The Appraisal Institute reports that the Michigan state Legislature is considering three bills that address appraiser independence. HB 4054 would make it a misdemeanor for a mortgage lender to apply pressure to an appraiser. S.B. 343 would make it a penalty for a person without a license to engage in making secondary mortgage loans and would prohibit a person from coercing or inducing a real estate appraiser to inflate the value of real property used as collateral for a secondary mortgage loan. S.B. 356, would make it a crime for a person to willfully or intentionally coerce or induce a real estate appraiser to inflate the value of real property used as collateral for a mortgage loan.
You can read the legislation at the MI Legislature Web site. GO BLUE!