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  #1  
Old 03-17-2011, 07:24 PM
Pat Butler Pat Butler is offline
 
Join Date: Jan 2002
State: Illinois
Professional Status: Certified Residential Appraiser
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Default Dodd-Frank mandatory reporting

How is the state going to handle the requirements in Dodd-Frank for anyone involved in a consumer transaction to have to report any USPAP violations?

This is an insane law. I can't remember the last time I saw an appraisal w/o a USPAP violation. Fortunately, I do very little review work. But is the state now going to go after appraisers who comment about bad appraisals when they don't follow up with a formal complaint?
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  #2  
Old 03-17-2011, 09:54 PM
Brian Weaver Brian Weaver is offline
 
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State: Illinois
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Dodd-Frank has no enforcement mechanism right now. I've already redesigned complaint forms to accommodate AMC/Lender Mandatory Reporting. We'll see how all of this shakes out...but I'm not worried about it at the moment.
  #3  
Old 03-17-2011, 10:33 PM
NORTON NORTON is offline
 
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State: California
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so they got the mandatory reporting without C & R...sounds like the banks did alright.
  #4  
Old 03-17-2011, 11:39 PM
Brian Weaver Brian Weaver is offline
 
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State: Illinois
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We have a provision for C&R fees in our proposed AMC bill...but, it doesn't mean anything until and unless the feds figure out how to apply it. States can't get into price fixing...and trust me...you wouldn't want us to.

Appraisers would like...in a perfect appraisal world...to be paid 2X to 3X what they're getting now for AMC work.

Who figures that out? FHA? VA? Old HUD 1's? The GAO?

Be careful what you wish for.
  #5  
Old 03-17-2011, 11:41 PM
Pat Butler Pat Butler is offline
 
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thanks for the info Brian. It will be interesting to see how this goes. I didn't realize there was no enforcement mechanism at this point.
  #6  
Old 03-18-2011, 05:46 AM
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Mike Kennedy Mike Kennedy is offline
 
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Location: Southern Hudson Valley
State: New York
Professional Status: Certified Residential Appraiser
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Enforcement Provision

"SEC. 1472. APPRAISAL INDEPENDENCE REQUIREMENTS.
(a) IN GENERAL.—Chapter 2 of the Truth in Lending Act (15
U.S.C. 1631 et seq.) is amended by inserting after section 129D
(as added by section 1461(a)) the following new section:

‘‘§ 129E. Appraisal independence requirements

‘‘(e) MANDATORY REPORTING.—Any mortgage lender, mortgage broker, mortgage banker, real estate broker, appraisal management company, employee of an appraisal management company, or any other person involved in a real estate transaction involving an appraisal in connection with a consumer credit transaction secured by the principal dwelling of a consumer who has a reasonable basis to believe an appraiser is failing to comply with the Uniform Standards of Professional Appraisal Practice, is violating applicable laws, or is otherwise engaging in unethical or unprofessional conduct, shall refer the matter to the applicable State appraiser certifying and licensing agency."
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Last edited by Mike Kennedy : 03-18-2011 at 06:13 AM.
  #7  
Old 03-18-2011, 06:04 AM
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DTB DTB is offline
 
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State: Illinois
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Default

Quote:
Originally Posted by Brian Weaver View Post
We have a provision for C&R fees in our proposed AMC bill...but, it doesn't mean anything until and unless the feds figure out how to apply it. States can't get into price fixing...and trust me...you wouldn't want us to.

Appraisers would like...in a perfect appraisal world...to be paid 2X to 3X what they're getting now for AMC work.

Who figures that out? FHA? VA? Old HUD 1's? The GAO?

Be careful what you wish for.
The State of Illinois is already in the busines of setting fees, it is called Prevailing Wage and yes they do enforce it. Just not in the appraisal realm, yet.
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  #8  
Old 03-20-2011, 10:21 AM
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DTB DTB is offline
 
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Quote:
Originally Posted by DTB View Post
The State of Illinois is already in the busines of setting fees, it is called Prevailing Wage and yes they do enforce it. Just not in the appraisal realm, yet.
Apparently everyone agrees or finds parallel situations not to be of value?
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  #9  
Old 03-20-2011, 02:46 PM
BNICK BNICK is offline
 
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State: Illinois
Professional Status: Certified Residential Appraiser
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Default

DTB , you are so correct just ask a non union road contractor trying to bid on a State of Illinois road project .
  #10  
Old 03-20-2011, 05:26 PM
Brian Weaver Brian Weaver is offline
 
Join Date: Apr 2005
Location: Chicago area
State: Illinois
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Posts: 2,514
Default

Quote:
Originally Posted by Mike Kennedy View Post
Enforcement Provision

"SEC. 1472. APPRAISAL INDEPENDENCE REQUIREMENTS.
(a) IN GENERAL.—Chapter 2 of the Truth in Lending Act (15
U.S.C. 1631 et seq.) is amended by inserting after section 129D
(as added by section 1461(a)) the following new section:

‘‘§ 129E. Appraisal independence requirements

‘‘(e) MANDATORY REPORTING.—Any mortgage lender, mortgage broker, mortgage banker, real estate broker, appraisal management company, employee of an appraisal management company, or any other person involved in a real estate transaction involving an appraisal in connection with a consumer credit transaction secured by the principal dwelling of a consumer who has a reasonable basis to believe an appraiser is failing to comply with the Uniform Standards of Professional Appraisal Practice, is violating applicable laws, or is otherwise engaging in unethical or unprofessional conduct, shall refer the matter to the applicable State appraiser certifying and licensing agency."
Don't think for a moment that the Final Interim Rules are in any way...final. That's years away.
11 states REQUIRE notarized complaints. I'd be curious to see how all of these AMCs plan on fulfilling that.
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