Should Appraisal Fees & Management Fees for Mortgage Applications be Disclosed to Consumers Up Front?
The consumer bureau is considering whether to shed light on this by mandating two disclosures — what the appraiser is paid and what the management company is taking. Should you care about this? Absolutely. Although banks and mortgage lenders maintain that there is no need for additional disclosure, appraisers, builders, realty brokers and others say the costs of appraisals to consumers have increased in the last few years, while the quality and accuracy of the work have declined. In a poll of its members last year by the National Assn. of Realtors, 70% reported consumers were being charged higher appraisal fees at closing — sometimes $100 more than was the typical charge previously. House Bill To amend title 9 of the United States Code with respect to arbitration. - You Say What? Tell Congress How to Vote