You Are Being Bullied (a Brief History of Bundled Fees)
As you know, AMCs are concealing their profits within your appraisal fee and driving down your income as far as they can. Bundled fees allow them to be like the schoolyard bully and
rob you blind while building their power even stronger.
But why are they allowed to do this?
As passed by the House of Representatives in 2009, HR 1728 stated the following:
“The standard form described in subsection (a)
shall include, in the case of an appraisal coordinated by an appraisal management company
... a clear disclosure of —
(1) the fee paid directly to the appraiser by such a company; and
(2) the administration fee charged by such a company.”
However, during Conference on the bill which resulted in the passage
of the Dodd-Frank Act, members of the Senate Committee on Banking
requested that the word “shall”
be changed to “may,”
reasoning that additional line items could confuse consumers.
This subtle change permitted AMCs to continue to conceal and bundle your hard-earned fees with their profits on the HUD statement. Surely now consumers cannot be confused — because they have no idea that this practice is taking place!
NOW is the time to take a stand. The Appraiser Prosperity Coalition was formed to fight for the legislative and regulatory changes needed to save this devastated profession. If you are willing to
join us today, together we can defeat the bullies and reclaim your career!
www.AppraiserProsperity.com
