Thursday, May 23, 2019

Question on effects of Real Estate Appraiser Board’s possible action

The Oklahoma Real Estate Appraiser Board is in the discussion phase of amendments to the Oklahoma Appraisal Management Company Regulation Act.

So far, those discussions have included potential revisions to Board Rules and the impact of post-Dodd-Frank Act Amendments to FIRREA (the Financial Institutions Reform, Recovery and Enforcement Act of 1989).

The purpose of bringing this to your attention is because it could mean the Oklahoma Real Estate Appraiser Board is considering opting out of the Oklahoma Appraisal Management Company Regulation Act. This act requires the Oklahoma Real Estate Appraiser Board to regulate and supervise Appraisal Management Companies.

Here’s the question for which we’re asking for your answer:

If the Oklahoma Real Estate Appraiser Board opts out of regulating and supervising Appraisal Management Companies, how would that decision impact your bank’s mortgage operation?

Please let us know so the Appraiser Board has all relevant information to facilitate its decision on this important matter. We need to hear from everyone, even if it would have no impact on your operation.

The next Appraiser Board meeting is scheduled for Aug. 1 and we would like to be able to deliver our responses to the Board at that time.

Should you have any questions or comments, please contact Adrian Beverage at (405) 424-5252 or adrian@oba.com.