By: Nanci L. Weissgold , Morey Barnes Yost
A recently proposed Louisiana Real Estate Appraisers Board (“Board”) rule has created uncertainty in the Louisiana appraisal market regarding appraiser compensation.
Category Archives: Appraisals
Subscribe to Appraisals RSS FeedCFPB’s Proposed Rule on Receiving a Copy of Your Appraisal and Valuation
Posted in Appraisals, Mortgage LendingBy: Nanci L. Weissgold, Kerri M. Smith Although Congress mandated the sunset of the Home Valuation Code of Conduct (HVCC) in the Dodd-Frank Act, Congress effectively codified many of its requirements, including the obligation to furnish a copy of an appraisal to borrowers. To implement this statutory change to ECOA, the CFPB proposes to amend… Continue Reading
Are Valuation Review Standards on the Federal Banking Agencies’ Radar?
Posted in Appraisals, Mortgage LendingBy: Nanci L. Weissgold and Kerri M. Smith
Mandated by the Dodd-Frank Act, lenders and appraisal management companies (known as AMCs) are awaiting a series of joint rules addressing appraisal issues. While rules addressing pre-funding reviews of appraisals or evaluations is not a topic specifically required by the January 21, 2013 deadline, the FDIC’s Winter 2011 issue of Supervisory Insights hints that it may be addressed in the joint rule establishing minimum requirements for AMCs’ state registration.
Customary and Reasonable Appraisal Rates Rule Faces State Opposition
Posted in Appraisals, Mortgage LendingBy: Nanci L. Weissgold and Kerri M. Smith
It is old news that the Dodd-Frank Act sets standards for pricing appraisals and subjects appraisal management companies, known as AMCs, to federal and state oversight. The news for 2012 is that lenders may need to contend with alternate state law requirements addressing the payment of fee appraisers, some of which may be inconsistent with federal law.
FHA Insured Mortgages Require an Appraisal by a State Certified Appraiser
Posted in Appraisals, FHA/VAEffective December 23, 2011, HUD has finally amended its rules to coincide with its existing practice of allowing only state certified appraisers to conduct appraisals of properties securing an FHA insured mortgage. This means that state licensed appraisers or those with only the certification of a “nationally recognized professional organization” are now permitted on the FHA Appraiser Roster.