Could Ocwen’s trouble mean more business for appraisers? Ocwen Financial is in trouble with 22 States and the Consumer Financial Protection Bureau. Some states have issued a Cease and Desist Order, others like South Dakota are telling it like it is: “Ocwen does not possess the competence, experience, character, or general fitness required to permit Ocwen to continue…” Could this mean more business for appraisers? Will these issues be found in other lenders? How will the Real Estate and mortgage market be impacted? Time will tell. In the meantime, read all about Ocwen’s trouble on HousingWire here. In Other News:...
Former Chief Appraiser Sues Appraisal Management Company Over Alleged Appraisal Independence Violations With respect to appraisal management companies (AMCs), based on the large volume of appraisal regulatory and legal matters that we track, I feel comfortable stating that there is no material governmental enforcement of the appraisal independence rules adopted in the Dodd-Frank Wall Street Reform and Consumer Protection Act (or in the earlier rules adopted by the Federal Reserve Board in 2008 as part of Regulation Z). Neither the Consumer Financial Protection Bureau nor any state attorneys general have undertaken any significant investigations or taken any significant legal actions...
