Maverick
Sophomore Member
- Joined
- Feb 19, 2004
- Professional Status
- Certified Residential Appraiser
- State
- Oklahoma
Call your Sentator and let them know your thoughts!
http://www.govtrack.us/congress/billtext.xpd?bill=s110-2452
TITLE IV--GOOD FAITH AND FAIR DEALING IN APPRAISALS
SEC. 129C. DUTIES OF APPRAISERS.
`(2) QUALIFYING BOND- The term `qualifying bond' means a bond equal to not less than 1 percent of the aggregate value of all homes appraised by an appraiser of real property in connection with a home mortgage loan in the calendar year preceding the date of the transaction, with respect to which--
`(A) the bond shall inure first to the benefit of the homeowners who have claims against the appraiser under this title or any other applicable provision of law, and second to the benefit of originating creditors that complied with their duty of good faith and fair dealing in accordance with this title; and
`(B) any assignee or subsequent transferee or trustee shall be a beneficiary of the bond, only if the originating creditor qualified for such treatment.
Despite the threshold in FIRREA an additional question applies. What about "duties" or bonds for all the AVMs, 7ai@ estimates or the like?
The AI estimates the proposed bond requirement could cost appraisers $10,000-$40,000 annually!
Respectfully,
Maverick
http://www.govtrack.us/congress/billtext.xpd?bill=s110-2452
TITLE IV--GOOD FAITH AND FAIR DEALING IN APPRAISALS
SEC. 129C. DUTIES OF APPRAISERS.
`(2) QUALIFYING BOND- The term `qualifying bond' means a bond equal to not less than 1 percent of the aggregate value of all homes appraised by an appraiser of real property in connection with a home mortgage loan in the calendar year preceding the date of the transaction, with respect to which--
`(A) the bond shall inure first to the benefit of the homeowners who have claims against the appraiser under this title or any other applicable provision of law, and second to the benefit of originating creditors that complied with their duty of good faith and fair dealing in accordance with this title; and
`(B) any assignee or subsequent transferee or trustee shall be a beneficiary of the bond, only if the originating creditor qualified for such treatment.
Despite the threshold in FIRREA an additional question applies. What about "duties" or bonds for all the AVMs, 7ai@ estimates or the like?
The AI estimates the proposed bond requirement could cost appraisers $10,000-$40,000 annually!
Respectfully,
Maverick
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