Tagged: Dodd-Frank Act

One Small Step for an Appraiser; One Giant Step for the Profession of Real Estate Appraising 4

One Small Step for an Appraiser; One Giant Step for the Profession of Real Estate Appraising

On August 10, the Arizona Board of Appraisal dismissed the USPAP violation complaint filed by Chase Bank against John Dingeman on initial file review. Why is this newsworthy? Because it represents a major victory for appraisers everywhere. Dingeman, has been fighting strong arm tactics employed by Chase Bank in an attempt to force him to violate Client confidentiality by discussing details about an appraisal on a no-defunct loan that Chase acquired. Dingman took his fight right to the street starting a petition on Change.org and other outlets to share his story with fellow appraisers. We are happy to also report...

AGA / Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / CFPB

3

More than Half of Appraisers Responded They Would Get Out of Appraising

AppraisalPort Weekly Poll Analysis This month, I want to again give you a quick summary of three recent polls. The first poll cut right to the chase, asking if you would get out of appraising if you could. This turned out to be the most popular poll in a while with 6,262 responses. I was surprised that more than half (53%) responded that they would get out. Another 25% said they would like to stay but only if fees were what they consider to be customary and reasonable. The smallest group, at nearly 7%, was composed of those who just...

Appraisal / Appraisal News / Appraisers News / Customary & Reasonable Fees / Dodd-Frank Act / C&R Fees / Home Valuation Code of Conduct

4

Mortgage Originators: Appraisals a Huge Concern

Early results released Aug. 20 from the 2012 Loan Originator Survey conducted by Mortgage Daily revealed that the real estate appraisal process is considered one of the most frustrating issues for mortgage loan originators. Respondents also cited the Dodd-Frank Act as having a big impact on their business. The results are only preliminary because the survey is ongoing and won’t officially close until Sept. 15. Respondents must be mortgage originators registered in the Nationwide Mortgage Licensing System and Registry. The survey showed strong opposition to current appraisal requirements, with many respondents having made negative comments about today’s appraisal environment. Most...

AI / Appraisal / Appraisal Institute / Appraisal News / Appraisal Organizations / Appraisers News

Appraisal Complaint Hotline Usage 2

Consumer Financial Protection Bureau Proposes Rule to Improve Consumer Access to Appraisal Reports

Rule would give consumers additional rights to information on how a home value is determined WASHINGTON, D.C. – Today, the Consumer Financial Protection Bureau (CFPB) released a proposed rule that would require mortgage lenders to provide home loan applicants with copies of written appraisals and other home value estimates developed in connection with the application. The rule would ensure that consumers receive information prior to closing about how the property’s value was determined. “When looking to buy a home or refinance a mortgage, consumers need the best available facts and data,” said CFPB Director Richard Cordray. “This rule would guarantee...

Appraisal / Appraisal News / Appraisers News / CFPB / Consumer Financial Protection Bureau

REVAA FAIR appraisal fees 18

REVAA and FAIR Approach for Appraisal Fees

REVAA and FAIR Call for Market-Driven Approach for Appraisal Fees Washington, DC (PRWEB) July 14, 2011, Donald Kelly, executive director, Real Estate Valuation Advocacy Association (REVAA), appeared today before the House Financial Services Committee, Subcommittee on Insurance, Housing, and Community Opportunity to testify on behalf of REVAA and the Coalition to Facilitate Appraisal Integrity Reform (FAIR) on Mortgage Origination: The Impact of Recent Changes on Homeowners and Businesses. The testimony comes just prior to the Federal Reserve Board transitioning its rulemaking authority to the Consumer Financial Protection Bureau (CFPB). Members of REVAA and FAIR advocate that the Federal Reserve Board,...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Automated Valuation Models

Appraisal Complaint Hotline to Open This Year 2

Appraisal Complaint Hotline to Open This Year

Appraisal Complaint Hotline The Appraisal Subcommittee, a federal monitor of state bodies responsible for governing valuations, will open an appraisal complaint hotline by the end of the year, HousingWire reported July 2. The appraisal complaint hotline, required by the Dodd-Frank Act, will allow homebuyers, real estate agents, lenders and others in the industry to file complaints about appraisers and appraisal management companies. “ASC member agencies are currently working to finalize the details for how they will handle the referral of a complaint from the hotline,” ASC Executive Director James Park noted in House testimony, HousingWire reported. Park reported that a...

AI / AMC / Appraisal / Appraisal Institute / Appraisal Management Companies / Appraisal News

Lenders May Still Profit Most from Appraisal Fees 3

Revealing AMC Fees Optional Under Proposed Disclosure Forms

On July 9, the Consumer Financial Protection Bureau released its proposed rule for mortgage disclosure forms designed to help consumers shopping for a home loan. The CFPB also showed the latest versions of its loan estimate form and its closing form. Part of the CFPB’s “Know Before You Owe” mortgage project, the proposed rule includes two forms that borrowers will receive after applying for a mortgage but before closing on their homes. The Appraisal Institute previously had expressed its support for the new forms, but asked that the CFPB separate the appraisal fee from the appraisal management company fee to...

AI / AMC / Appraisal / Appraisal Institute / Appraisal Management Companies / Appraisal News

0

Regulators Should Take Actions to Strengthen Appraisal Oversight

Fed Report Scrutinizes Appraisal Processes The Government Accountability Office released a report June 28 that scrutinized real estate valuations in the wake of the recent mortgage crisis. The report, Residential Appraisals — Regulators Should Take Actions to Strengthen Appraisal Oversight, was produced using data from Fannie Mae, Freddie Mac and five of the biggest mortgage lenders. The report revealed that valuations received through broker price opinions and automated valuation models take less time and are less costly than traditional appraisal reports, but traditional appraisal reports are still mandated for almost all first-lien residential loan originations due to their greater reliability....

AI / AMC / Appraisal / Appraisal Institute / Appraisal Management Companies / Appraisal News

Appraisal Institute Continues to Support Separation of Fees 1

AI Continues to Support Separation of Fees

The Appraisal Institute and the American Society of Farm Managers and Rural Appraisers reiterated their support of separating appraisal and appraisal management company fees on mortgage disclosure forms June 20 in Congressional testimony. The organizations originally voiced support when drafts of the Consumer Financial Protection Bureau’s proposed Consumer Disclosure Form were released in February. AI and ASFMRA again expressed their support in written testimony on “Mortgage Disclosures: How Do We Cut Red Tape for Consumers and Small Businesses” before the House Committee on Financial Services’ Subcommittee on Insurance, Housing and Community Opportunity. The organizations expressed support of clear disclosure of...

AI / AMC / American Society of Farm Managers and Rural Appraisers / Appraisal / Appraisal Institute / Appraisal Management Companies

Sense is Like Courtesy it is no Longer Common! 0

Sense is Like Courtesy It is No Longer Common!

common sense needs to take the place of algorithms and automated valuation models… I dealt with an old question recently that I felt was pertinent and worthy of repeating. The question arose in Brooklyn, NY when an underwriter demanded that the appraiser include the basement area as part of the gross building area when comparing the subject to the comparable sales. After all they reasoned, Fannie Mae guidelines, i.e. Property and Appraisal Guidelines, XI 405.07 state, “Gross building area, which is the total finished area (including any interior common areas, such as stairways and hallways) of the improvements based on...

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

xml sitemap
blank