LandSafe Appraisal Services, a wholly owned subsidiary of Bank of America, recently released its latest “Appraisal Services Agreement” to its panel appraisers. The agreement includes, among others, indemnifications of LandSafe against any liability, and loss of intellectual rights. If this goes through and appraisers agree to sign this new agreement, other AMCs will follow LandSafe’s lead and produce their own version of Appraisal Services Agreements. LIA Insurance has reviewed the new LandSafe Appraisal Services Agreement. The review is available to LIA’s insured appraisers and READI members but others can also view it by registering with code 201700. The whole idea of appraisers as...
…excluded from Reasonable and Customary fee surveys… The American Guild of Appraisers (AGA) / Guild 44 of the Office and Professional Employees International Union, AFL-CIO met with Representative Barney Frank (D-MA) on April 14 to discuss the Guild’s concerns with the Federal Reserve Board’s Interim Final Rule (Rule) regarding Appraiser Independence. With the implementation of the Rule issued April 1, 2011, the Federal Reserve has introduced faulty regulation that implicitly fails to capture Congressional intent to reform the appraisal process and Appraiser Independence and the necessity to promote the use of market driven, Reasonable & Customary (R&C) fees for various...
Appraisers online petition opposing use of AMC fees as Customary & Reasonable Please consider signing the online petition launched by appraisers and written by George Hatch, opposing the use of AMC fees as Customary & Reasonable: Federal Reserve Board to Clarify Customary and Reasonable Appraisal Fees On October 18, 2010, the Federal Reserve Board announced an interim final rule to Regulation Z of Title 12, also known as the Truth in Lending Act (TILA). One of the elements to Regulation Z is a binding requirement upon creditors and appraisal management companies to ensure that appraisers who are not employees of...
