The Appraisal Foundation’s Appraiser Qualification Board sets appraiser qualification criteria and there were concerns that the criteria prompted a disparate racial impact on entry into the appraiser profession.
The move would mean breaking from the external management by Cherry Hill Mortgage Management, which is owned by Stanley Middleman, CEO of Freedom Mortgage.
The CFPB reiterated that Regulation Z prohibits mortgages for principal dwellings from including “terms requiring arbitration or any other nonjudicial procedure as the method for resolving any controversy or settling claims arising out of the transaction.”