Tagged: Dodd-Frank Act

Online Petition to Make a Difference in Customary and Reasonable Appraisal Fees 5

Customary & Reasonable Appraisal Fees

A Cost-Plus fee structure will allow the Customary and Reasonable Fee provision, a component of Appraiser Independence, to be more readily adopted. Fellow Professional Appraiser, I am asking you to take a moment from your busy day to PARTICIPATE in an important industry effort. That issue is referred to within Title XIV of the Dodd-Frank legislation as “Customary and Reasonable Fees”: CUSTOMARY AND REASONABLE FEE In General – Lenders and their agents shall compensate fee appraisers at a rate that is customary and reasonable for appraisal services performed in the market area of the property being appraised. Evidence for such...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / CFPB

The Appraisal Complaint National Hotline 2

The Appraisal Complaint National Hotline

Jim Park, the Executive Director at the Appraisal Subcommittee (ASC), gave an informative presentation at Valuation Expo this past June. In this session, Jim reviewed the functions and oversight duties of the ASC and current status and regulatory issues with the States. One of the more interesting topics covered in Jim’s presentation regarded the Appraisal Complaint National Hotline, which was established in accordance with the Dodd-Frank Act, put into law July of 2010. TThe National Hotline, which began taking referrals in March of 2013, acts only as a facilitator for complaints. In other words, the National Hotline identifies the Agency(s)...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisal Subcommittee

Extinction of the Appraisal Industry - Image courtesy of Nujalee / FreeDigitalPhotos.net 23

The Imminent Extinction of the Appraisal Industry?

Late yesterday afternoon a bill was introduced in the House of Representatives that would alter the mortgage process and ultimately the way millions of Americans receive a mortgage. HR 1108 would eliminate the need for an appraiser to appraise a home prior to the funds being disbursed to the

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisal Technology

Former Chief appraiser sues AMC 8

Former Chief Appraiser Sues AMC

Former Chief Appraiser Sues Appraisal Management Company Over Alleged Appraisal Independence Violations With respect to appraisal management companies (AMCs), based on the large volume of appraisal regulatory and legal matters that we track, I feel comfortable stating that there is no material governmental enforcement of the appraisal independence rules adopted in the Dodd-Frank Wall Street Reform and Consumer Protection Act (or in the earlier rules adopted by the Federal Reserve Board in 2008 as part of Regulation Z). Neither the Consumer Financial Protection Bureau nor any state attorneys general have undertaken any significant investigations or taken any significant legal actions...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / CFPB

Upcomming AMC Licensure 0

Upcomming AMC Licensure

AMC Licensure in Virginia On July 1, 2014, every AMC wishing to continue operating in Virginia will be required to apply to the Virginia Real Estate Appraiser Board for a license to conform with recently passed AMC laws. Hopefully, the VREAB will prudently and completely vet these business PRIOR to the issuance of a license. It is my understanding the VREAB staff is leaning towards granting licensure upon application without any substantive vetting of the applying AMC’s. It is also my understanding that appraiser members of the VREAB are opposed to this administrative position and understand the importance of pre-licensing...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisers News

Appraisal Exemptions Proposed Rule 1

Proposed Rule on HPML Appraisal Exemptions

Appraisal Exemptions: Agencies Issue Proposed Rule to Exempt Subset of Higher-Priced Mortgage Loans from Appraisal Requirements WASHINGTON— Six federal financial regulatory agencies today issued a proposed rule that would create exemptions from certain appraisal requirements for a subset of higher-priced mortgage loans. The proposed exemptions are intended to save borrowers time and money and to promote the safety and soundness of creditors. The appraisal requirements for higher-priced mortgages were imposed by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). Under the Dodd-Frank Act, mortgage loans are considered to be higher-priced if they are secured by a consumer’s...

Appraisal / Appraisal News / Appraisers News / Dodd-Frank Act / C&R Fees / FDIC / Federal Housing Finance Agency

Appraisal fee study 6

Appraisal Fee Study – Louisiana

Louisiana Appraisal Fee Study The Business Research Center at Southeastern Louisiana University conducted an online survey of mortgage lenders with offices in Louisiana and licensed Louisiana real estate appraisers to collect information on typical residential real estate appraisal fees paid in Louisiana in 2012. Appraisal fee data were restricted to appraisal fees paid directly to licensed appraisers (i.e., not routed through appraisal management companies (AMCs)), per guidance of relevant federal regulations for determining “customary and reasonable” fees. Useable responses were received from 113 mortgage lenders located in 25 parishes (plus out-of-state) and 383 appraisers with primary offices in 38 parishes (plus...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisers News

ES Appraisal Settlement with Chase 0

ES Appraisal Settlement with Chase

It has come to my attention that the attached settlement is being proposed to the BR Trustee in the ES Appraisal case and thought that it was important that the information be passed along to whomever might need it since many of our members have been affected. Please forward to whomever you believe might be owed fees in this case. I would recommend that anyone do their own research on this as I am only passing along information that was given to me third hand. It is the belief of others that this agreement will forgo millions of dollars in...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisers News

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Reminder to States regarding changes effective July 1, 2013

As a reminder to State Appraiser Regulatory Officials, effective July 1, 2013, the Appraisal Subcommittee (ASC) will formally incorporate new requirements into its State Compliance Review process.  As required by the Dodd-Frank Wall Street Reform and Consumer Protection Act of2010 (Dodd-Frank Act) amendments to Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (Title XI), and in accordance with Bulletin No. 2011-01 issued by the ASC on March 18, 2011, the ASC will formally incorporate the following requirements into the State Compliance Review process beginning July 1, 2013: Reciprocity:  In order for a State’s appraisers to...

Appraisal / Appraisal News / Appraisal Organizations / Appraisal Subcommittee / Appraisers News / AQB

ASA Letter opposing Bill A3781 2

ASA Letter Opposing Bill A3781

Letter from ASA Opposing Bill A3781 Abolishing the NJ State Appraisal Board and Transferring Control to the Real Estate Commission Assemblyman Giblin: The American Society of Appraisers (ASA), the largest multidisciplinary professional appraisal organization in the United States, is writing to express strong opposition to Assembly Bill 3781, which would abolish the New Jersey State Real Estate Appraiser Board and transfer the regulatory oversight of appraisers to the State Real Estate Commission. This bill would weaken the overall regulatory scheme applied to real estate transactions and its myriad parties at a time when new federal and federally-mandated state regulations are...

AMC / American Society of Appraisers / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations

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