Industry News
July 20, 2010
Appraisals and Financial Reform
The financial reform legislation allows regulators to issue regulations on the portability of appraisals from one lender to another and has provisions for regulating appraisal management companies. These provisions may give a boost to state legislation, such as SB 1000, which did not pass this year, but sought to require lenders to accept appraisals less than 30 days old even if they weren’t prepared for that lender. In another jab at lenders, the bill requires lenders to compensate appraisers at a customary and reasonable rate.
