Compliance

Rest assured, we are compliant with all Appraiser Independence Requirements (AIR) and with the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Our staff is here to guide all parties through these requirements, with the goal of providing clarity and ease to the process.

How does AIR apply to mortgage brokers?
AIR creates a distinct separation between mortgage brokers, loan officers, real estate agents, other commissioned employees and the appraiser. While AIR covers all aspects of the appraisal process, we will focus on the ways AIR impacts lender originator teams in this FAQ.

Street Smart Valuations does offer a Reconsideration of Value (ROV). For details, please contact us at [email protected]

AIR FAQ’s for Mortgage Brokers and Origination:

May a lender accept an appraisal prepared by an appraiser that was ordered by a mortgage broker?
No. AIR does not allow a lender to accept an appraisal prepared by an appraiser that was ordered by a mortgage broker.

May a mortgage broker provide the lender with an approved appraiser list for the lender to use when ordering appraisals for that particular broker?
No.

Does AIR permit a mortgage broker to select an appraiser from the lender’s list of approved appraisers if the lender is responsible for the relationship with the appraiser, including compensation?
No. AIR prohibits lenders from relying on an appraisal if the broker had a role in selecting, retaining or compensating the appraiser

What is Dodd-Frank, and how does it apply to AIR?
The Dodd-Frank Wall Street Reform and Consumer Protection Act was signed into federal law on July 21, 2010. Sections 1472 and 1473 of the act make it possible for AIR violators to be fined and prosecuted.

Compliance Resources Online

Fannie Mae: https://www.fanniemae.com/singlefamily/appraisers (see “Resources” heading, click Appraiser Independence Requirements [AIR])

Freddie Mac: http://www.freddiemac.com/singlefamily/appraiser_independence_faq.html

Analysis of Dodd Frank for Appraisers:
http://www.calbankers.com/compliance-bulletin/analysis-dodd-frank-act-appraisers

California Office of Real Estate Appraisers: (Where appraisers may file complaints against lenders or AMCs who violate AIR)
http://www.orea.ca.gov/

Have questions about compliance? We’re here! Email us at [email protected] or call us at (925) 302-6734 for help.