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...

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...

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