Jeff Dickstein, Pro Teck’s Chief Compliance Officer, is responsible for Pro Teck’s adherence to all state, federal and industry regulations. With Notes from the Regulatory Road, Jeff provides timely commentary on what is happening in the industry.
With November came an abundance of activity in the appraisal valuation industry — most notably with the rules pertaining to AMC’s, Fannie Mae and Freddie Mac’s loan limits, changes at the CFPB as well as the potential for the repeal of Dodd-Frank.
Here’s a roundup of all the things that took place in November:
Appraisal Subcommittee Offers Updates to AMC Fees & Registration
The Appraisal Subcommittee (ASC) issued a pair of bulletins on Nov. 21: an update on the final rule on AMC registry fees and information on registration and regulation of AMCs.
- Extension of Implementations Period for State Registration & Supervision of AMCs
States may make a request in writing to the ASC for a 12-month extension of the Implementation Period by June 1, 2018. The request must include evidence of “substantial progress” made by the state toward establishing an AMC program in accordance with Title XI of Dodd-Frank. Read the full bulletin here.
- Federal AMC Fees
The final rule to implement collection and transmission of annual AMC registry fees, which was published in September, became effective Nov. 24. Similar to the State AMC Registration and Regulation of AMC. The collection and transmission of Federal AMC fees by the state is a voluntary program. If a state elects not to implement a program, AMCs will not be in the Federal Registry and will not be permitted to perform management services for FRTs (Federally Regulated Transactions). Read the full bulletin here.
Conforming Loan Limits for 2018
The Federal Housing Finance Agency (FHFA) announced in late November the maximum conforming loan limits for mortgages to be acquired by Fannie Mae and Freddie Mac in 2018.
In most of the U.S., the 2018 maximum conforming loan limit for one-unit properties will be $453,100, an increase from $424,100 in 2017. Two-units will increase to $580,150; three units to $701,250 and four units to $871,450. Read more about the loan limits here.
Senate Banking Committee Introduces Repeal of Dodd-Frank Act
The bill, S. 2155, the Economic Growth, Regulatory Relief and Consumer Protection Act, contains policies which would roll back or eliminate key parts from the Dodd-Frank Wall Street Reform and Consumer Protection Act. The only appraisal item included in this effort involves the exemption from appraisals of real property located in rural areas. Read more about the bill here.
Big Changes at the CFPB
Richard Cordray stepped down from his position as director of the Consumer Financial Protection Bureau on Nov. 15. Replacing him is Mick Mulvaney, who is the current director of the Office of Management and Budget and is a former White House budget director.
Pro Teck will continue to keep an eye out on these various issues, and as always will make sure our clients are compliant with all state and federal law.
Jeff Dickstein, Pro Teck’s Chief Compliance Officer, is responsible for Pro Teck’s adherence to all state, federal and industry regulations. He’s active with a number of industry boards and is currently on the Board of Trustees of The Appraisal Foundation. Jeff has been in the mortgage industry for 36 years, with more than 29 years of experience as an appraiser (he is a Certified Residential Appraiser in 17 states).