Consumer Bureau Taking a Closer Look at Appraisal Fees

January 29, 2012
San Diego Union Tribune 
consumer financial protection bureau news

The Consumer Financial Protection Bureau has until July to issue a revised HUD-1 settlement form to enhance disclosures about closing fees on home sales. With regard to appraisal fees, the agency could require two different disclosures -- one stating how much the appraiser is paid and another indicating how much of the fee is pocketed by the appraisal management company, which often is wholly owned by or affiliated with the lender. The National Association of Realtors has expressed concern about rising appraisal charges, with 70 percent of members reporting that consumers were hit with higher appraisal fees at the settlement table. Meanwhile, appraisers have seen compensation fall by upwards of 50 percent; and NAR is concerned that more appraisers are unfamiliar with the geographic area where they are performing valuations.
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