Appraisal Institute Calls on CFPB to Mandate Disclosure of AMC Fees

The Appraisal Subcommittee on Nov. 1 hosted its third public hearing on appraisal bias, focusing on how residential appraisals are developed and reviewed, the process for reconsideration of value for residential real estate valuations and the development of rural appraisals.

During the hearing, Rohit Chopra, director of the Consumer Financial Protection Bureau (CFPB), asked all testifying witnesses whether information was available on the percentage of appraisal fees paid by consumers to or taken by appraisal management companies.

Taking note of Chopra’s interest in the matter, the Appraisal Institute sent the director a letter encouraging the CFPB to take a “fresh look” at requiring consumer disclosure of AMC fees separate from appraisal fees to “resolve this matter once and for all.” Read the letter here.