There is a proposed new Good Faith Estimate (GFE) from the new Consumer Finance Protection Bureau (CFPB), which will be given to mortgage loan applicants. A separate HUD-1 form will be used at closing.
This proposed GFE form does not break out the separate ‘appraiser’ and ‘appraisal management’ fees.
In the interest of full disclosure, the different fees should be disclosed to the borrower on this form.
Please take a moment and send a comment to the CFPB and ask that the appraisal fee be noted separately from the appraisal management fee.
Send your comment to: http://www.consumerfinance.gov/contact-us/
For more information: http://www.consumerfinance.gov/knowbeforeyouowe
Thanks for your assistance with this action notice.
Michael Imes, IFA