Be Flexible

“Section 1474 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) amended the ECOA, section 701 (e), to require creditors to provided loan applicants with copies of all appraisals and other written valuations obtained in connection with applications for loans to be secured by a first lien on a dwelling, regardless of loan […]

“In an attempt to strengthen lending requirements and expand consumer protections on higher-priced mortgage loans (HPML), § 1471 of the Dodd Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) revised the Truth in Lending Act (TILA) and the CFPB amended Regulation Z pursuant to the new TILA requirements. The amendments require creditors to obtain […]

April 2013 Bank of America cut its appraiser staff by about 5 percent in February, Bloomberg reported March 13. The bank eliminated positions from within its LandSafe appraisal unit where the workforce had totaled nearly 1,000 employees. “While we have known we were overstaffed since the fall, we did everything we could to delay the […]

“The General Assembly finds that: It is the intent of the General Assembly that this Act provide for the regulation of those persons or entities engaged as appraisal management companies for the protection of the public and for the maintenance of high standards of professional conduct by those registered as appraisal management companies and to […]

What GAO Found “GAO found that more than 70 percent of residential mortgages made from 2006 through 2009 were $250,000 or less—the regulatory threshold at or below which appraisals are not required for transactions involving federally regulated lenders. In recent years, however, the threshold has had a limited impact on the proportion of mortgages with […]

Cornell University Law School has published an article giving an overview of Dodd-Frank Title XIV on mortgage reform and anti-predatory lending act and its implications. It can be found here: http://www.law.cornell.edu/wivex/dodd-frank_title_xiv