Although stricter regulations raises the stakes for lenders and brokers, we at OnTime Appraisals are to help you stay in compliance so you can focus on what you do best - selling loans. OnTime Appraisals meets all Dodd-Frank & UCDP requirements. We always deliver every report with our guaranteed "AIR" compliance certificate. OnTime Appraisals is your one-stop solution for compliant appraisals.
Here are excerpts from the recently enacted and enforced regulations:
No employee, director, officer, or agent of the Seller, or any other third
party acting as joint venture partner, independent contractor, appraisal management
company, or partner on behalf of the lender, shall influence or attempt to influence
the development, reporting, result, or review of an appraisal through coercion,
extortion, collusion, compensation, instruction, inducement, intimidation, bribery,
or in any other manner but not limited to:
1. Withholding or threatening to withhold timely payment or partial payment for an appraisal report.
2. Withholding or threatening to withhold future business for an appraiser, or demoting, terminating or threatening to demote or terminate.
3. Expressly or impliedly promising future business, promotions, or increased compensation for an appraiser
4. Conditioning the ordering of an appraisal report or the payment of an appraisal fee or salary or bonus on the opinion, conclusion, or valuation to be reached, or on a preliminary value estimate requested from an appraiser.
5. Requesting that an appraiser provide an estimated, predetermined, or desired valuation in an appraisal report prior to the completion of the appraisal report, or requesting that an appraiser provide estimated values or comparable sales at any time prior to the appraiser's completion of an appraisal report.
6. Providing to an appraiser an anticipated, estimated, encouraged, or desired value for a subject property or a proposed or target amount to be loaned to the Borrower, except that a copy of the sales contract for purchase transactions may be provided.
7. Providing to an appraiser, appraisal company, appraisal management company, or any entity or person related to the appraiser, appraisal company, or appraisal management.
8. Removing an appraiser from a list of qualified appraisers, or adding an appraiser to an exclusionary list of disapproved appraisers, in connection with the influencing or attempting to influence an appraisal as previously described. This prohibition does not preclude the management of appraiser lists for bona fide administrative or quality control reasons based on written policy and
9. Any other act or practice that impairs or attempts to impair an appraiser's independence, objectivity, or impartiality or violates law or regulation, including but not limited to, the Truth in Lending Act (TILA) or the Uniform Standards of Professional Appraisal Practice.
Please call us today if you would like to discuss how we can help you stay in compliance