22nd August 2012

Legislation That May Affect Appraisers

A recent post from AppraisalPort© regarding legislative updates that may affect appraisers across the country and AI’s position.

Below is a brief synopsis of three bills that could potentially have both positive and negative ramifications for appraisers. The first one is HR 3461: The Financial Institutions Examination Fairness and Reform Act, which is sponsored by Rep. Shelley Capito (R-WV) and is designed to promote bank examination consistency, safety, and soundness. The AI supports measures to promote consistency, but believes amendments are necessary to this bill as introduced. The bill contains many provisions to strengthen the bank examination process, but the AI sees a problem in that it waives the right of bank examiners to order new appraisals due to safety and soundness issues. The AI believes examiners should not have their hands tied in these situations. The AI also believes appraisals should be allowed to be ordered whenever they are needed. Bank examiners currently oppose the bill, but it does have bipartisan support which could lead to passage, at least in the House.

…continue reading the rest of this post: Legislation That May Affect Appraisers

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22nd August 2012

Federal Agencies on Fraudulent Property Flipping with new Appraisal Rules

The Federal Reserve Board, Bureau of Consumer Protection, FDIC, FHFA, NCUA, and OCC announced a proposal to amend Regulation Z, which implements the Truth in Lending Act, and the official interpretation to the regulation. The proposed revisions would have new appraisal requirements for “higher-risk mortgages” that was added as part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. Home Destination, a residential Minneapolis-based professional Realtor with RE/MAX Results, works closely with home buyers through the pivotal role of an appraiser in real estate purchases.

…continue reading the rest of this post: Federal Agencies on Fraudulent Property Flipping with new Appraisal Rules

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