Tagged: Federal Law

Wells Fargo & Inflated Appraisal Fees: The End of AMCs? 5

The End of AMCs?

Wells Fargo has agreed to a $50 million settlement over inflated appraisal fees. Think about this for a minute….. The people bringing the lawsuit (the “Plaintiffs”) claim that Wells Fargo violated Federal law by charging homeowners more than the amount Wells Fargo paid for Broker’s Price Opinions (“BPOs”) and improperly concealing these “marked-up” charges. So, Wells Fargo was charging customers more for BPO fees on defaulted loans than the actual fees charged by the vendor. Is this any different than the use of an AMC? From the case: “Wells Fargo does not identify any provision in any of the numerous...

Banks blacklist appraisers 3

Real Estate Appraisers Blacklisted by Banks Fight Back

Banks aren’t playing by the rules PHOENIX (CBS5) – Mortgage lenders and big banks share much of the blame for this country’s housing crash. So you would thing that they have learned their lesson after cheating the system with bad loans and shady business practices. But Jason Barry has uncovered a whole new way banks aren’t playing by the rules. Clay Gregory is a Valley home appraiser who is spending a lot of time at home these day, but it’s not by choice. “I was put in a position where they pretty much demanded information from me or they were threatening...

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