Monday, June 28, 2010
After an all night session, the House and Senate Conferees declared the Conference Report passed early in the morning of June 25, 2010. Their report will now be filed with the House and Senate for consideration.
The bill is "only" 2315 pages; it will not be posted here. However, Subtitle F, referencing appraisal activities, is only 39 pages, so here it is for your reading pleasure.
HR 4173 Subtitle F Appraisal Activities
Within the document you will find amendments that mandate an "onsite" appraisal for certain high risk mortgages, wording to establish Appraiser Independence Standards, a requirement that appraisal fees conform to customary and reasonable standards, and a sunset of the HVCC.
There is also language to establish minimum requirements for AMCs, require states to register AMCs, exempt bank owned AMCs from state registration and an increase in the ASC Registry Fee.
The Appraisal Foundation, particularlly the Appraiser Qualifications Board, is granted even more power and control.
Mixed bag, in my opinion.
UPDATE - 6/29/2010 Wall Street Journal: Finance Bill's Fate Uncertain in Senate
2ND UPDATE - 6/29/2010 The Hill: Wall Street bill back to conference
There's nothing in the Hill story about the appraisal provisions in the bill. It's all about the politics of getting the Conference Bill passed by the Senate.