Dodd-Frank C&R Topics - Appraiser Income

23rd May 2011

Kuempel Bill passes in Texas Legislature

AUSTIN—Representative Kuempel (R-Suguin) passed house bill 1146 to establish a reasonable registration and regulatory structure for appraisal management companies operating within Texas.

As a result of the implementation of HVCC and the following outsourcing by many financial institutions to have appraisal management companies manage appraisers fulfilling appraisal assignments, the AMCs have grown tremendously over the years without any government oversight.

…continue reading the rest of this post: Kuempel Bill passes in Texas Legislature

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19th May 2011

TAVMA responds to Board of Governors of the Federal Reserve System

TAVMA
Jennifer J. Johnson, Secretary
Board of Governors of the Federal Reserve System
20th Street and Constitution Avenue, Northwest
Washington, DC 20551

Re: Interim Final Rule – Customary and Reasonable Fee Stipulation

Dear Ms. Johnson:

The Title Appraisal Vendor Management Association(“TAVMA”) wishes to express its views about the misinformation being disseminated by appraisal organizations and publications about the Federal Reserve’s Interim Final Rule and Appraisal Management Companies (“AMC’s”). TAVMA is a national trade association of real estate settlement services providers including many leading appraisal management companies.

…continue reading the rest of this post: TAVMA responds to Board of Governors of the Federal Reserve System

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27th April 2011

Help the fight against low paying appraisal management companies by joining The American Guild of Appraisers!

The American Guild of Appraiser (AGA) /Guild 44 of the Office and Professional Employees International Union (OPEIU)/AFL-CIO is based in Maryland, a short distance from Washington, DC.

The AGA is a non-traditional union that represents independent professionals. The AGA does not engage in collective bargaining, strikes, and does not enforce closed shops. The AGA does not negotiate contracts, does not have shop stewards, and does not have any oversight regarding its member’s work products. What we have is the backing of over 10 million members within the AFL-CIO and 110,000 within the OPEIU. With these numbers, we have a collective voice.

…continue reading the rest of this post: Help the fight against low paying appraisal management companies by joining The American Guild of Appraisers!

posted in Dodd-Frank C&R Topics | 2 Comments

1st April 2011

All Appraisal Management companies now paying FULL FEE APPRAISALS

Wow! It is amazing. It looks like all the work banding together as an industry has worked. All the appraisal orders I received today were in the $300-$400 range! Dodd-Frank really came through on this one.

The federal government must have really put the scare in to the appraisal management companies and laid down the law.

The Appraisal Subcommittee even gave me a call back and sent out a few reply emails concerning my questions that were previously left unanswered prior to today, 04/01.

I guess I shouldn’t have been so opinionated regarding comments like ‘I won’t hold my breath’ and ‘business as usual’, etc…

Things really can be different, things really can change.

…continue reading the rest of this post: All Appraisal Management companies now paying FULL FEE APPRAISALS

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30th March 2011

April 1st is right around the corner

Do you think you will see much change regarding Customary and Reasonable fees come April 1st? It sounds like we are going to have to take up law school to straighten out this question.

Below is an article I received from WorkingRE.com on the subject of Customary & Reasonable Fees.

…continue reading the rest of this post: April 1st is right around the corner

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25th March 2011

CoreLogic VP speaks on upcoming changes to appraisal fees – customary and reasonable

Wednesday, March 23rd, 2011, 2:39 pm

David Feldman is vice president, government affairs at CoreLogic Valuations. He sits down with HousingWire to talk about the impending deadline on appraiser fees under new regulation.

HousingWire: On April 1, the new “customary and reasonable” appraiser fees under Dodd-Frank take effect. What are they and is the industry ready?

David Feldman: According to Dodd-Frank and the Interim Final Rule, appraisers must be paid at a rate that is customary and reasonable for appraisal services in the market area of the property being appraised. The IFR interprets the language of Dodd-Frank to signify that the marketplace should be the primary determiner of the value of appraisal services.

…continue reading the rest of this post: CoreLogic VP speaks on upcoming changes to appraisal fees – customary and reasonable

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2nd February 2011

Appraiser Coalitions by State – GET INVOLVED!

Please get involved with your local appraiser coalition. We must come together as an industry if we want things to change.

For too long we have been a very individualistic community of appraisers, closed off to local and even national appraisers. Always watching our backs and never really helping each other out. We have even go as far as criticizing our peers and infighting.

…continue reading the rest of this post: Appraiser Coalitions by State – GET INVOLVED!

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31st January 2011

Entire Letter from ASA, AI, Etc. Interim Final Rule December 27, 2010

December 27, 2010

Jennifer J. Johnson
Secretary

Board of Governors of the Federal Reserve System
20th Street and Constitution Avenue, NW
Washington, DC 20551

Re: Docket No. R-1394 and RIN No. AD-7100-56

Thank you for the opportunity to comment on the Interim Final Rule (IFR) amending Regulation Z (Truth in Lending) and the matters of appraiser independence and customary and reasonable fees to appraisers. In reviewing the rule it is clear that the Federal Reserve spent considerable time in preparation of the IFR. The agency is to be commended for its hard work, especially for meeting a very strict and difficult deadline and given other agency resource constraints.

…continue reading the rest of this post: Entire Letter from ASA, AI, Etc. Interim Final Rule December 27, 2010

posted in Dodd-Frank C&R Topics | 2 Comments