*An Appraisal Checklist Emerges*
**AMC Ensures Compliance**
***Currently, banks are expected to keep up with the numerous and changing regulations associated with appraisals, which is a very time-consuming endeavor. Many banks don’t have the resources to keep current, leaving themselves open to fines and regulatory scrutiny. So, MountainSeed Appraisal Management, a full-service appraisal management outsourcing firm for commercial and residential appraisals, now offers a free Compliance Checklist to help banks and lenders remain compliant with Dodd-Frank Act regulations. Here’s the full story:
****“What banks don’t know can hurt them,” said Carl Streck, CEO of MountainSeed Appraisal Management. “Banks and appraisers can use the Compliance Checklist at no cost to make sure that many of the i’s are dotted and t’s are crossed on their appraisals when it comes to regulatory compliance.”
****Banks and appraisers only need to put in their name, company, state and an email address to download the checklist from MountainSeed’s website. The Compliance Checklist, designed to give a bank a brief snapshot of key appraisal regulations, will help banks evaluate and prepare themselves to address appraisal issues in their next regulatory exam.
****The Compliance Checklist includes important legislative developments, key interagency guidelines, the TILA Final Rule requirements, and Fannie Mae and Freddie Mac’s Appraisal Independence Requirements (AIR). By checking boxes next to each item, banks and appraisers ensure they are aware of the various regulatory requirements under all categories.
****“With the ever-changing regulatory landscape, it’s been challenging for banks and appraisers to be aware of the basic regulations required for residential and commercial appraisals, so this checklist is sure to be a big help,” Streck said.
MountainSeed also added blog postings along with its white papers on regulatory compliance for the appraisal community as new features to its website to help educate appraisers on new regulations from the Dodd-Frank Act. Banks and appraisers go through the same process—at no cost–to download white papers as they would to download the Compliance Checklist from the www.MountainSeedAMC.com website.