On September 19, 2011, the Department of Labor’s (DOL) Employee Benefits Security Administration (EBSA) announced it will re-propose it’s rule on the definition of a fiduciary. The rule was proposed to protect business owners who offer retirement plans and those who invest in these retirement plans and IRAs. The proposed rule defined a fiduciary as giving investment advice to an employee benefit plan or a plan’s participants and imposed a number of duties “including a duty of undivided loyalty, a duty to act for the exclusive purposes of providing plan benefits and defraying reasonable expenses of administering the plan, and a stringent duty of care.”
The National Association of Realtors (NAR) submitted comments on this proposed rule because it would have required appraisers to have a fiduciary responsibility to retirement plans in cases where the plan is involved in the purchase or investment of real property. NAR argued that appraisers are required to be independent and should not be considered a fiduciary. Yesterday’s announcement states that the agency is revising provisions of the rule including the application of the regulation to appraisers.
For those keeping score at home, the US Department of Veterans Affairs (VA) announced that it will not require Uniform Appraisal Dataset (UAD) compliance for appraisal reports on VA backed loans. VA will accept appraisal reports that are in compliance with UAD and is preparing a circular with more detailed information for a future release.
September 07-08, 2011 – Charlotte, NC. FHA Appraiser and Lender Training. The credit training includes an overview of 203k, 203k Streamline and Energy Efficient Mortgages. In addition we will review recent Mortgagee Letters and discuss general underwriting do’s and don’ts. The appraiser training will cover recent Mortgagee Letters, appraising HUD REO properties, 203k inspections, and defining required repairs vs. cosmetic deficiencies. Registration required, no fee. More info HERE.
September 08, 2011 – Anchorage, AK. FHA Appraiser Training. FHA will be conducting a 4-hr instructor-led live class on how to complete an FHA appraisal and highlight recent program changes that affect FHA appraisal protocol. This training is highly valuable for appraisers who would like to be added to the FHA Appraisers Roster, and an excellent review for those who are currently on the Roster. Registration required, no fee. More info HERE.
September 14-15, 2011 - Portland, OR. Annual NAIFA State Conference. Come join the Rose City Chapter of National Association of Independent Fee Appraisers (NAIFA) for their Annual State Conference. This 2 day conference will cover “Completing Today’s FHA Appraisal”, presented by FHA Santa Ana Homeownership Center instructors (7 Hrs CE); NAIFA will present “Operating an Appraisal Business” along with other property related topics. Registration required, Fee. For more information: http://www.ifanw.com/images/stateedconf2011.pdf
September 20-21, 2011 – Fort Worth, TX. A Day with FHA & The FHA Appraisal. Join the Fort Worth Mortgage Bankers Association and FHA’s Denver Homeownership Center in Dallas/Fort Worth for two days of training. Underwriters, processors, loan officers, managers, and appraisers will benefit from this opportunity. Classes will borrower eligibility, underwriting appraisals, refinances, troubleshooting, FHA connection, and more. Certificates will be issued to all attendees and six hours of CE Credit will be obtainable for Appraiser Licensing. There is limited seating; register early to ensure attendance. Registration required, fee. For more information please visit: http://www.fortworthmba.org/
September 21, 2011 – Webinar: HUD Appraiser REO Training – The Atlanta Homeownership Center is presenting a webinar on the REO M&M III protocol and HUD’s guidelines for FHA appraisers. Learn the general principles of the REO M&M III program. This training will explain the responsibilities of the M&M III partners and how FHA appraisers should appraise HUD REO properties. This training is designed for FHA appraisers, Lenders, Real Estate Listing Brokers, M&M III partners: Asset managers, Field Service Managers, Mortgage Compliance Managers, Loan Officers and Sales agents. This webinar is a semi-technical appraiser training. Training will be at:10:30AM-1:00PM Eastern Standard Time. Registration required, no fee. More info HERE.Course Materials can be downloaded here.
Save the dates for FHA Appraiser and Lender Training:
September 13-14, 2011 – Tampa, FL; September 27-28, 2011 – Chicago, IL. The lender training will include an overview of 203k, 203k Streamline and Energy Efficient Mortgages. In addition we will review recent Mortgagee Letters and discuss general underwriting do’s and don’ts. The appraiser training will cover recent Mortgagee Letters, appraising HUD REO properties, 203k inspections, and defining required repairs vs. cosmetic deficiencies. Location details to be announced. Registration is not yet open.