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The Title and Appraisal Vendor Management Association (TAVMA) is a national non-profit trade association of providers and consumers of real estate title reporting, title insurance, appraisal and evaluation, and closing management services. Our core belief is that all settlement service providers should be free to compete on a level playing field and to conduct business based on the normal forces of the competitive marketplace. This section has been developed to share and address anticipated regulations and legislation that could change the way our members do their jobs. Additionally, TAVMA actively works to shape legislation and regulatory proposals that affect the industry. _______________________________________________________ Unauthorized Practice of Law - Real Estate Closings A number of States have proposed or enacted legislation or State Bar regulations which would prevent anyone other than attorneys from conducting closings for real estate purchases or for any loan secured by real estate (such as second mortgages and home equity loans). TAVMA disagrees with such restrictions and believes that the choice of using an attorney or a non-attorney should rest with the consumer.... Learn More.
_______________________________________________________ Increasingly real estate appraisers are reporting that parties to residential mortgage transactions sometimes apply pressure on the appraiser to inflate the value estimate or cover up physical, functional or external defects in the development and reporting of the appraisal. A recent survey by October Research Corporation (2006) found that 90 percent of appraisers responding to the survey felt uncomfortable pressure to overstate property values. That's up from 55% of appraisers in a similar 2003 survey! Is this a problem? You bet! And TAVMA is trying to do its part to illustrate the problem, and advance the solution, which we believe is the vendor management business model! Learn More.
_______________________________________________________ TAVMA is against "predatory" lending and agrees that true predatory lending practices hurt consumers and the reputation of the mortgage industry... TAVMA agrees that true predatory lending practices must be closely monitored and guarded against. Unfortunately, in the effort to regulate unreasonable fees and practices, the benefits provided by the vendor management companies and related businesses are being adversely affected by including their fees within the "cap" on closing costs. Learn More. _______________________________________________________ |
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