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• appraisal independence
• prohibitions on appraiser conflicts of interest
• mandatory reporting by mortgage lender, mortgage broker, mortgage banker, real
estate broker, appraisal management company or employee thereof or any
other person involved in a first residential real estate mortgage transaction of
suspected appraiser failure to comply with Uniform Standards, etc. to state
certifying agency
• prohibition on extending credit for home purchase if creditor has knowledge of
violation of appraisal independence standards unless creditor has acted w/
reasonable diligence to determine appraisal does not materially misstate or
misrepresent value of dwelling
Penalties: first violation, up to $10,000 for each day of violation; $20,000 for
subsequent violations
9503 Amendments relating to appraisal subcommittee of FIEC, appraiser
independence monitoring, approved appraiser education, appraisal
management companies, appraiser complaint hotline, automated valuation
models and broker price opinions
Many amendments, many pages
Subtitle G – Sense of congress regarding the Importance of GSE Reform
9601 Sense of Congress re: the importance of Government-sponsored enterprises
reform to enhance the protection, limitation and regulation of the terms of
residential mortgage credit
Subtitle H – Reports and Data Collection
9702 Report of mortgage data by state
Subtitle I – Multifamily mortgage resolution program
9801 Multifamily mortgage resolution program
Subtitle J – Study of Effect of Drywall Presence on Foreclosures
Subtitle K – Home Affordable Modification Program [HAMP]
9911 HAMP guidelines
Solari Report - Notes on
Wall Street Reform and Consumer Protection Act
of 2009 (HR 4173)
© 2010 Solari, Inc. Page 38