AQB Update On Proposed Changes To Appraiser Qualifications

[George Hatch]

I have no trouble understanding the word independent or bias.

But make up a different definition to fit the agenda.

The 2-word term in apparent dispute is "appraiser independence" which IRL is a reference to unbiased appraiser impartiality, not a reference to appraiser employment status.

 

[Joe Flacco]

I read where you wrote you were in the state of Maryland, but are you sure....you're not in a pot state?

You seem like a very angry woman.

 

[Eli]

Are you referring to fee disclosures or are you referring to actual legislation that outlaws an AMC from quoting bundled fees to the lenders?

I would think that a state jurisdiction could do both.

 

[Joe Flacco]

I just want the requirements to stay as is.

 

[djd09]

The 2-word term in apparent dispute is "appraiser independence" which IRL is a reference to unbiased appraiser impartiality, not a reference to appraiser employment status.

Post your definition with a source.

 

[George Hatch]

Post your definition. It is good for a laugh.

As a professional appraiser I shouldn't have to explain this to you; you should already know. But since you keep laboring under the same misunderstanding, here's a link to a summary of the section of U.S. Code"

https://www.law.cornell.edu/uscode/text/15/1639e

From which I shall quote:

15 U.S. Code § 1639e - Appraisal independence requirements

• US Code
• Notes
• Authorities (CFR)

prev | next
(a)In general
It shall be unlawful, in extending credit or in providing any services for a consumer credit transaction secured by the principal dwelling of the consumer, to engage in any act or practice that violates appraisal independence as described in or pursuant to regulations prescribed under this section.

(b)Appraisal independenceFor purposes of subsection (a), acts or practices that violate appraisal independence shall include—
(1)
any appraisal of a property offered as security for repayment of the consumer credit transaction that is conducted in connection with such transaction in which a person with an interest in the underlying transaction compensates, coerces, extorts, colludes, instructs, induces, bribes, or intimidates a person, appraisal management company, firm, or other entity conducting or involved in an appraisal, or attempts, to compensate, coerce, extort, collude, instruct, induce, bribe, or intimidate such a person, for the purpose of causing the appraised value assigned, under the appraisal, to the property to be based on any factor other than the independent judgment of the appraiser;
(2)
mischaracterizing, or suborning any mischaracterization of, the appraised value of the property securing the extension of the credit;
(3)
seeking to influence an appraiser or otherwise to encourage a targeted value in order to facilitate the making or pricing of the transaction; and
(4)
withholding or threatening to withhold timely payment for an appraisal report or for appraisal services rendered when the appraisal report or services are provided for in accordance with the contract between the parties

.

 

[DWiley]

A nation wide vote would break up the gig, right Danny?

Sure, let's go with that system. I mean, that's how we pass laws, decide legal matters, etc etc. Popular vote. No, wait - now that I think about it.....

 

[Eli]

Are you referring to fee disclosures or are you referring to actual legislation that outlaws an AMC from quoting bundled fees to the lenders?

Not only could a jurisdiction do what you pose! I only posed separation of fees.

 

[djd09]

Was that definition around in 1999? Probably not. But keep trying.

 

[djd09]

Sure, let's go with that system. I mean, that's how we pass laws, decide legal matters, etc etc. Popular vote. No, wait - now that I think about it.....

Hey here is the 3 time AQB leader. Now a chief appraiser at a revaa affiliated AMC company. How far is revaa from the AF?