on point
By Appraisal Institute President
Jim Amorin, MAI, SRA
Advocating for a
Better Future
low the customary appraisal fee for any
given market area. I discussed these
artificial caps placed on appraiser fees
and urged Congress to make necessary
reforms.
In addition to the headline-grabbing testify on mortgage reform on behalf of
Home Valuation Code of Conduct, the profession.
which went into effect May 1, and In my testimony, I voiced the need
for which the Appraisal Institute is to address weaknesses in the appraisal
offering a wide array of informational regulatory structure, including increased
resources (see page 8), another piece of resources for enforcement, gaps in
legislation having a huge impact on the regulation, and the need to return
appraisal profession has come down the to fundamental mortgage lending
pike, and the Appraisal Institute was at practices. I also addressed the issues
the forefront of helping shape the bill relating to the regulation of AMCs and
(which has been passed by the House seeking specific reform for regulatory
and, as of press time, is in front of the inconsistencies in HUD policies that
Senate). severely impact the payment structure
Implementing our theme of the year, for appraisers engaged by AMCs. Cur-
Enhancing our Future, Building on the rent HUD policies effectively require
Past, I twice found myself in front of that management companies restrict
Congress over the past few months to appraisal fees to levels significantly be-
We spoke. And they listened.
On May 7, the U.S. House of
Representatives passed by a vote of
300 to 114, H.R. 1728, the Mortgage
Reform and Anti-Predatory Lending
Act of 2009, aimed at curbing predatory lending, which has been a major
factor in the highest home foreclosure
rate in the nation in 25 years. The
bill contains many favorable provisions for the appraisal profession, not
the least of which is that it requires a
complete interior inspection appraisal
for all subprime loans, and it calls for
limitations on the use of broker price
opinions in loan origination.
Furthermore, it establishes a federal
appraisal independence standard with
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