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[Interview] Tony Pistilli, Certified Residential Appraiser, Vice-Chair Minnesota Department of Commerce Real Estate Appraiser Advisory Board

[1]

Last month I spoke to and interviewed Tony Pistilli [2], a certified real estate appraiser on the Minnesota Department of Commerce Real Estate Appraiser Advisory Board.  He’s got a possible solution to the current appraiser – appraisal management company conflict.  Its all about conforming to RESPA and preventing banks from shifting the burden to appraisers to pay for bank compliance.

Its the first logical solution I’ve heard.  The banks are essentially making the appraiser pay for their RESPA compliance by taking it out of the appraiser’s fee, often 50% of the stated appraisal fee.  The consumer is being mislead by the appraisal fee stated by the lender at time of mortgage application.

He’s been spreading the word through all the channels [3]/usual suspects [4] in the blogosphere.  Here’s my original post, including his article:

[HVCC and AMCs Violate RESPA?] Here’s a possible solution [5]

His views seemed to have been picked up by the Appraisal Institute [6], the largest appraisal trade organization in the US, in their letter to HUD [7] looking for clarification on RESPA and the disclosure of fees paid by consumers.  Here’s the FAQ on the new RESPA rule [8].

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