ICAP Participates in a Letter to CFPB
ICAP’s Board of Directors have agreed to participate and be one of potentially 21 state organizations signing a letter to the Consumer Financial Protection Bureau (CFPB). The letter was drafted by the Network of State Appraiser Organizations (NSAO)and is in response to the CFPB request for comments on the proposed amendment to the “Know Before You Owe” mortgage disclosure rule, which proposes to move the rule’s effective date to October 3, 2015.
The letter specifically addresses the lack of requirement to mandate disclosure to the consumer that the fee paid for an “appraisal” be clearly defined and break down what portion is being paid to the lenders’ third party appraisal management company and which portion of the fee is actually paid to the appraiser. Click here read the Letter.