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CUNA seeks comment on mort. appraiser independence
WASHINGTON (11/3/10)--The Credit Union National Association (CUNA) has asked credit unions to comment on an interim final rule that is intended to ensure that real estate appraisers use independent judgment when preparing property valuations. The rule, which is required under the Dodd-Frank Act, will also 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. Creditors would also be forbidden from extending credit based on appraisals if the creditor knows beforehand of any violations involving appraiser coercion or conflicts of interest, unless the creditors determine that the property values are not materially misstated. In addition, if creditors are aware of violations by appraisers of applicable laws and rules, they would be required to report these to the appropriate state licensing agencies. This rule will replace the Home Valuation Code of Conduct that was rescinded by the Dodd-Frank Act. In a comment call, CUNA asks a number of questions regarding the interpretation of "customary and reasonable" compensation. CUNA also asked if the Fed should change the rule's safe harbors that differ based on whether the creditor is above or below a $250 million threshold. For the full comment call, use the resource link.


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