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.

About icapweb

ICAP was established in 1994 to be a unified voice for Real Estate Appraisers in the State of Illinois

Posted on July 1, 2015, in The Good Stuff. Bookmark the permalink. 1 Comment.

  1. Well done ICAP. Joining this letter is in the best interest to all Illinois appraisers. Once again, the right path is staring the policy makers right in the face, hopefully, they will have the intelligence and guts to make the right decision.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: