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Dodd-Frank

Discussion in 'General Appraisal Discussion' started by BRCJR, Apr 11, 2012.

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  1. BRCJR

    BRCJR Senior Member

    12
    Sep 20, 2005
    Professional Status:
    Licensed Appraiser
    State:
    Virginia
    Reading the Appraisal Buzz Newsletter and saw an included survey.

    A question on the survey was regarding the appraiser notification of removal from an approved list.

    I thought, and may be wrong, that the HVCC sunset and the notification was no longer a requirement.

    Does Dood-Frank address this? If so, where?
     
  2. Mike Garrett RAA

    Mike Garrett RAA Elite Member

    26
    Jan 14, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Colorado
  3. RSW

    RSW Elite Member

    59
    Feb 18, 2002
    Professional Status:
    Certified Residential Appraiser
    State:
    Tennessee
    Fannie Mae put into effect their own guidelines after the HVCC was sunset. It may be in those guidelines.
     
  4. Mile High Trout

    Mile High Trout Elite Member

    25
    Feb 13, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    Colorado
    Reading regulatory guidance is something appraisers are supposed to do BEFORE they engage in practice under those regulations.
     
  5. SANDY

    SANDY Senior Member

    0
    May 17, 2007
    Professional Status:
    Appraiser Trainee
    State:
    Florida
    So what's the answer to the Op's question?
     
  6. Mile High Trout

    Mile High Trout Elite Member

    25
    Feb 13, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    Colorado
    Read the dang documents!

    They're good for you like Wheaties. No substitutes! No shortcuts!

    You should have an extensive web shortcut list, for all those types of docs. The first reads are the toughest, after that you're familiar with them for quicker reference, until eventually you barely need them. Then a whole month goes by and they throw out another one, just for appraisers.

    They Might Be Giants - We're the Replacements - YouTube
     
  7. nm505

    nm505 Member

    0
    Nov 7, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    New Mexico
    Maybe only in NM

    A good summary of Dodd-Frank Subtitle F (Appraisal section) Also discusses AMCs and BPOs. http://www.microbase.com/DoddFrank.aspx

    I spent a lot of time on Dodd-Frank in the past with NMAC but gave away my highlighted versions to another member of the group recently. Skimmed over this summary and did not see the notification requirement.

    However, NM AMC law does, in fact, include the notification if an appraiser is to be dropped.
    From NMAC's website (http://www.nm-ac.org/sb138.html):

    The Appraiser Independence section (47-14-17) is the most important.
    It is unlawful to influence or attempt to influence the development, reporting or review of an appraisal through coercion, extortion, collusion, compensation, instruction, inducement, intimidation, bribery or in any other manner, including:
    • Withholding or threatening to withhold timely payment for an appraisal;
    • Withholding or threatening to withhold future business for an independent appraiser or demoting or terminating, or threatening to demote or terminate, an independent appraiser;
    • Expressly or impliedly promising future business, promotions or increased compensation for an independent appraiser;
    • Conditioning the request for an appraisal service or the payment of an appraisal fee or salary or bonus on the opinion, conclusion or valuation to be reached or on a preliminary estimate or opinion requested from an independent appraiser;
    • Requesting that an independent appraiser provide an estimated, predetermined or desired valuation in an appraisal report or provide estimated values of comparable sales at any time prior to the independent appraiser's completion of an appraisal service; (please note: service not appraisal)
    • Providing to an independent appraiser an anticipated, estimated, encouraged or desired value for a subject property or a proposed or target amount to be loaned to the borrower, except that a copy of the sales contract for purchase transactions may be provided;
    • Allowing the removal of an independent appraiser from an appraiser panel, without prior written notice to such appraiser;
     
    Last edited: Apr 11, 2012
  8. SANDY

    SANDY Senior Member

    0
    May 17, 2007
    Professional Status:
    Appraiser Trainee
    State:
    Florida

    Point well taken and good advise on shortcut list.
     
  9. Mile High Trout

    Mile High Trout Elite Member

    25
    Feb 13, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    Colorado
    I just don't want to hurt anyones feelings as much on the AF.

    The truth is, there is no penalty for unethical behavior or mismanagement of various aspects of appraiser relations, unless you're an appraiser.

    People who work with appraisers, even if regulated, basically have no restrictions or fear of consequence.

    If you're looking to enjoy ethical approaches from your clients, you'll have to find that 10% or less ML client base, or seek something outside of ML.
     
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