|
...work the Appraisal Institute and our partners in recent years is starting to pay dividends.
[ILLUSTRATION OMITTED]
Here's a rundown on what's likely ahead for the appraisal profession in this year's legislative cycles.
Federal Reforms
The past two years saw consideration of the most significant reform bill to Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 in more than a decade when the House considered Title IV of the Responsible Lending Act (H.R. 1295). This legislation would have placed a strict ban on appraiser coercion and intimidation, given resources to federal and state appraisal regulators to conduct enforcement, and promoted appraiser professionalism, among other things. The Appraisal Institute testified in support of the bill at hearings early in the 109th Congress, but unfortunately the bill stalled when committee members were unable to find agreement on the non-appraisal sections of the bill.
The issue of mortgage fraud and predatory lending, however, has not gone away; incidents of fraud have increased in recent years, according to several measures. Federal regulators received more than 26,000 Suspicious Activity Reports last year, representing about a tenfold increase since 2000. A significant percentage (some estimates say as much as 20 percent) of these involve poorly performed or outright fraudulent appraisals. This only bolsters the argument for congressional action. The House Financial Services Committee is poised to act on mortgage fraud, predatory lending and appraisal reform in early 2007.
The Senate is sometimes slower to act on issues than the House,...
NOTE: All illustrations and photos
have been removed from this article.
More articles from Valuation Insights & Perspectives
Leadership Development Council Meeting: April 23-25.(Updates on progra..., January 01, 2007
June 2 seminar: bankers and appraisers on the Regulated Environment.(U..., January 01, 2007
Appraising Residential Properties revised.(Updates on programs and res..., January 01, 2007
Al logo merchandise available at Al Store[R].(Updates on programs and ..., January 01, 2007
Appraisal Institute members appointed officers of Foundation board.(Up..., January 01, 2007
Looking for additional articles?
Search our database of over 3 million articles.
Looking for more in-depth information on this industry?
Search our complete database of Industry & Market reports by text, subject, publication
name or publication date.
About Goliath
Whether you're looking for sales prospects, competitive information, company
analysis or best practices in managing your organization,
Goliath can help you meet your business needs.
Our extensive business information databases empower business
professionals with both the breadth and depth of credible,
authoritative information they need to support their business
goals. Whether it be strategic planning, sales prospecting,
company research or defining management best practices -
Goliath is your leading source for accurate information.
|
%20%20&position=1)