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Washington
CUNA plans property valuation audio conference
WASHINGTON (1/19/11)—Changes to Truth in Lending Act (TILA) requirements addressing valuations of properties that are secured by a borrower’s principal dwelling will be covered during a Feb.15 Credit Union National Association (CUNA) audio conference. The TILA changes, which were proposed as part of the Dodd-Frank financial regulatory reform package of 2010, will seek to ensure that appraisers receive customary and reasonable payments for their services, and will prohibit appraiser coercion. The rule will also prevent appraisers that were hired by lenders from having financial or other interests in the properties or credit transactions, and will prohibit appraisers from materially misrepresenting the value of a consumer's home. The new TILA requirements will come into effect on April 1 and will replace the current Home Valuation Code of Conduct (HVCC). The HVCC, which became law in May of 2009, allows lenders, not real estate agents and brokers, to order home appraisals, a move that aims to reduce conflicts of interest in home appraisals while also protecting the independence of the people who conduct them. During the conference, Fannie Mae’s requirements for loans saleable on the secondary market will be discussed. The conference will also answer whether credit unions should hire an independent appraisal management company. Potentially differing regulatory requirements and possible exemptions from the TILA changes will also be discussed during the conference. CUNA Certified Credit Union Compliance Expert (CUCE) and president of Compliance Plus Inc. Mary-Lou Heighes will lead the discussion. To register for the conference, use the resource link.


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