Go in-depth on the 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 have to have!
The past few years have seen significant developments in real estate appraisals and evaluation rules and regulations. Revised Interagency Guidelines and new rules under Reg. Z have been issued, and additional requirements have been proposed due to Dodd-Frank.
As breakdowns in appraisal practices have been partly blamed for the mortgage crisis, regulators have raised their expectations; lenders' appraisal and evaluation programs must include more elements than ever before. Some of the themes being 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 has upset many in the industry. So...do you know the requirements?
Here Is Some Of What You'll Learn:
Regulations and Interagency Guidelines - requirements for lenders and brokers
Clarified independence requirements and the importance of this 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 we accept a previous appraisal? Dealing with "readdressed" and "transferred" appraisals
USPAP rules and standards - how do appraiser rules influence what lenders must do?
Dodd-Frank developments and coming changes to Regs. Z and B, including those for "higher-risk loans"
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)?
Changes mandated for Fannie and Freddie lenders
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