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ReverseMortgageAppraisers.com to Launch

A group of appraisers from all over the nation has joined forces to create www.ReverseMortgageAppraisers.com.

According to Len Fishman, an appraiser in Sacramento and one of the creators of the site: "AMC's charge more for appraisals because they act like a middleman. A senior citizen can sometimes save hundreds of dollars by eliminating the middleman AMC's."

In fact, HUD officials said the agency is taking a hard look at allegations of up charging on home appraisals. A HUD official cited the example of a settlement where the appraiser was paid $300 for an appraisal, but the borrower was charged $450 at closing. The Appraisal Management Company pocketed the $150 extra for doing little or nothing. This unearned fee violates Section 8(b) of RESPA.

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