11
Feb
11

New Standards to Protect Real Estate Appraisers

Federal agencies have released what is expected to be the final version of property appraisal guidelines, including the warning that lenders may not “coerce”, influence, or otherwise encourage” and appraiser to misrepresent a property’s value.  The rules were released by the Federal Reserve, the Office of Comptroller of the Currency, FDIC and others Under the new guidelines:

  • Banks cannot give the appraiser any expected or qualifying estimate of value.
  • Banks cannot specify a minimum value requirement for the property that is needed to approve the loan or as a condition of ordering the valuation.
  • Banks cannot tie an appraisers compensation to loan approval.
  • Banks can’t blacklist an appraiser of his or her valuations fail to meet expected thresholds

The above rules brought to you by Old Republic.

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Jennifer Ferri, Owner

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