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AppraiserLoft Blog I Appraisal Industry News |
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Recent PostsBlogroll« USPAP is updated for 2010-2011 | Home | Nevada Enacts Law to Clarify the Use of Broker Price Opinions » Vermont Backs Appraisal IndependenceBy AppraiserLoft Team | June 12, 2009 Vermont is the latest state to pass a law ensuring the independence of appraisals. Read on for the details. is the latest state to support appraisal independence by passing a law that reforms the mortgage process. HB 171 was signed into law by Governor Jim Douglas on May 21, 2009. It is known as the Act Relating to Home Mortgage Protection for Vermonters. Section 2241, (11), prohibits the improper or outside influence of appraisals, using the same wording as many of the other states that have passed similar legislation: Make any payment, threat, or promise, directly or indirectly, to any person for the purposes of influencing the independent judgment of the person in connection with a residential mortgage loan, or make any payment, threat, or promise, directly or indirectly, to any appraiser of a property, for the purposes of influencing the independent judgment of the appraiser with respect to the value of the property; The legislation called for mortgage originators who violated the act to be reported to the Nationwide Mortgage Licensing System and Registry (NMLS). The act will take effect on July 1, 2009.
Topics: Uncategorized | 1 Comment » One Response to “Vermont Backs Appraisal Independence”CommentsYou must be logged in to post a comment. |
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June 19th, 2009 at 7:25 am
[...] Read the rest of this great post here [...]