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Volume 25 - Number 25

December 8, 2014

AMC Minimum Requirements Final Rule Expected This Month

The CFPB’s updated semi-annual regulatory agenda is out, and one of the tidbits it contains is that the joint agency final rule on minimum requirements for appraisal management companies is expected sometime this month. The CFPB is working on the rule with the Federal Housing Finance Agency, the Federal Reserve, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corp., and the National Credit Union Administration. The rule is designed to implement the appraisal-related amendments to the Financial Institutions Reform, Recovery, and Enforcement Act mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act. “Work to issue a final rule to implement the Dodd-Frank Act’s AMC amendments to FIRREA is ongoing,” said the CFPB’s updated agenda. ...

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With rates higher this year, there has been talk of lenders liberalizing their underwriting standards in an effort to increase volume and make up for lower refis.

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