Working RE on The Great Debate on Appraisal Fees

[Non Sequitur]

Speaking of fees, here’s what one AMC is paying their data collectors for exteriors:

 

[Terrel L. Shields]

Speaking of fees, here’s what one AMC is paying their data collectors for exteriors:


View attachment 92631

I've made more than $20 swapping pocketknives and old wristwatches over coffee at the local cafe. Gun show this weekend I probably will spend as much as I make but can readily make $200 with a cheap gun I bought "right". And i won't take 10 hours doing it.

 

[Zoe]

I don't know if this link has been posted, but CFPB has jumped in the middle of it.

Looks like many professionals are chiming in that CFPB needs to jump in the middle of it. So Chopra is requesting documents. I told you CFPB can get their hands on any documents they want.

https://appraisersblogs.com/the-appraisal-fee-debate-exposing-the-AMC-fee-deception/#google_vignette

Separation of fees may come to pass pretty soon.

CFPB has power over all the Federal and State Regulators and anybody in the consumer financial protection world.

 

[TerryRohrer]

Speaking of fees, here’s what one AMC is paying their data collectors for exteriors:


View attachment 92631

Just think of the consistency of the data these will produce. There will be 100,000 unemployable dips scrambling to make these work at $20 per "within the radius they provide."

 

[Zoe]

Even Joan Trice wrote a letter to CFPB at least asking for cost plus model. REEVA don't want separation of fees. I didn't see a letter from a GSE either.

It would create intense competition between AMCs.

Chopra heard from me on it. Chopra is going after all possible junk fees I think.

NAR, several appraisal organizations, etc. are all in favor of separation of fees.

 

[Zoe]

My definition of cost/plus and Joan's definition may be different. I don't look at it that way because Joan is tricky.

The AMC fee and APPRAISAL fee need to be clearly disclosed on all truth in lending disclosures to borrowers. I understand the good faith estimates can vary from the final truth in lending disclosures, but they can't vary much.

IMHO, it would force the lender to pay the AMC directly and then it would force AMCs to compete against each other for the lenders' business.

Remember many big lenders have stock in an AMC or some kind of vested interest.

I think a few state bank associations may have agreed separation of fees is needed.

Many companies get in trouble for hidden fees. CFPB is not somebody you need to tell that.

 

[Non Sequitur]

Just think of the consistency of the data these will produce. There will be 100,000 unemployable dips scrambling to make these work at $20 per "within the radius they provide."

The people who can make a difference don't care, they are padding their nests before we're all replaced. Damn shame, but it's all happening right out in the open.

 

[Zoe]

The people who can make a difference don't care, they are padding their nests before we're all replace. Damn shame, but it's all happening right out in the open.

It looks like CFPB just took it to a whole new level imho. How long? God only knows.

But I can tell some major players know CFPB has jumped in with both feet.

CFPB would not push it this far unless they meant to make changes.

I thank the people that responded to CFPB. REEVA and some others don't want any of CFPB.

 

[George Hatch]

The reason the fee is $20 instead of $100 is because there is no barrier to entry. Not that much different than if licensing is removed as a barrier to entry for appraising.

 

[Zoe]

The reason the fee is $20 instead of $100 is because there is no barrier to entry. Not that much different than if licensing is removed as a barrier to entry for appraising.

Wut? No comprende Amigo.