Being a Broker Archive
OCC Guidance on Third-Party Relationships
The Office of the Comptroller of the Currency (OCC) recently updated its guidance to national banks and federal savings associations for assessing and managing risks associated with third-party relationships. The guidance includes a discussion of comprehensive risk management processes...
December 27, 2013
10 Tips for Brokers to Help the Appraisal Process
Don’t restrict the appraiser from making an appointment to inspect the property (if your MLS uses an appointment system, use it. You will be notified of the appraiser’s site inspection). If an appraiser calls, be responsive and provide as...
June 3, 2013
Federal Reserve Board Issues Appraiser Independence Regs
Yesterday, the Federal Reserve Board released an interim final rule on appraiser independence. The much-anticipated interim final rule is required by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Public Law 111-203). In their release, the Fed states...
October 19, 2010
FHA Enhances Credit Policies, Includes Appraisal Enhancements
Federal Housing Administration (FHA) Commissioner David H. Stevens announced plans to implement credit policy changes that will enhance the agency’s risk management functions. FHA will hire a Chief Risk Officer for the first time in the FHA’s history. Commissioner...
September 18, 2009
State Law Regarding the Use of BPO’s
The Appraisal Institute has released a document listing the applicable laws regarding Broker Price Opinions. The list covers every state and breaks the states into three general categories: Unlimited Authority, Limited Authority and Broad Authority. Here is a link...
December 23, 2008