The past 12 months have been relatively quiet in terms of changes to the regulatory landscape at the federal and industry-level. The state-level, however, has been incredibly active as a result of Dodd-Frank setting an August 2018 deadline for states to set up AMC registration programs.
But while things at the federal-level have remained calm throughout much of 2016, the New Year ahead appears poised to be anything but.
With President-elect Donald Trump taking office in the New Year, it’s clear we’re in for somewhat of a shake-up in the mortgage valuation industry. Here’s what we foresee coming down the pike in 2017:
President-elect Trump has indicated he would put a moratorium on any new financial regulations and rules that remain outstanding from the Dodd-Frank law implemented in December 2010. While already about 80% of those rules have been either been published or passed and in effect, there’s still 20% that have yet to be drafted or put out for public comment. One of the rules expected to be put in a holding pattern when the new administration takes office after Jan. 20, 2017, involves a Federal AMC rule related to registration fees collected by states. While there was a proposed rule put out for comment in May 2016, it appears any work needed to improve the rule has been put on hold for the foreseeable future.
Adding even more uncertainty to the situation in the New Year is the fact that prior to winning the election Trump stated he will also attempt to repeal parts of Dodd-Frank. If this holds true, one of the biggest unknowns remains on what parts of it will he try and repeal and will those changes have any impact on the mortgage valuation industry.
Things are going to start getting interesting in Washington, D.C. As always, I will keep you apprised of all developments in the months to come. Happy New Year!
Jeff Dickstein, Pro Teck’s Chief Compliance Officer, is responsible for Pro Teck’s adherence with all state, federal and industry regulations. He’s active with a number of industry boards and is currently Chairman of The Appraisal Foundation’s Industry Advisory Council.
Jeff has been in the mortgage industry for 35 years, with more than 25 years experience as an appraiser (he is a Certified Residential Appraiser in 15 states). With Notes from the Regulatory Road, Jeff will provide timely commentary on what is happening in the industry.