GET THIS FORM: New Appraisal Rules Cover ALL Property Types

At the most recent seminar presented by The 3 Wise Men, held at the offices of Applied Business Software in Long Beach, Guy Puccio presented a much needed explanation of the new rules implemented by Federal Interagency Appraisal and Evaluation Guidelines Promulgated December 10, 2010.

Guy explained in detail the effect of these new guidelines and the new requirements that these rules place on brokers making and arranging loans secured by ANY real property.  He pointed out that failure to follow these new rules could open the broker to liability from both the borrower or the lender should any problem with the loan develop in the future.

As a result of the discussion, those presented requested the creation and distribution of a new retention letter that must be signed by the broker and any appraiser. Use of this retention letter will provide the first and one of the most necessary steps to compliance with these new onerous regulations.

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