This product is a recording of the Appraisal Institute webinar that was conducted on September 24, 2015.
Once the Appraisal Institute confirms your payment, you will receive an e-mail containing a link to the webinar recording.
Please note: The interactive features of the webinar (e.g. poll/survey questions and the final evaluation) are NOT available in the recording. Appraisal Institute continuing education credit is NOT available for viewing the recording.
Understanding TILA-RESPA for Real Estate Appraisers
Date: September 24, 2015
Duration: 2 hours
This new webinar helps appraisers understand the major implementation issues with the new TILA/RESPA “Integrated Disclosures” Rule (TRID) relating to appraisal. Beginning in October, appraisals prepared for mortgage financing will be subject to a new “zero tolerance” framework, likely placing pressure on appraisers, banks and AMCs to quote more accurate fees on assignments. While the Final Rule allows for increase in fees based on “changed circumstances,” the full extent of what might actually qualify for a changed circumstance is not fully understood or has yet to be determined. Complicating the Rule’s implementation further are new consumer disclosure requirements relating to copies of appraisals, as well as existing requirements, such as the payment of customary and reasonable fees to appraisers.
At the end participants will:
- Understand the essentials of the TRID Rule;
- Gain an overview of two new forms relating to mortgage transactions;
- Become familiar with lender requirements relating to consumer disclosures and quotation of fees by appraisers;
- Understand the zero tolerance scheme, including when “changed circumstances” may be allowed;
- Learn the policies behind CFPB decisions in the TRID rule; and
- Hear how the new rule may impact the procurement of appraisals.
Steve Gottheim, Legislative and Regulatory Counsel, American Land Title Association, Washington, DC
Penny Reed, Vice President, Wells Fargo Home Lending, Minneapolis, MN
Richard Horn, Founding Partner, Richard Horn Legal, PLLC, Washington, DC
Bill Garber, Moderator
Disclaimer: The views and materials presented in this webinar represent only the opinions and views of the presenters and/or speakers. Although the materials may have been reviewed by members of the Appraisal Institute, the views and opinions expressed herein are not endorsed or approved by the Appraisal Institute as policy unless adopted by the Board of Directors pursuant to the Bylaws of the Appraisal Institute. While substantial care has been taken to provide accurate and current data and information, the Appraisal Institute does not warrant the accuracy or timeliness of the data and information contained herein. Further, any principles and conclusions presented in this webinar are subject to court decisions and to local, state, and federal laws and regulations and any revisions of such laws and regulations.
This webinar is presented for educational and informational purposes only with the understanding that the Appraisal Institute is not engaged in rendering legal, accounting, or other professional advice or services. Nothing in these materials is to be construed as the offering of such advice or services. If expert advice or services are required, readers are responsible for obtaining such advice or services from appropriate professionals.