As your eyes and ears in Washington, our advocacy work has helped BPOs and other valuation tools gain wider acceptance and recognition at both the federal and state levels:
- The Obama Administration identified BPOs as an important valuation tool in the Home Affordable Modification Program, which intended to help homeowners nation-wide stay in their homes and avoid foreclosure
- The FDIC recognized the use of BPOs to establish loan-to-value ratios as part of its Loss Sharing Proposal to Promote Affordable Loan Modifications
- The Federal Reserve Board has adopted BPOs as part of its Homeownership Preservation Policy for Residential Mortgage Assets
- The Dodd-Frank Act allows for BPOs except as the primary basis for a loan origination related to the purchase of a consumer’s principal dwelling.
- Legislation passed in several states clearly describes the broad range of situations in which agents or brokers may deliver BPOs
- New regulations from the Federal Reserve Board allows for a “market” determination of a customary and reasonable fee for appraisers. REVAA took a lead role in advocating for this provision.
In each of these situations, a compromise was reached that met the goals of the appraiser and broker/agent communities and the mortgage industry.