Editor’s Note: Two blockbusters last week: The Feds released the Interim Final Rule regarding implementation of Dodd-Frank and Fannie Mae released a new Seller Guide for life after HVCC (Home Valuation Code of Conduct). In an exclusive interview with WRE, a Senior Attorney at the Board of Governors of the Federal Reserve helps shed some…
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The good news for appraisers is that the Financial Reform legislation recently signed into law puts teeth into its mandate that appraisers be paid fees that are “customary and reasonable.” Now what?
The “bite” that Congress provided is wording which states that “such fees may be established by objective third-party information, such as government agency fee…
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FHA, Fannie/Freddie Tell it Like it Is (to them) by David Brauner, Editor The appraiser Valuation 2009 conference in New Orleans in November offered unprecedented access to key regulators, AMCs and other decision makers regarding the future of the appraisal industry- that’s the good news. The bad news is that you may not like what…
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Appraisers are finally being heard.
As a result of grass roots complaints by appraisers about diminishing appraisal quality in industry blogs, publications, the general media, and in a formal appeal by a coalition of appraisal organizations, the Federal Housing Administration (FHA) announced several important policy changes intended to increase accountability and due diligence in the appraisal…
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FHA appraiser William R. Pruett, SRA has a problem that we're sure you can relate to.
Pruett, appraising 12 years, five in West Des Moines, Iowa, knows what a "customary and reasonable" fee is for an FHA 1040 in his market and so does everyone else, he says, except the large national bank and its in-house…
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The Dodd-Frank Wall Street Reform and Consumer Protection Act includes a section referred to as the Mortgage Reform and Anti-Predatory Lending Act in Title XIV. The appraisal activities provisions are located within Subtitle F, which includes the following highlights:
Sub prime mortgages will require written appraisal reports by state-licensed appraisers, including an…
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When it comes to fair fees, if you’re waiting for government help, you may be waiting a long time. The issue over customary and reasonable fees (CRF) for appraisers under Dodd-Frank is far from settled. For now, when it comes to earning fair fees, you may be your own best friend.
As most know by now,…
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Congress, recognizing that quality reports are dependent on paying appraisers “fairly,” wrote a customary and reasonable fee provision into Dodd-Frank, and going further, stipulated that any independent studies to determine such fees should specifically not take into consideration fees paid by appraisal management companies (AMCs), suggesting their acknowledgment that AMC fees are artificially low.
The Interim…
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As implementation of Dodd-Frank takes effect, the Federal Reserve Board shed light regarding the implementation of the customary and reasonable fee provision of the legislation.
The Federal Reserve Board, tasked with implementing the landmark Dodd-Frank Financial Reform legislation passed last year, laid out its guidance in the “Interim Final Rule” (IFR) published in October 2010 (find…
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Editor’s Note: Andy Anderson looks around and ahead toward fixing a now broken appraisal profession. Customary and Reasonable Assignments By Andy Anderson The appraisal profession was not broken. Just like other professions, there were (and are) some bad actors, but appraising was not broken and should have been allowed to do its job correctly. That is not…
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