Wow, I am just recovering from my trip to Las Vegas to present at our Third Party Oversight Summit, along with Tony Pistilli at Axios, Peter Christensen of LIA Liability Insurance Administrators and Helge Hukari of Clear Capital. In spite of some crazy weather we had a packed house and actually oversold this event. Based upon our strong registrations and positive feedback we will be organizing a whole series on compliance next year. I wanted to take some time to let everyone know what was discussed at this event.
So what did we talk about? I did a pretty deep dive on Fee Panel Management inclusive of appraiser selection, and due diligence including background checks and disciplinary actions. I also covered Mandatory Reporting and managing exclusionary lists. As good fortune would have it Fannie Mae released a Lender Letter on Appraiser Selection in the midst of our discussion on this very topic. Lender Letter LL-2013-10.
Tony covered the controversial topic of Customary & Reasonable Fees, Review and wrapped up the day with a discussion of Audits. Several states will be auditing the activity of AMCs. And lenders are required to properly vet their AMCs initially as well as provide ongoing monitoring.
Helge Hukari, legal counsel for Clear Capital, addressed AMC regulations at a state level. There are now 39 states with AMC laws that have been enacted. In the essence of time Helge covered some of the more unusual and challenging aspects of some state laws.
As promised at the introduction, Tony and I would cover "best practices" and then Peter would terrify everyone be providing case history on what happens if you don't comply with guidance and regulations. Peter addressed Service Level Agreements as well as Master Engagement Letters with appraisers.
I really want to thank all the sponsors that contributed to help us put on the Third Party Oversight Summit. Our sponsors included:
- a la mode
- AXIOS Valuation Solutions
- Clear Capital
- Digital Risk
- LIA Administrators and Insurance Services
These companies were vital in allowing us to make the conference as informative, educational, and successful as it turned out to be.
All of these topics that were discussed at the conference ultimately impact every appraiser. The Buzz will stay on top of all of these emerging issues by way of articles, webinars and continuing education.
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