Editor’s Note: In the wake of these turbulent times, the tide is turning for appraisers. Lenders and regulators finally seem to understand the necessity for accurate and independent appraisals; lenders and Wall Street are demanding valuation accuracy, and as we see in this story, regulators nationwide have proposed and/or passed a flood of legislation to...…
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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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Turning Tide? Appraiser Independence Legislation * Mortgage Reform and Anti-Predatory Lending Act * CRS report on H.R. 3915 * Explanation of HOEPA loans * H.R. 1852: Expanding American Homeownership Act Still Pending in Congress * The Homeownership Preservation and Protection Act of 2007 * H.R. 1723: Fair FHA Appraisal Act, or visit http://www.opencongress.org/bill/110-h1723/show * H.R.…
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