Tagged: Dodd Frank

An Appraiser's Response to LandSafe Appraisal Services Agreement 9

Appraiser’s Response to LandSafe Appraisal

Appraiser’s Response to LandSafe Appraisal Services Agreement In April of 2011, LandSafe Appraisal Services, a wholly owned subsidiary of Bank of America, released its “Appraisal Services Agreement” which included, among others, indemnifications of LandSafe Appraisal Services against any liability, and loss of intellectual rights. Many appraisers stood firm and refused to sign the agreement. Heather Fox, a Certified Residential Appraiser in Virginia, CEO of Cross Country Appraisal Inc. and President Elect of VaCAP, responded to LandSafe Appraisal Services with this letter: To: Landsafe Vendor Panel Management Team I will not be signing the appraiser agreement. I have known I would...

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

Negative Repercussions of HVCC & Dodd-Frank Act - VaCAP 3

Negative Repercussions of HVCC & Dodd Frank Act – VaCAP

Virginia Coalition of Appraiser Professionals (VaCAP) Letter to Senator Warner Addressing the Negative Repercussions of HVCC and Dodd Frank Act Dear Senator Warner: In response to the devastating effects of the legislative changes that have crippled the appraisal profession and undermined the quality of appraisals, appraisers throughout Virginia have joined together to educate the public, raise consumer awareness, protect appraiser independence, and work toward effective legislation that will benefit us all. We have now formed the Virginia Coalition of Appraiser Professionals (VaCAP). VaCAP appreciates this opportunity to present to you the position of appraisers across the state regarding federal legislation as it...

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

Congress help regulators 1

Help Regulators Take Proper Aim

Help Regulators Take Proper Aim, Appraisal Institute Tells Congress CHICAGO (July 14, 2011) Testifying before a Congressional subcommittee, the Appraisal Institute’s president-elect on Wednesday told lawmakers their intent was “right on target” and asked them to “guide the regulators’ aim” in implementing consumer-friendly real estate appraisal guidelines. Sara W. Stephens, MAI, told members of the House Financial Services’ Subcommittee on Insurance, Housing and Community Opportunity that the Dodd-Frank Act passed by Congress last year is not being properly implemented by federal regulators. Among other highlights, the Act calls on appraisal management companies (AMCs) to pay “customary and reasonable” fees to residential...

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

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Residential Appraisals: Opportunities to Enhance Oversight of an Evolving Industry – GAO

Yesterday, the GAO released its analysis of the Real Estate Appraisal Profession and its regulatory framework titled Residential Appraisals: Opportunities to Enhance Oversight of an Evolving Industry. Full report can be reviewed or downloaded below. Summary of analysis: Real estate valuations, which encompass appraisals and other estimation methods, have come under increased scrutiny in the wake of the recent mortgage crisis. The Dodd- Frank Wall Street Reform and Consumer Protection Act (the Act) mandated that GAO study the various valuation methods and the options available for selecting appraisers, as well as the Home Valuation Code of Conduct (HVCC), which established appraiser...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Automated Valuation Models

NAR Releases Statement on Appraiser Independence 3

NAR Statement on Appraiser Independence

The National Association of Realtors (NAR) released a statement supporting the independence of appraisers and the appraisal process on their website while expressing their concerns about interference in the appraisal process. The NAR Appraisal Committee will meet this Wednesday, May 11, 2011 at 8:00 A.M at the Marriott Wardman Park Hotel, 2660 Woodley Road, NW, Washington, DC. One item sure to be a topic of discussion is the recently released Statement on Appraiser Independence. NAR Statement on Appraiser Independence “The role of the appraiser is to provide an independent and impartial analysis of real property. This analysis is a critical component of...

AMC / Appraisal Management Companies / Appraisal News / Appraisers News / Dodd-Frank Act / C&R Fees / NAR

Landsafe appraisal service agreement - appraisers are gatekeepers 4

Aren’t Appraisers the Gatekeepers of our Collective National Equity?

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...

AMC / Appraisal Management Companies / Appraisal News / Appraisers News / Customary & Reasonable Fees / Dodd-Frank Act / C&R Fees

AGA Meets With Rep. Barney Frank to Discuss Fed's Rule on Appraiser Independence & Reasonable & Customary Fees 1

AGA to Discuss Appraiser Independence & C&R Fees

…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...

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

Lenders May Still Profit Most from Appraisal Fees 3

Lenders May Still Profit Most from Appraisal Fees

Lenders May Still Profit Most from Appraisal Fees, writes Kenneth Harney WASHINGTON — When you pay $450 to $550 at settlement for an appraisal on a  home purchase or refinancing, do you assume that all or most of the money is  going to the appraiser who comes to the house and performs  the valuation? That’s logical, but probably not correct. Despite new Federal Reserve  regulations that took effect April 1 requiring lenders to pay appraisers fair  fees, growing numbers of them say they are still being offered $200 to $250 —  even as low as $134 —  for work that...

AMC / Appraisal Management Companies / Appraisal News / Appraisers News / Customary & Reasonable Fees / Dodd-Frank Act / C&R Fees

Questions Regarding Customary and Reasonable Fees? 0

Questions Regarding Customary and Reasonable Fees?

Where To Direct Questions and Comments Regarding Customary and Reasonable Fees There has been a lot of confusions about where appraisers can direct questions and comments regarding customary and reasonable fees. The Appraisal Subcommittee has recently posted the following information: The appropriate agency to receive your concern about a creditor’s compliance with the Truth in Lending Act (TILA), including the creditor or the creditor’s agent paying an appraiser a customary and responsible fee, is the agency that enforces TILA for the creditor. If the agent or appraisal management company (AMC) is affiliated with a federally-regulated creditor, the appropriate agency to receive...

AMC / Appraisal Management Companies / Appraisal News / Appraisers News / Customary & Reasonable Fees / Dodd-Frank Act / C&R Fees

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Appraisers Online Petition Opposing AMC fees as C&R

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...

AMC / Appraisal Management Companies / Appraisal News / Appraisers News / Customary & Reasonable Fees / Dodd-Frank Act / C&R Fees

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