Prepare for New Appraisal Rules audio conference (W)
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Fannie Mae and Freddie Mac reportedly have received close to 40,000 comments on the controversial new appraisal standards hammered out with NY Attorney General Andrew Cuomo, and are now in the process of deciding what, if any, changes need to be made in the pending rules. Hear from a panel of experts about the tougher appraisal standards.
The pending Fannie/Freddie standards require most lenders to outsource their appraisals and prohibit the GSEs from purchasing mortgages that fail to comply with a new Home Valuation Code of Conduct. The code establishes standards for the selection of appraisers, methods, appraisal compensation, and the independence of appraisers. It would effectively eliminate broker-ordered appraisals and dictate what entities can prepare appraisals.
Appraisal practices are already undergoing scrutiny—not only by regulators, but by risk-averse lenders. The industry is effectively creating “new rules” this year. Learn about the controversies and what to expect from ongoing changes, as industry experts discuss the issues.
Speakers for This Audio Conference Included:- Laurence E. Platt, Practice Area Leader, Kirkpatrick & Lockhart Preston Gates Ellis LLP;
- Raymond Natter, Partner, Barnett Sivon & Natter P.C., and former deputy chief counsel at OCC;
- Donald C. Lampe, Partner, Womble Carlyle Sandridge & Rice PLLC;
- Tom Murphy, COO, ValuAmerica a vendor management/technology/appraisal management company; and
- Guy Cecala, Publisher, Inside Mortgage Finance (moderator).
- How market changes are impacting the way lenders order and evaluate appraisals;
- Details of the new Home Valuation Code of Conduct;
- What changes may be made to the new Fannie/Freddie standards;
- Whether the GSEs will increase reliance on automated valuation technology;
- Who will pay appraisal management fees under the new policy;
- What changes in appraisal evaluation are already occuring in the market;
- The legal questions raised by the proposed code;
- Concerns that some of the provisions in the code could increase the cost of mortgages and degrade the quality of appraisals;
- Other unintended consequences of the new code; and
- Why regulators FTC and OTS have concerns.
Your Audio Conference Package Includes:
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For questions or to order by phone, call (800) 570-5744 or (301) 951-1240.
