The Appraisal Institute continues to represent the interests of its members in ongoing rulemakings resulting from the Dodd-Frank Act, including the separation of appraisal and appraisal management fees in order to provide transparency to consumers.
Last November, AI and the American Society of Farm Mangers and Rural Appraisers urged the Consumer Financial Protection Bureau to separate appraisal fees and appraisal management fees. Last month, Appraisal Institute representatives met with CFPB officials about a new Consumer Disclosure Form slated to replace the current HUD-1. The Dodd-Frank Act authorizes, but does not require, separation of appraisal and appraisal management fees on these loan documents. The CFPB is expected to issue a Notice of Proposed Rulemaking this summer and will seek public comment.
The Appraisal Institute believes that appraisal management is different than appraisal services and will continue to advocate for clear separation of fees on the new form. Appraisal Institute members should voice their opinions during the public comment periods. [Read more…]