• Upgrading of the Appraisal Profession
  • February 14, 2012 | Author: Tiffany Kouri Spinella
  • Law Firm: Pullman & Comley, LLC - Hartford Office
  • Amidst the controversy surrounding the Dodd-Frank financial reform bill, perhaps we have overlooked those provisions which addressed the real estate appraisal profession.

    Among the relevant items are:

    • That "reasonable and customary" fees be paid to appraisers; this provision is designed to end profit skimming by appraisal management companies which have played something akin to the role of managed health care organizations in some jurisdictions;

    • The mandate that appraisal management companies register with state regulators.