The most interesting aspect of the proposal may not be what’s in the regulations, but what isn’t.
Atlanta, Ga. (PRWEB) September 07, 2012
MountainSeed Appraisal Management, LLC a full-service residential and commercial appraisal management firm, has announced a webinar to provide its clients and prospective clients information about a recently-released regulatory proposal.
On Wednesday, August 15, 2012, six federal agencies jointly issued a 211-page proposal to implement Dodd-Frank Section 1471’s appraisal requirements for higher risk mortgages. That section of Dodd-Frank added a new section 129H to the Federal Truth in Lending Act (TILA). Comments on most aspects of the proposal are due by October 15, 2012.
“The most interesting aspect of the proposal may not be what’s in the regulations, but what isn’t,” said Nathan Brown, Chief Legal Officer of MountainSeed Appraisal Management, LLC. "The proposal gets attention for requiring second appraisals, but it's not clear how many mortgage loans will actually be subject to that requirement, especially since the regulators propose to exclude all qualified mortgages. What's more interesting to me about the proposal is the discussion on appraisal review that's buried in the supplemental information. That discussion might shed some light into how the regulators will choose to roll out Dodd-Frank's requirement that all appraisals be reviewed to ensure USPAP compliance; although this TILA-based proposal isn't meant to directly interpret those new FIRREA-based requirements."
The webinar will cover, among other topics: (1) what loans are considered higher-risk mortgage loans, (2) new appraisal requirements for higher-risk mortgage loans, (3) when a second appraisal would be required, and (4) the proposal's discussion of USPAP compliance and the depth of appraisal reviews, including the new TILA safe-harbor appraisal review form.
“We are excited to present relevant industry information that our clients need to know," Streck said. “We recognize that there is a huge amount of new appraisal regulations that directly impact our clients and prospects. We are glad to be able to add value to the lending community in this way.”
CLICK HERE TO REGISTER (or cut and paste this link into your browser: http://appraisalblog.mountainseedamc.com/new-proposed-regulation-webinar?&t=21149)
About MountainSeed Appraisal Management
MountainSeed Appraisal Management, LLC is a full-service appraisal management firm serving lenders nationwide. Working with community and regional financial institutions, MountainSeed coordinates commercial and residential appraisals, commercial evaluations, and environmental site assessments.
For more information, visit MountainSeed at http://www.mountainseedamc.com, or on our blog at appraisalblog.mountainseedamc.com or on twitter @mountainseed.