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This webinar will focus on the key points that banks need to be aware of relating to ordering and reviewing appraisals, to ensure they conform to the requirements necessary for safe harbor protection on those appraisals. We'll also cover suggested items of importance that should be relayed to your appraiser panel and how to properly inform the panel.
- The HPML Appraisal Rule - An overview of the Rule and loans that it covers
- Qualified Mortgage exemptions - A discussion of the various elements of Qualified Mortgages and how the HPML Appraisal Rule applies to these loans
- Appendix N to Regulation Z - Discussion of the four steps necessary to qualify for safe harbor
- Appraisal Engagement - A discussion of how to properly engage the appraisal and what verbiage is suggested in the Engagement Letter to qualify for Safe Harbor
- Appraisal Review - A discussion of the specific items required to review for in every appraisal report and how to document those items in a written review
- Verifying the Appraiser's License is valid - A discussion of how to document that the appraiser is currently licensed as of the effective date of the report
- The final step regarding safe harbor - A discussion of Step 4 in the safe harbor qualification and items that may conflict with this step (property inspections, etc.)
- What your appraiser should know about HPML appraisals - A discussion of specific items that relate to HPML appraisal reports and how to notify your appraisers of the changes that have been made with the HPML Appraisal Rule
Program Content and Delivery
This program focuses on the upcoming requirements for qualification of safe harbor on appraisals that are ordered for HPML transactions. It will include discussion of when the HPML Appraisal Rule applies, qualified mortgages, and how to order and review appraisals to ensure compliance with safe harbor requirements. A sample appraisal review checklist and Engagement Letter will be offered. The instructor is a certified appraiser with extensive experience in ordering and reviewing appraisals. He has personally reviewed thousands of appraisals and conducts regulatory compliance seminars throughout the United States.
Who Should Attend?
Employees of financial institutions who are involved with the ordering and review of appraisals for HPML transactions, staff and independent fee appraisers, as well as other staff members who will rely on HPML appraisals will be interested in attending this program. In addition to any appraisal department member, credit officers, loan officers, credit analysts, loan review officers, credit administration supervisors, and loan assistants may benefit from the information provided.
Acquiring Safe Harbor on Appraisals; What This Means to You and Your Appraiser
Questions and Answers