers labeled "appraisal fee" and show me how much appraiser got and AMC got.

Go for the gusto. All lenders, all truth in lending disclosures. Last 5 years should be sufficient. Appraiser got $X. Appraisal FEE $XX.XX. AMC got $XX.

Go for the jugular. Don't play to lose.

See your in antitrust law then.

Your getting into territory that broke bell south up (aka Att&T).

Your getting into large settlement NAR just paid.

 

[Dublin ohio]

It is not that. Tell me on 10 thousand truth in lending disclosures (or all would be better) to borrowers labeled "appraisal fee" and show me how much appraiser got and AMC got.

Go for the gusto. All lenders, all truth in lending disclosures. Last 5 years should be sufficient. Appraiser got $X. Appraisal FEE $XX.XX. AMC got $XX.

Go for the jugular. Don't play to lose.

See your in antitrust law then.

Your getting into territory that broke bell south up (aka Att&T).

Yea, yea, yea. Separation of fees. The cure all to end all. I can think of a couple of situations that would complicate that approach. You could to if you would stop and think about it.

 

[Zoe]

If Chopra does attack it, he won't lose. Just to convince CFPB to jump all in. FTC would be right behind him.

They are bigger than HUD. They are bigger than any player in the field. Chopra is biggest.

 

[Zoe]

I have already seen Chopra annoyed. I just wish I could put a lighter under his azz. LOL

If I could just get him on truth in lending disclosures and appraisal fees. I would be happy.