The Appraisal Institute on Dec. 17 finalized its review of the Consumer Financial Protection Bureau’s 1,888-page final rule on Integrated Mortgage Disclosures under the Real Estate Settlement Procedures Act and the Truth in Lending Act, and noted several provisions that impact real estate appraisers and how appraisal fees are reported. The rule, which takes effect Aug. 1, 2015, mandates the use of two new disclosure forms, the Loan Estimate (which replaces both the Good Faith Estimate and the initial Truth in Lending Disclosure) and the Closing Disclosure (which replaces both the HUD-1 and the final Truth in Lending Disclosure). It...
AMC should learn from the way the Veterans Administration treats their appraisers Let us begin with the obvious – the Veterans Administration (VA) is not an Appraisal Management Company (AMC). They are a non-profit, government entity that works under different rules, so making a direct comparison between the two is not entirely fair. However, there are some things I think every AMC should learn from the way the Veterans Adminstration treats their appraisers. Personally, I have been trying to get on the VA’s appraisal panel for over 6 years. They are a tough nut to crack. After much persistence, however,...
We are passing along this message from Dave Towne: “Ivor Hill has been working with the FBI. Today (1/24/13) the FBI collected all the files he had for JVI and appraisers that are owed money.” “He has asked to ask everyone, and that they ask everyone they know, to spread word that if anyone is owed money from ES Appraisal or any other AMC that went out of business without paying for appraisals to please contact him. He is putting together information directly for FBI investigations.” Please tell your friends to contact Ivor at: ijh@ijhill.com
