Effective January 2014, rules adopted by the Consumer Financial Protection Bureau (CFPB) allow borrowers to receive copies of all valuation products ordered with their loan (even if the lender did not rely on them three days prior to closing.) Various valuation products (appraisals, AVMs, BPOs) may produce different values and cause confusion for borrowers.
For most businesses, just mentioning the word “compliance” causes eye rolls, discomfort, or even some screaming. My experience shows that once you understand what needs to be done and why, it can even be a little fun. To accomplish this, you just have to have the right mindset and follow a few tips. 1. Understand the rules and tell your team why they exist People generally do not like to…
This is an age old question that every appraiser, realtor and lender has come across at least once. There are two common questions relating to this: Why does the appraised value always come in at or slightly above the contract price? Why did the appraiser lowball the value and kill the deal? Now, most appraisers will tell you the appraised value is entirely independent of any contract price. Technically this…
As most of us are aware the Consumer Financial Protection Bureau (CFPB) is amending Reg Z to implement amendments to the Truth in Lending Act (TILA) mandated by the Dodd-Frank Act, which leaves loan originations in very familiar territory. Asking them same questions they have been asking for several years now “How does this affect me”? The answer is just as confusing as ever. Let’s try to make some of…
As an appraisal management company, not only is important to make sure our clients are happy with our service, but it’s just as important that we make sure our client’s clients are happy with our service. With a network of over 6500 appraisers located throughout the entire United States, I’m sure you can imagine the magnitude of trying to manage such a service. A little over a year ago, after…
As a nationwide appraisal management company, the Dodd-Frank Act holds us to specific requirements. The Dodd-Frank Act addresses Appraiser Independence Requirements (AIR), but does not cover specific requirements from different regulatory agencies. Professionals in the mortgage industry are questioning whether this Act alone is enough to ensure compliance and hold the nationwide appraisal process to the high standard it should be held. Since the HVCC/Dodd-Frank Act came into effect, lenders…
ABOUT NAN
At NAN, we believe in technology, communication and accountability. Everything we do is with the best interests of our customer in mind.
Days of operation: Monday – Friday
Hours of operation: 8:30AM – 9PM EST
Toll Free: 888.760.8899
Toll Free Fax: 888.765.8899
3180 Curlew Rd, Ste. 107
Oldsmar, FL 34677
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