Housing Opportunity Program    RPAC    Banks in Real Estate    News Media    Online REALTOR® Ethics Training      Logos		INDUSTRY NEWS Appraiser Pressure - Related legislation gets reintroduced Rep. Schakowsky (D-IL) has reintroduced legislation HR 2531 "Save Our Homes Act" which amends the Truth in Lending Act, the Home Mortgage Disclosure Act of 1975, and the amendments made by the Home Ownership and Equity Protection Act of 1994 to protect consumers from predatory lending practices. The Act also addresses inappropriate pressure and coercion of appraisers in real estate lending transactions. The legislation would make it illegal for a creditor to compensate, directly or indirectly, coerce, or intimidate an appraiser for the purpose of influencing the independent judgment of the appraiser. The actual text of the legislation relevant to appraisers is as follows: "NO PAYMENTS TO APPRAISERS- No creditor or mortgage broker may compensate, directly or indirectly, coerce, or intimidate an appraiser for the purpose of influencing the independent judgment of the appraiser with respect to the value of real estate that is to be covered by a conforming home loan or is being offered as security according to an application for a conforming home loan." NOTE: The following Word document is the entire text of the bill. - HR2531.doc
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