Because breakdowns in appraisal practices have been partly blamed for the mortgage crisis, regulators raised their expectations; lenders’ appraisal and evaluation programs must include more elements than ever before. Some themes now emphasized by the agencies are independence of the appraiser, and evaluator, reviews, and qualifications.
There are also restrictions against using AVMs (automated valuation models), BPOs (broker price opinions), and tax valuations that have upset many in the industry.
Do you know the requirements? We’ll provide in-depth details of the appraisal and valuation process, from both the lender and appraiser side of the game, to provide a thorough understanding of what is required and what you need.
- New rules and proposals around exemptions, threshold amounts, and appraisals in rural areas
- CFPB mortgage regulations under Reg Z – additional requirements for certain loan types
- Regulations and Interagency Guidelines – requirements for lenders and brokers
- Clarified independence requirements and their importance to examiners
- The many forms of appraisals and evaluations – what can you use and when? AVMs and BPOs aren’t what they used to be
- Can you accept a previous appraisal? Dealing with “readdressed” and “transferred” appraisals
- USPAP rules and standards – how do appraiser rules influence what lenders must do?
- How to achieve appraiser independence – you’ve got to prove it
- Anti-coercion and undue influence provisions of Reg Z – what can you NOT do (or say)?
- Fair lending implications of appraisals – what does the future hold?”
Who Should Attend?
Real estate lenders, compliance officers, auditors, underwriters, appraisers (in-house or external), closing agents, management, and anyone else involved in the real estate or residential lending process with a need to understand the current state of appraisal regulation and requirements.