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Appraisal and AMC Fees Separated on Revised Settlement Forms

February 3, 2012 by Appraisal Institute Staff

The Consumer Financial Protection Bureau released the second proposed version of a new Consumer Disclosure Form Feb. 1 that includes clear disclosure of any fee paid to a “Local Appraisal Company” and to an “Appraisal Management Company.”

The Appraisal Institute reported last month that the CFPB is in the midst of developing a new form that would replace the existing HUD-1 settlement statement. In December 2011, Appraisal Institute representatives met with CFPB officials about the new form.

The CFPB has indicated that several versions of the proposed form will be developed and tested with consumers by focus groups, with a proposed rule to be released this summer. [Read more…]

Filed Under: Appraisal Institute Tagged With: appraisal fees, Appraisal Institute, CFPB, Consumer Financial Protection Bureau, the Appraisal Institute

Appraisal Institute Continues Push on Customary and Reasonable Fees

January 26, 2012 by Appraisal Institute Staff

The Consumer Financial Protection Bureau recently issued a new Interim Final Rule on the Truth-in-Lending Act’s provisions related to appraiser independence. This rule includes the previously issued rules relating to “customary and reasonable fees” that originally were issued by the Federal Reserve Board last year.

blog_image_1_26_12The CFPB Interim Final Rule was issued in order to restate all of the Federal Reserve’s Truth-in-Lending Act regulations as CFPB regulations, effective Dec. 31, 2011, as authorized by the Dodd-Frank Act. As part of this process, the CFPB adopted the Federal Reserve’s Interim Final Rule, and the agency stated its action does not constitute any new regulatory obligations.

 

The agencies are under statutory deadlines to complete three rulemakings; requirements for higher cost mortgages, appraisal management company registration & oversight requirements, and automated valuation model quality control standards by January 2013. No statutory deadline exists for customary and reasonable fees. [Read more…]

Filed Under: Appraisal Institute Tagged With: appraisal fees, Appraisal Institute, CFPB, Consumer Financial Protection Bureau, Dodd-Frank, the Appraisal Institute

Appraisal Institute Seeks Separation of Appraisal and AMC Fees

January 20, 2012 by Appraisal Institute Staff

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.

blog_post_1_20_12Last 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…]

Filed Under: Appraisal Institute Tagged With: appraisal fees, Appraisal Institute, CFPB, Consumer Financial Protection Bureau, Dodd-Frank, the Appraisal Institute

Appraisal Institute Calls for Transparency on Home Buyers’ Forms

November 17, 2011 by Appraisal Institute Staff

Consumers deserve to know what they’re paying for, and the nation’s largest professional association of real estate appraisers is calling on the federal Consumer Financial Protection Bureau to require more transparency on home buyers’ forms.

The Appraisal Institute, in a joint letter with the American Society of Farm Managers and Rural Appraisers, asked the CFPB on Nov. 16 to separate appraisal fees from administration and processing fees on the settlement forms that consumers receive when purchasing a home. (Created by Congress, the CFPB oversees consumer disclosure laws and is authorized to develop new forms to inform consumers about charges assessed in processing mortgage loans.) [Read more…]

Filed Under: Appraisal Institute Tagged With: appraisal fees, Appraisal Institute letter, CFPB, Consumer Financial Protection Bureau, Dodd-Frank, mortgage application form

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