Category: Dodd-Frank Act / C&R Fees

Appraisal Institute Seeks Separation of Appraisal and AMC Fees 2

Appraisal Institute Seeks Separation of Appraisal and AMC Fees

The Appraisal Institute continues to represent the interests of its members in ongoing rulemakings resulting from the Dodd-Frank Act, including the separation of appraisal and appraisal management fees in order to provide transparency to consumers. Last November, AI and the American Society of Farm Managers and Rural Appraisers urged the Consumer Financial Protection Bureau to separate appraisal fees and appraisal management fees. Last month, Appraisal Institute representatives met with CFPB officials about a new Consumer Disclosure Form slated to replace the current HUD-1. The Dodd-Frank Act authorizes, but does not require, separation of appraisal and appraisal management fees on these...

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

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GAO Report on ASC Hits the Street

On January 18, 2012, the US Government Accountability Office (GAO) released their report on real estate appraisals “Appraisal Subcommittee Needs to Improve Monitoring Procedures” as required per Dodd-Frank. GAO was tasked with 1) determining how the Appraisal Subcommittee (ASC) is carrying out its Title XI responsibilities, 2) ASC’s plans to implement Dodd-Frank provisions, and 3) regulatory dollar thresholds for determining when an appraisal is required. GAO reports that one of the challenges faced by ASC is in the area of resources and planning. GAO cites the creation of a national hotline as one example of a Dodd-Frank requirement that could...

Appraisal / Appraisal News / Appraisal Subcommittee / Appraisers News / ASC / Dodd-Frank Act / C&R Fees

The Louisiana Real Estate Appraisers Board Holds the First Hearing for AMC’s Not Following the Laws and Rules for Determining Minimum Reasonable and Customary Fees - Imagecredit Flickr - GotCredit 0

CFPB Appraisal Fees

ASA has repeatedly stated its belief that the Fed’s interpretation and the massive loophole it created ran contrary to the plain language and clear intent of Dodd-Frank. CFPB Reissues Interim Final Rule On Valuation Independence, Eliminates Federal Reserve Commentary Permitting AMCs To Include Their Own Payments To Appraisers To Comply With Dodd-Frank’s Customary and Reasonable Fee Requirement. On December 22, the Consumer Financial Protection Bureau (CFPB) released an Interim Final Rule dealing with the valuation independence requirements imposed by the Dodd-Frank Act, including the law’s “customary and reasonable” fee mandate. The CFPB’s rule was republished to reflect the transfer of...

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

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“Public Trust Betrayed”

Congresswoman Jackie Speier letter to author of “Public Trust Betrayed” James E. Manning, author of “Public Trust Betrayed”, an appraiser in California who began his career in 1973, received a letter from Congresswoman Jackie Speier in response to his book and the state of the appraisal industry: December 30, 2011 – Mr. James Manning Dear Mr. Manning: Earlier this year you offered me a copy of your book, Public Trust Betrayed.  After some delay, I have finally had an opportunity to briefly review it. I agree with many of your conclusions. For example, you indicate that existing laws created after...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Customary & Reasonable Fees

Flawed Appraisals Killing Sales 2

AI Response to NAHB on Appraisals Killing Home Sales

The Appraisal Foundation Responds to NAHB December 8 Press Release on ‘Flawed Appraisals Killing Home Sales’ December 13, 2011  – Paul Lopez – National Association of Home Builders (NAHB) Dear Mr. Lopez: We are contacting you in reference to the attached NAHB press release dated Thursday, December 8, 2011, entitled, Flawed Appraisals Killing Home Sales, Hampering Housing Recovery. As the Congressionally-authorized organization that establishes appraisal standards and appraiser qualifications in the United States, we feel compelled to address  aspects  of the press release we feel need clarification. The  press  release  quotes  NAHB  Chairman  Bob  Nielsen  as  stating,  “The  inappropriate  use ...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / Dodd-Frank Act / C&R Fees / NAHB

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FDIC Publication Focuses on Real Estate Valuation Programs

Issues related to real estate appraisal and valuation programs are of critical interest to bankers and regulators. “Navigating the Real Estate Valuation Process,” which appears in the Winter 2011 issue of Supervisory Insights released on December 14, 2011, highlights certain aspects of the 2010 Interagency Appraisal and Evaluation Guidelines (Guidelines). This article also provides information for bankers regarding sound practices for banks’ real estate valuation processes in the areas of valuation review, independence, content standards, preparer selection, and monitoring. “Banks have implemented provisions of the Guidelines, but continue to seek feedback from their regulators on appraisal-related concerns,” said Sandra L. Thompson, Director, Division of...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Customary & Reasonable Fees

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AI Calls for Transparency

Appraisal Institute Calls for Transparency on Home Buyers’ Forms saying that consumers deserve to know what they’re paying for, the Appraisal Institute asked the federal Consumer Financial Protection Bureau on Nov. 16 to require more transparency on home buyers’ forms. In a joint letter with the American Society of Farm Managers and Rural Appraisers, AI asked the CFPB to separate appraisal fees from administration and processing fees on the settlement forms that consumers receive when purchasing a home. Created by Congress, the CFPB oversees consumer disclosure laws and is authorized to develop new forms to inform consumers and charges assessed...

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

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‘Middleman’ Appraisers Spur Concerns

If you’ve paid for a home appraisal within the last five years, a chunk of that charge likely went to a middleman you never knew existed. And because a third party was used, it might have driven up your closing costs and affected the quality of the valuation. Lenders often use appraisal management companies to block collusion between mortgage brokers and appraisers — and to comply with anti-fraud rules the industry adopted in May 2009. The hotly debated reforms have boded well for the appraisal managers, whose presence in the U.S. has jumped from a handful in the 1990s to...

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

Wanted: Angry Appraisers 12

Wanted: Angry Appraisers – BankRape

Wanted: Angry Appraisers Experienced residential appraisers have spent the past 30 months wishing for change and wondering if it would ever come.  Most were fooled into believing that justice could be found by writing to politicians, signing petitions, and waiting for their state agencies and appraisal organizations to fix the problem. Nearly two years passed and the remaining appraisers continue to tread water while scanning the horizon for signs of a rescue. Appraisers awakened on April 1, 2011 (Appraiser Fool’s Day) with renewed hope, only to find that the tiny clause within Dodd Frank, “customary AND reasonable fees” had been altered at...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Customary & Reasonable Fees

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AGA Fights to Overturn Federal Regs Cutting Appraisers Fees

WASHINGTON, Nov. 7, 2011 / PRNewswire-USNewswire/ — The American Guild of Appraisers (AGA), a national organization of real estate appraisers that is an affiliate of the AFL-CIO’s Office and Professional Employees International Union (OPEIU), announced today it has retained a law firm as part of a broad-reaching effort to overturn recent federal regulations that dramatically cut the fees that appraisers are paid to perform appraisals, and threaten the viability of professional appraisal practice and the reliability of appraisals used in real estate transactions. In the aftermath of the national financial collapse brought on in part by badly underwritten subprime loans,...

AGA / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisers News

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