Oct 3, 2024
This session will cover the significant developments in real estate appraisals and evaluation rules and regulations we’ve seen over the past few years. It will discuss Revised Interagency Guidelines, rules under Reg Z, additional requirements finalized due to Dodd-Frank, changed thresholds, and some proposed additional exceptions from the requirements.
Because breakdowns in appraisal practices have been partly blamed for the mortgage crisis more than ten years ago, regulators raised their expectations, and lenders' appraisal and evaluation programs must include more elements than ever before.
Some themes now emphasized by the agencies are independence of the appraiser and evaluator, reviews, and qualifications. There are also restrictions against using AVMs (automated valuation models), BPOs (broker price opinions), and tax valuations that have upset many in the industry. We're also hearing quite a bit lately on racial bias in appraisals, and this promises to be a hot topic for some time to come.
What is an appraisal? What is an evaluation? What is the difference?
Exemptions, threshold amounts, and appraisals in rural areas
CFPB appraisal regulations under Reg Z - additional requirements for certain loan types
Regulations and Interagency Guidelines - requirements for lenders and brokers
Proposed new rules for AVMs
Clarified independence requirements and their importance to examiners
The many forms of appraisals and evaluations - what can you use and when? AVMs and BPOs aren't what they used to be
Can you accept a previous appraisal? Dealing with "readdressed" and "transferred" appraisals
USPAP rules and standards - how do appraiser rules influence what lenders must do?
How to achieve appraiser independence - you've got to prove it
Anti-coercion and undue influence provisions of Reg Z - what can you NOT do (or say)?
Racial bias in appraisals - what does this mean to the lending industry? What should we be doing now?
Who Should Attend
This session will benefit real estate lenders, compliance officers, auditors, underwriters, appraisers (in-house or external), closing agents, management, and anyone else involved in the real estate or residential lending process with a need to understand the current state of appraisal regulation and requirements..
Carl Pry is a Certified Regulatory Compliance Manager (CRCM) and Certified Risk Professional (CRP) who is a Senior Advisor for Asurity Advisors in Washington, DC. Through his more than 30-year working career, as well as through his experience as a banking attorney and officer, he has provided a variety of regulatory compliance and financial performance services to financial institutions and other clients throughout the country.
$299.00 or 1 Token
Available Upgrades
AyZha Hazelwood, Education Meeting Coordinator
Ahazelwood@indiana.bank
317-387-9380