Category Archives: Compliance

Quick reference new ERC Summary Appraisal Report

By: Rob Carlson | Published: March 18, 2011 | Categories: Compliance

Related Entries New York Real Estate Disclosure LawWith the updated Worldwide ERC Summary Appraisal Report in use for a few months, we have been able to identify how the form has both improved the data available for the review and the overall quality of the report.  Based on input from members of Relocation Appraisers and …
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Understanding the new ERC Summary Appraisal Report

By: Brian Keating | Published: March 2, 2011 | Categories: Compliance

In 2010, the Worldwide ERC® (ERC) Appraisal Task Force released a revised ERC Summary Appraisal Report in response to changes in economic conditions, employer relocation policies and industry practices. The intended use of the form and the components used by appraisers to determine a property’s anticipated sales price remain the same. There are differences however, …
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Dwellworks proposes pay-as-you-go model

By: Ronald Huiskamp | Published: December 27, 2010 | Categories: Compliance, Industry trends

As the details and ramifications of the Dodd-Frank Act are being understood more clearly, Bob Rosing, Dwellworks’ President & CEO, shifts the conversation to appraiser registration fees.  While firmly endorsing the increased responsibilities and need for funding for the Appraisal Subcommittee (ASC), he proposes a more equitable pay-as-you-go model for the registration dues to be …
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Federal Reserve Board issues Interim Final Rule

By: Ronald Huiskamp | Published: October 22, 2010 | Categories: Compliance

On October 18th, the Federal Reserve Board (FRB) issued an Interim Final Rule amending Regulation Z which was mandated by the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act. As noted in FRB’s press release, the amendments establishing new truth-in-lending requirements for appraisal independence are designed to ensure that real estate appraisals …
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Fannie and Freddie announce new appraisal rules

By: Mike Fosser | Published: October 15, 2010 | Categories: Compliance

A replacement for the Home Valuation Code of Conduct (HVCC) was announced today by Fannie Mae and Freddie Mac in accordance with mandates from the Dodd–Frank Wall Street Reform and Consumer Protection Act. The new standards for appraiser independence will replace what was covered under the HVCC since May 2009. Fannie Mae stated: “The revised …
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Fannie Mae: new appraiser independence guidelines soon

By: Ronald Huiskamp | Published: September 17, 2010 | Categories: Compliance

In a selling notice released today, Fannie Mae announced it is working with the Federal Housing Finance Agency (FHFA) to develop new appraiser independence requirements.  In the meantime, Fannie Mae reiterated that existing requirements under the Home Valuation Code of Conduct (HVCC) remain in effect. Due to a provision in the Dodd-Frank Wall Street Reform …
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