Category Archives: Uncategorized

L-CAM and ERI Announce Strategic Partnership

                  LaSalle Commercial Appraisal Membership (L-CAM) and Environmental Risk Innovations, LLC (ERI) are very pleased to announce our partnership. This is a partnership of appraisal services provided by L-CAM and environmental risk management services provided by ERI. This alliance was formed so lenders can concentrate on doing what they […]

AO-20 An Appraisal Review Assignment That Includes the Reviewer

The Appraisal Standards Board (ASB) writes Advisory Opinions (AO) to illustrate the applicability of appraisal standards in specific situations and to offer advice from the ASB for the resolution of appraisal issues and problems. Here is AO-20 on appraisal review assignments that include the reviewer’s own opinion of value. “A client may want an appraiser, […]

AO-21 Real Property, Personal Property, Intangible Property

The Appraisal Standards Board (ASB) writes Advisory Opinions (AO) to illustrate the applicability of appraisal standards in specific situations and to offer advice from the ASB for the resolution of appraisal issues and problems. Here is AO-21 on real property, personal property and intangible property “Individuals perform numerous roles within the broad realm of valuation services. […]

Disclosure and Delivery Requirement Under the Equal Credit Opportunity Act

“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 […]

Appraisals for Higher-Priced Mortgage Loans under TILA

“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 […]

Bank of America Cuts Appraiser Staff by 5 Percent

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 […]

Illinois Appraisal Management Company Registration Act. (P.A. 097-0602)

“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 […]