MountainSeed Appraisal Management has announced its free Compliance Checklist to help banks and lenders remain compliant with Dodd-Frank Act regulations. Banks and appraisers only need to put in their name, company, state and an e-mail address to download the checklist from MountainSeed’s Web site. 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.
“What banks don’t know can hurt them,” said Carl Streck, chief executive officer 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.”
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 Web site.