Appraisers

The Consumer Financial Protection Bureau, Federal Reserve Board, and Office of the Comptroller of the Currency announced that the threshold for exempting loans from special appraisal requirements for higher-priced mortgage loans during 2021 will remain at $27,200 (2020’s threshold).  Dodd-Frank added appraisal requirements for higher-priced mortgage loans, including a requirement that creditors obtain a written

A bill was introduced in the Illinois state legislature to prohibit discrimination in appraisals.  HB 5862 states that an appraiser or real estate licensee engages in prohibited discrimination “when he or she considers the actual or perceived race, color, religion, or national origin of the owner of the real estate or the residents of the

The 5th Circuit ruled that it was premature to review the Louisiana Real Estate Appraisers Board allegation that a Federal Trade Commission action cut into competition.  The FTC alleged in its 2017 complaint that the Board interfered with the free market and restrained price competition by limiting the ways appraisal management companies could calculate an

Pennsylvania Gov. Tom Wolf signed HB 863, which allows the PA’s real estate brokers, associate brokers and salespeople to provide broker price opinions. The law defines a BPO as “an estimate … that details the probable selling price of a particular parcel of real property and provides a varying level of detail about the property’s

The Circuit Court of Cook County, Illinois (Chancery Division) ruled that attorneys who referenced comparable property valuations and market values based on an income approach as part of tax appeal proceedings were simply engaged in the traditional practice of law and not in appraisal practice. In Illinois State Bar Association vs. Illinois Department of Financial

The Ohio Supreme Court on Tuesday vacated an Ohio Board of Tax Appeals decision affirming a county appraiser’s $8.8 million valuation of a Lowe’s Inc. property. The Court found, in a 4-3 decision, that new case law required reconsideration. These new cases established that comparable properties used to determine a property’s market value generally must

The House Financial Services Committee recently passed legislation exempting appraisers from having to conduct evaluations in accordance with the Uniform Standards of Professional Appraisal Practice for loans under $250,000 that were held in a portfolio for three years. Appraisals are not required for loans of $250,000 or less, but federal bank regulatory policy requires lenders

The Federal Reserve Board has issued a statement providing for temporary exception to appraisal requirements in hurricane areas affected by severe storms and flooding related to Hurricanes Harvey, Irma, and Maria. Below is that statement:

Responding to widespread damage caused by Hurricanes Harvey, Irma, and Maria, four federal financial institution regulatory agencies today took action