Dealing with Appraisals: Compliance with New Standards

Carl Pry

Carl Pry is a Certified Regulatory Compliance Manager (CRCM) and Certified Risk Professional (CRP), serving as Managing Director for Treliant Risk Advisors in Washington, DC. Through his career - which includes working 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. 

Carl 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 dozens of banking, compliance, and state bar associations, and has conducted training sessions for financial institutions across the country.

Thursday, May 17th, 2012

The past couple of years have seen significant new developments in real estate appraisals and evaluation rule and regulations. Revised Interagency Guidelines and new rules under Reg. Z have been issued, and additional requirements are on the way due to Dodd-Frank.

As breakdowns in appraisal practices have been partly blamed for the mortgage crisis, regulators have upped their game; lenders' appraisal and evaluation programs must include more elements than ever before. Some of the themes being 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 has upset many in the industry.

Do you know the requirements? We'll go in-depth on the 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 have to have.

Covered Topics Include:

  • The Interagency Guidelines - requirements for lenders
  • Clarified independence requirements
  • The many forms of appraisals and evaluations - what can you use and when? AVMs and BPOs aren't what they used to be
  • Can we accept a previous appraisal? Dealing with "readdressed" and "transferred" appraisals
  • USPAP rules and standards - how do appraiser rules influence what lenders must do?
  • New legislative developments and coming rules under Dodd-Frank
  • How to achieve appraiser independence - you've got to prove it
  • The HVCC may be gone, but be careful what you wish for
  • Anti-coercion and undue influence provisions of Reg Z - what can you NOT do (or say)?

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

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