Continuing with the Top Things You Should Know: Part 3 (Sec. 1125 & 1126 & 1174 & 1476)

This last section of the bill deals with automated valuation models (AVMs), RESPA, Broker Price opinions (BPOs), and a GAO study which is to be performed.

1. AVMs are defined and come under the supervision of the regulators

                                Things You Need to Know! Part 2  

 In Part I (see blog) I wrote about Financial Reform and its implications to the appraisal industry, specifically the independent fee appraiser.  Continuing with Things you need to know: This section (1473) of the bill deals with the Appraisal Management Companys (AMCs). [more]

Things You Need to Know! Part I                                         

This landmark bill was signed by the President on July 21, providing the appraisal profession with the most sweeping changes in 20 years. Although the bill is now law, the regulations that are specific to our profession may take years to be fully enacted. The bill must now be interpreted by the regulators and guidelines must be written.  The changes to come are not completelyclear, but I’d like to explain the general components of the bill in three parts.  [more]

Yesterday the Senate passed the Dodd-Frank Financial Reform bill and it heads to Obama for his signature next week. This 2,300 page bill has 40 pages related the appraisal profession, specifically addressing the topic of appraisal independence.

Practices deemed as violating appraisal independence are: [more]