Compliance

We are committed to maintaining the highest standards of compliance. Our processes fully adhere to Appraiser Independence Requirements (AIR) and the Dodd-Frank Act, protecting the integrity of every valuation.

Understanding Appraiser Independence Requirements (AIR) for Mortgage Brokers

Our team is dedicated to guiding all parties through these requirements, aiming to simplify and clarify the process.

How does AIR apply to mortgage brokers?

AIR establishes a clear separation between mortgage brokers, loan officers, real estate agents, other commissioned employees, and appraisers. While AIR encompasses all aspects of the appraisal process, this FAQ specifically addresses its impact on lender originator teams.

Street Smart Valuations offers a Reconsideration of Value (ROV) process. For more information, please contact us at support@ssvalues.com.

AIR FAQs for Mortgage Brokers and Origination

Q: May a lender accept an appraisal prepared by an appraiser that was ordered by a mortgage broker?
A: No. AIR prohibits a lender from accepting an appraisal prepared by an appraiser ordered by a mortgage broker.

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

Q: 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?
A: No. AIR prohibits lenders from relying on an appraisal if the broker had any role in selecting, retaining, or compensating the appraiser.

Q: What is Dodd-Frank, and how does it apply to AIR?
A: The Dodd-Frank Wall Street Reform and Consumer Protection Act was enacted on July 21, 2010. Sections 1472 and 1473 of this act allow for fines and prosecution of AIR violators.

Compliance Resources Online

Fannie Mae (See "Resources," then click "Appraiser Independence Requirements [AIR]")
Freddie Mac
Analysis of Dodd Frank for Appraisers
FHA Appraiser Independence
California Office of Real Estate Appraisers (Where appraisers can file complaints against lenders or AMCs for AIR violations)

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Have compliance questions? We're here to help!