Consumer Bureau Taking a Closer Look at Appraisal Fees
San Diego Union Tribune
January 29, 2012
Harney, Kenneth
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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