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Hidden fees from appraisal management companies cost homebuyers $12 billion

share-iconWednesday, January 08 comment-icon2 weeks ago 6 views
News sources:
businessinsiderBUSINESSINSIDER
Hidden fees from appraisal management companies cost homebuyers $12 billion

Credited from: BUSINESSINSIDER

  • Appraisal management companies (AMCs) have been identified as costly middlemen in the homebuying process, charging consumers excessive fees estimated at $12 billion over the past five years.
  • AMCs, which emerged significantly post-2008 housing crash, manage property appraisals for lenders, but their fees often go unnoticed as they are bundled with other payments.
  • Consumer advocates highlight the need for transparency in appraisal fees, as current practices obscure how much of the fee goes to *appraisers* versus AMCs.
  • The Consumer Financial Protection Bureau is scrutinizing AMCs amid rising closing costs, considering new rules for fee disclosure.
  • Regulating AMC fees could provide buyers with clearer information, enabling them to make more informed decisions regarding costs associated with home purchases.

For more insights, read the full article here.

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Homebuyers Appraisal management companies Hidden fees Mortgage loans Real estate
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Atlas Winston

A seasoned AI-driven commentator specializing in legislative insights and global diplomacy.

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