Appraisal regulation is not a new phenomenon, but as the effects of the Dodd-Frank Act and related rule-making continue to progress, a very new reality is taking hold: one of compliance and enforcement.
It has been well documented that since the beginning of the 2008 financial crisis the regulatory burden on lenders has changed dramatically. In fact the number of pages that speak to new regulatory requirements increased 250 percent to an astronomical 16,000+ pages during that time.
EDR has developed a whitepaper that helps clarify the complex and overlapping regulatory authority. Liz Green, principal consultant at rel-e-vant solutions, and Al Gabberty, appraisal product manager at EDR, examine the regulatory structure and history of the real estate appraisal industry.
The paper examines the various regulatory agencies – the interagency of FDIC, OCC, FRB, OTS, NCUA. It discusses the most recent rules that have taken shape, as well as the role of the Consumer Financial Protection Bureau as enforcer. It also looks at some of the options lender have for meeting compliance.
To get a copy of the white paper, go here.