Revision Request

[Meandering]

I did agree with your interpretation of what the law says,

so please cite your reference for your interpretation, and not make up stories.

.

 

[DWiley]

Danny,

Dodd Frank is Public law 111-203

Please cite the section by reference numbers of what you claim the Dodd Frank says.

Thanks.

.

Is your Google broken again? It has been posted multiple times. The text is as follows:


Financial Reform & Recovery Act 2010 (Dodd-Frank)

Subtitle F—Appraisal Activities
SEC. 1471. PROPERTY APPRAISAL REQUIREMENTS.
Chapter 2 of the Truth in Lending Act (15 U.S.C. 1631 et seq.) is amended by inserting after 129G (as added by section
1464(b)) the following new section:

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
‘‘(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 INDEPENDENCE.—For 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
H. R. 4173—813
‘‘(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.
‘‘(c) EXCEPTIONS.—The requirements of subsection (b) shall not
be construed as prohibiting a mortgage lender, mortgage broker,
mortgage banker, real estate broker, appraisal management company,
employee of an appraisal management company, consumer,
or any other person with an interest in a real estate transaction
from asking an appraiser to undertake 1 or more of the following:
‘‘(1) Consider additional, appropriate property information,
including the consideration of additional comparable properties
to make or support an appraisal.
‘‘(2) Provide further detail, substantiation, or explanation
for the appraiser’s value conclusion.
‘‘(3) Correct errors in the appraisal report.

 

[djd09]

Why wouldn't appraisers want the borrower involved. They should order their own appraisal. So then they can ask any questions they want.

 

[Meandering]

Is your Google broken again? It has been posted multiple times. The text is as follows:


Financial Reform & Recovery Act 2010 (Dodd-Frank)

Subtitle F—Appraisal Activities
SEC. 1471. PROPERTY APPRAISAL REQUIREMENTS.
Chapter 2 of the Truth in Lending Act (15 U.S.C. 1631 et seq.) is amended by inserting after 129G (as added by section
1464(b)) the following new section:

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
‘‘(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 INDEPENDENCE.—For 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
H. R. 4173—813
‘‘(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.
‘‘(c) EXCEPTIONS.—The requirements of subsection (b) shall not
be construed as prohibiting a mortgage lender, mortgage broker,
mortgage banker, real estate broker, appraisal management company,
employee of an appraisal management company, consumer,
or any other person with an interest in a real estate transaction
from asking an appraiser to undertake 1 or more of the following:
‘‘(1) Consider additional, appropriate property information,
including the consideration of additional comparable properties
to make or support an appraisal.
‘‘(2) Provide further detail, substantiation, or explanation
for the appraiser’s value conclusion.
‘‘(3) Correct errors in the appraisal report.

Oh Section C
And, are you only reading the parts you like,

Did you scroll on down to section G, and see that what was in section C was only good for 90 days back in 2010??





Hence your legal interpretation is incorrect for the current time frame and lacks consideration of the updates made in 2010 and have been in effect for 7 years now.


.

 

[djd09]

fannie forms, fannie guidelines, fannie jargon, fannie CU, fannie review, fannie ratings, borrower who?

 

[Meandering]

Is your Google broken again?

+

Want to play again?

Apparently your google is working,

12 CFR 1026.42

That's what's current,

Oh, and read the whole thing, especially the parts that come before the parts you think you like.

.

 

[djd09]

So borrowers are not covered persons and they use them for the purpose to influence the outcome of an independent appraisal. Is that right?

 

[Meandering]

Yup

 

[DWiley]

Hence your legal interpretation is incorrect for the current time frame and lacks consideration of the updates made in 2010 and have been in effect for 7 years now.

LOL. Have you read those updates? The IFR contains the same AIR provisions, including the part about asking an appraiser to consider alternative sales data.

Follow your own advice and read it all, not just what (you think) makes your point

Anyone with Google can verify in a few minutes.

 

[Meandering]

So borrowers are not covered persons and they use them for the purpose to influence the outcome of an independent appraisal. Is that right?

Except it's the "covered person" AMC that is presenting the "attempted influence" to the appraiser.

Ghee,

and I seem to recall someone saying their AMC had Legal signed documents that appraisers must............

Love the paper trail, but shredders won't help when there are electronic email copies.