Tuesday, November 11, 2014

Petition for Disclosure of Fannie Mae "Collateral Underwriter" Data Started by the Illinois Coalition of Appraisal Professionals (ICAP)

In response to Fannie Mae's recently announced initiatives regarding appraisals delivered through the Uniform Collateral Data Portal, the Illinois Coalition of Appraisal Professionals (ICAP) has started an on-line appraiser petition asking for disclosure to appraisers of data relating to the "risk scores" and other information pertaining to submitted appraisals.  It does seem sensible that appraisers should know how assessments of their appraisal work are being made so that they can better provide their services and that appraisers should also have the collective benefit of the data that they provide.

The petition started by ICAP is here: http://icapweb.org/petition.php
ICAP's news release is below:

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Monday, November 3, 2014

Appraisal Management Company Sued in Consumer Class Action Complaint

A consumer class action complaint has been filed against a lender and its AMC relating to the subject matter of a prior CFPB investigation and settlement. 

Last August, the Consumer Financial Protection Bureau (CFPB) announced that it had taken action against Amerisave Mortgage Corporation, its affiliated AMC Novo Appraisal Management Company, and one of the owners of both companies Patrick Markert. Part of the CFPB's action concerned alleged overcharging for appraisal services by the AMC and failure to disclose the AMC's affiliation with the lender. Under a consent order, Amerisave and Novo agreed to pay $14.8 million in refunds to consumers and a $4.5 million penalty. Mr. Markert individually agreed to pay an additional $1.5 million penalty.

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