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Agents Talking to Appraisers and the Fogginess of the Dodd-Frank Act
Agents Talking to Appraisers and the Fogginess of the Dodd-Frank Act
The Dodd-Frank Act was signed into place in 2010 and is a lot of places major regulations on the financial industry. It originally grew out of the necessity during the recession of 2008 preventing another collapse of a major financial institution. It protects consumers with rules like keeping borrowers from abusing lending and mortgage practices by banks. Because of this ruling it has blurred the lines of communication between appraisers, lenders and agents. According to ColumbusRealtors.com, Real Property Analyst, Inc. appraiser Tom Francis says "many Realtors® think they are not allowed to speak with an appraiser about their listing but they're not only allowed, they most definitely should." This new ruling has created a lot of misconceptions about the communication between agents and appraisers and we've had some lenders tell us that we cannot even contact appraiser and that communication has changed due to Dodd-Frank. That this is simply not the case. Because the rulings are so complex, large banks and lenders need to be cautious on the communication rules and we found that smaller lenders don't have that luxury which makes it more difficult for them to comprehend the ... more

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