Category: Political Action

Higher-priced mortgage loans 0

Final Rule on Appraisals for Higher-Priced Mortgage Loans

Agencies Issue Final Rule on Appraisals for higher-priced Mortgage Loans Washington, D.C. – Six federal financial regulatory agencies today issued the final rule that establishes new appraisal requirements for “higher-priced mortgage loans.” The rule implements amendments to the Truth in Lending Act made by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank Act). Under the Dodd-Frank Act, mortgage loans are higher-priced if they are secured by a consumer’s home and have interest rates above certain thresholds. For higher-priced mortgage loans, the rule requires creditors to use a licensed or certified appraiser who prepares a written appraisal...

Appraisal / Appraisal News / Appraisers News / CFPB / Consumer Financial Protection Bureau / Dodd-Frank Act / C&R Fees

Petition Concerning the Interim Final Rule on Appraiser Independence 1

Petition RE the Interim Final Rule on Appraiser Independence

The National Association of Independent Housing Professionals (NAIHP) led by Marc Savitt is petitioning the Consumer Financial Protection Bureau and is asking those harmed by the Interim Final Rule on Appraiser Independence to sign and forward the online petition. To Consumer Financial Protection Bureau (CFPB), Richard Cordreay, CFPB Director: Allow NMLS loan originators to order appraisals directly from appraisers Consumers and small business are being significantly harmed by the Interim Final Rule on Appraiser Independence. Consumer costs have increased by over 2.8 Billion dollars a year; thousands of small business residential appraisers have gone out of business, as the rule diverts...

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

Why Appraisers Should Vote 1

Why Appraisers Should Vote

I have been involved in politics from the time I was quite young. I remember as a toddler attending party conventions, and as an eight year old delivering flyers from door to door asking everyone to vote for my dad for city councilman. Many of you know my story. Several years ago I felt a burning desire to learn more about our country’s commencement, the Founding Fathers, and good principles of government. Many of the principles that I discovered during that time have been the same truths that have propelled much of my present success. Despite what others may tell...

Appraisal / Appraisal News / Appraisers News / Political Action

BPO Legislation North Carolina 0

North Carolina Enacts BPO Legislation

What a licensed broker or appraiser must do in performing a BPO or a CMA… North Carolina Governor Beverly Purdue signed S.B. 521 into law July 12, and the legislation will significantly expand the ability of the state’s licensed real estate brokers to offer a broker price opinion or comparative market analysis. The legislation included two amendments provided by the state’s appraisal organizations. Prior to the new legislation, North Carolina real estate brokers were limited to providing a CMA only in the real estate sales context, and they had to have a reasonable expectation that a listing would result from...

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

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

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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

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Virginia Enacts New AMC Law

Gov. Bob McDonnell signed legislation (H.B. 408) April 11 that made Virginia the 10th state to enact new regulations regarding the operation of appraisal management companies. The new law will become effective July 1. Under the law, AMCs operating in Virginia will be prohibited from influencing or attempting to influence the development, reporting, result or review of a real estate appraisal through coercion, extortion or collusion by withholding or threatening to withhold timely payment or future business from an appraiser. AMCs also will be prohibited from: removing an appraiser from an AMC’s panel without first giving written notice to the...

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

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Home Appraisers Complain that New Regulations Hurt the Housing Market

On June 28, 2012 appraisers, appraisal organizations, and others testified before the US House of Representatives, Committee on Financial Services, Subcommittee on Insurance, Housing and Community Opportunity, on proposals to improve oversight, regulation, and enforcement of the housing appraisal process. Among the topics addressed were the implementation of new financial service regulations under the Dodd-Frank law, appraisal fraud, the role of state regulators, and oversight of the appraisal process at the local level. The topic of the hearing was Appraisal Oversight: The Regulatory Impact on Consumers and Businesses. You will can read the testimony by clicking on the following link.

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

AGA Statement to House Financial Services Committee Hearing 3

AGA Statement to House Financial Services Committee Hearing

The American Guild of Appraisers Statement to House Financial Services Committee Hearing Madam Chairman and Members of the Committee, on behalf of the American Guild of Appraisers/OPEIU Guild 44 (AGA) thank you for the opportunity to submit this statement in connection with today’s hearing on the real estate appraisal profession and the regulation of appraisers and appraisal practice. The AGA is a membership organization that seeks to represent the interests of appraisers related to federal and state regulation of appraisal practice and to industry practices that impact on appraisers and appraisals. In addition, working closely with other like-minded organizations including...

AGA / AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations

Statement of Frank Gregoire (NAR) Before Appraisal Oversight Hearing 3

Statement of Frank Gregoire (NAR) Before Appraisal Oversight Hearing

NAR believes that lenders should be prohibited from retaining the services of an AMC where the lender maintains any level of ownership. Frank Gregoire‘s written testimony to the United States House of Representatives Committee on Financial Services Subcommittee on Insurance, Housing and Community Opportunity before the Appraisal Oversight Hearing … APPRAISAL ISSUES AND CHALLENGES There are a myriad of circumstances and issues working to hinder the recovery of the nation’s housing market. Among them, and often overlooked, are those related to the credible valuation of real property. A credible valuation provided by a licensed or certified professional 1) ensures the...

1004MC / AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations

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