Federal regulators have revised the Uniform Standards of Professional Appraisal Practice that banking institutions are required to follow in commercial and residential real estate transactions.The 2006 revisions place "greater emphasis on the appraiser's process of problem identification and development of an appropriate scope of work," the regulators say in a joint announcement. The 2006 USPAP also provides a set of minimum standards for all appraisal, appraisal review, and appraisal consulting assignments for the first time. "This simplifies understanding of the development process," according to the regulators. While the 2006 USPAP revisions go into effect July 1, regulators insist that appraisers can easily make the adjustment. "The Scope of Work Rule has no requirements that were not in USPAP before," they note in the announcement. "It's a matter of emphasis." In related news, the Appraisal Institute has released a new practice guide on using the Small Residential Income Property Appraisal Report that is required by Fannie Mae and Freddie Mac.
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California Gov. Gavin Newsom signed a bill that requires HOAs to hold a minimum reserve contribution and the California Fair Lending Examination Act last week.
October 6 -
The REIT accused the wholesale leader of hiding its massive market gamble during the negotiations, which resulted in $741 million in losses.
October 6 -
The Federal Reserve is restructuring bank supervision into five regions, following state lines, and putting one regional leader in charge. It's also planning to revise regulatory thresholds so that banks will need to be bigger before tougher standards kick in.
October 6 -
The megalender's new platform, called Orbit, aims to provide its broker partners with advantages and perks that help them compete in a tough rate environment.
October 6 -
While the three largest lenders now offer VantageScore, Bank of America Securities says two agency pulls boosts consumers scores, no matter which model.
October 5 -
Federal Housing Finance Agency Director Bill Pulte said last week that it will slash the budget for its inspector general, spurring Senate Banking Committee Democrats to seek his testimony.
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