Since the 2008 financial crisis, appraisers have expressed concerns over AMC practices that obscure appraisal fee breakdowns, which often favor AMCs over individual appraisers. This lack of transparency is said to impact appraisers' earnings, exacerbating a decline in the profession. In hopes of creating greater transparency, appraisers filed a complaint with the CFPB to have appraisal fees disclosed separately on closing documents. REVAA claims stagnant home sales are the primary issue, not AMC practices, but ongoing investigations into this fee structure remain uncertain under new CFPB leadership.
The appraisal fee has been a contentious issue for appraisers since the financial crisis, particularly regarding the role of AMCs in collecting fees.
Lack of transparency in appraisal fees allows AMCs to keep a larger share, significantly affecting the livelihood of individual appraisers across the nation.
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