Regulators Propose New Standards For Mortgage Appraisers

Law360, New York (March 24, 2014, 2:30 PM EDT) -- Federal banking and other regulators on Monday proposed minimum state licensing requirements for appraisal management companies, essentially barring them from operating in states that do not provide such a license.

The proposal would only govern the activities of appraisal management companies. Because of an existing requirement that mortgage appraisers be independent from lenders, banks and other firms typically use appraisal management companies to connect them with competent appraisal firms.

Under the proposal issued by six federal regulators, appraisal management companies would be required to send business...
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