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TAVMA Seeks Delay of Title XIV Appraisal Regulations |
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Citing the lack of time available to sort out and clarify various parts of the Dodd-Frank appraisal related regulations, TAVMA sent a letter to FED Chairman Ben Bernanke recommending delay of the October 20, 2010 effective date of Subtitle F, Appraisal Activities, Section 1471 - Property Appraisal Requirements, of the bill.
TAVMA, along with several other mortgage trade associations, urges the Federal Reserve Board to clarify what constitutes "customary and reasonable" appraisal fees. FHA says it is a market driven negotiation between client and appraiser. Some appraisers have said it is a single-point value; others believe it is a range. Our letter (and others) point out the need for a clear definition. That and only that is what the letter is about.
Click here to read the letter.
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Fannie Mae, Freddie Mac to Deploy Appraisal Complaint Process |
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HUD Issues FAQ on Customary and Reasonable Fees |
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HUD has issued a Frequently Asked Questions document to address persistent questions by appraisers concerning appraisal fees and related matters. Click here to read the FAQs.
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FHA Issues Guidance on Appraiser Independence |
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Mortgagee Letter 2009-28 recognizes appraisal management companies (AMCs) as a valuable resource for mortgage lenders to implement appraisal independence safeguards and ensure that consumers receive quality appraisals.
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