Comments on: Full Transparency in Fee Disclosure

By: Leanne Kerber on Facebook

Leanne Kerber on Facebook — Tue, 16 Jul 2019 13:59:50 +0000

Both the appraiser fee and the AMC fee should be included in each appraisal report and on closing documents for full tranparency… Should have been that way all along.

By: Mike Ford, AGA, GAA, RAA, SCGREA, Realtor®

Mike Ford, AGA, GAA, RAA, SCGREA, Realtor® — Tue, 16 Jul 2019 01:00:21 +0000

Jack, it all starts with a small pebble dropped in the pond of public knowledge. It takes a while for the ripples to be noticed. It’s a start. There are no magic bullet, single-action solutions.

By: Jack Of All Trades

Jack Of All Trades — Tue, 16 Jul 2019 00:42:47 +0000

In reply to Mike Ford, AGA, GAA, RAA, SCGREA, Realtor®.

Illinois has appraisers put the fee on the addendum but that has not helped, it gets buried or borrowers just don’t care enough

By: Mike Ford, AGA, GAA, RAA, SCGREA, Realtor®

Mike Ford, AGA, GAA, RAA, SCGREA, Realtor® — Tue, 16 Jul 2019 00:27:21 +0000

In anticipation, I urge all appraisers to include words similar to the following either in the cover FIRREA compliance addendums OR as the first line in the text addendum:

“The appraiser’s fee is $xxx.xx. The total fees paid by the borrower for purported appraisal purposes is undisclosed to the appraiser. As of the date of this report, fees paid in advance by the borrower for the appraisal (have or) have not yet been paid to the appraiser.”

By: Retired Appraiser

Retired Appraiser — Mon, 15 Jul 2019 19:19:17 +0000

In reply to Jack Of All Trades.

As long as the banking lobby is the most powerful force in Washington DC the bill has a 0 out of 10 billion chance of succeeding.

By: Robin Lowery on Facebook

Robin Lowery on Facebook — Mon, 15 Jul 2019 17:39:42 +0000

That and complete transparency of the clients interest owned in the AMC.

By: Advocate

Advocate — Mon, 15 Jul 2019 17:34:03 +0000

In reply to marion.

Ah yes, but the initial disclosures are suppose to be match the settlement statement.- You know the argument AMC’s use stating the fees can not change or they have to redisclosure to the borrower. . I am sure if a loop hole exists, the amcs will find a way to exploit it.

By: Koma

Koma — Mon, 15 Jul 2019 17:08:04 +0000

In reply to Jack Of All Trades.

If appraisers don’t fight we lose.

By: marion

marion — Mon, 15 Jul 2019 16:41:57 +0000

The fee split disclosure (c) is in the portion of the law that deals with the CLOSING statements, after the fees have been paid, not the upfront disclosures.

By: Jack Of All Trades

Jack Of All Trades — Mon, 15 Jul 2019 16:29:55 +0000

In reply to Tommy.

The lobbying against such a bill will be brutal

By: Tommy

Tommy — Mon, 15 Jul 2019 16:09:32 +0000

In reply to Retired Appraiser.

Yes 10 years too late but still a good thing. It needs to pass the Senate though

By: Retired Appraiser

Retired Appraiser — Mon, 15 Jul 2019 14:01:00 +0000

Could it be that crime stoppers solved the crime ten years after it was committed? Not a chance.

This bill will be defeated lickity split.