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Dealing with Appraisals: Regulations and Requirements

Do you know the requirements? We'll provide in-depth details of the appraisal and valuation process, from both the lender and appraiser side of the game, to provide a thorough understanding of what is required and what you need.

OnDemand
Recorded Tuesday,
March 22nd, 2022
Presented by Carl Pry
2.5 CRCM & 2.5 CEU Credits
$279.00 or 1 Token

Includes: 30 Days OnDemand Playback, Presenter Materials and Handouts

  • Compliance
  • Lending
  • Branch Manager
  • Compliance Officer
  • Consumer Lender/Retail Banker
  • Internal Auditor
  • Loan Closer
  • Loan Operations Manager/Specialist
  • Mortgage Lender
  • Senior Management

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The past few years have seen significant developments in real estate appraisals and evaluation rules and regulations. Revised Interagency Guidelines, new rules under Reg Z, additional requirements finalized due to Dodd-Frank, and changed thresholds and proposed some additional exceptions from the requirements. We're also awaiting new rules on Automated Valuation Models, or AVMs. We're also hearing quite a bit lately on racial bias in appraisals, and this promises to be a hot topic for some time to come.

Because breakdowns in appraisal practices have been partly blamed for the mortgage crisis more than ten year ago, regulators raised their expectations; lenders' appraisal and evaluation programs must include more elements than ever before. Some themes now emphasized by the agencies are independence of the appraiser, and evaluator, reviews, and qualifications. There are also restrictions against using AVMs (automated valuation models), BPOs (broker price opinions), and tax valuations that have upset many in the industry.

Do you know the requirements? We'll provide in-depth details of the appraisal and valuation process, from both the lender and appraiser side of the game, to provide a thorough understanding of what is required and what you need.

Covered Topics

  • What is an appraisal? What is an evaluation? What is the difference?
  • Exemptions, threshold amounts, and appraisals in rural areas
  • CFPB mortgage regulations under Reg Z - additional requirements for certain loan types
  • Regulations and Interagency Guidelines - requirements for lenders and brokers
  • Coming new rules for AVMs
  • Clarified independence requirements and their importance to examiners
  • The many forms of appraisals and evaluations - what can you use and when? AVMs and BPOs aren't what they used to be
  • Can you accept a previous appraisal? Dealing with "readdressed" and "transferred" appraisals
  • USPAP rules and standards - how do appraiser rules influence what lenders must do?
  • How to achieve appraiser independence - you've got to prove it
  • Anti-coercion and undue influence provisions of Reg Z - what can you NOT do (or say)?
  • Racial bias in appraisals – what does this mean to the lending industry?

Who should attend

Real estate lenders, compliance officers, auditors, underwriters, appraisers (in-house or external), closing agents, management, and anyone else involved in the real estate or residential lending process with a need to understand the current state of appraisal regulation and requirements.

"Carl is an excellent speaker. If you have additional questions, he always follows up!" - Brenda P., Northampton Cooperative Bank


Carl Pry

Instructor Bio

Carl Pry is a Certified Regulatory Compliance Manager (CRCM) and Certified Risk Professional (CRP) who is a Managing Director for Treliant Risk Advisors in Washington, DC. Through his working career, as well as through his experience as a banking attorney and officer, he has provided a variety of regulatory compliance and financial performance services to financial institutions and other clients throughout the country. He has written extensively regarding consumer and commercial compliance, tax, audit, and financial institution legal issues, and is a frequent contributor to and currently serves on the Editorial Advisory Board for the ABA Bank Compliance magazine. He has spoken at scores of banking, compliance, and state bar associations, and has conducted training sessions for financial institutions across the country.


Credit Information

Dealing with Appraisals: Regulations and Requirements has been approved for 2.5 CRCM credits. This statement is not an endorsement of this program or its sponsor. Credits are redeemable for Live attendance only. For questions on certificates, please email support@oncourselearning.com. Certification holders must report these credits at https://aba.csod.com.

Recommended for 2.5 CEU Credit Hours. After attending this webinar, each attendee can receive a Certificate of Attendance for self-reporting of CEU Credits.