Class Appraisal, one of the nation’s top appraisal management companies, announced that it will make its TRID Valuation Support Desk available to any broker or lender, whether they are a client or not.
This service is an effort by Class Appraisal to help the industry make a smoother transition to the new processes required for compliance with the Consumer Financial Protection Bureau’s (CFPB’s) TILA/RESPA Integrated Disclosure Act (TRID), the company said in a news release.
“Lenders are going to have questions, and while the CFPB has offered our industry (time) to find the answers, we anticipate that when it comes to collateral valuation and reporting, many lenders will need support from expert professionals,” Class Appraisal CEO Alex Elezaj said in the release. “We have an incredibly strong compliance team led by one of the best attorneys in the business. We will make ourselves available to the industry to answer their questions during this transition.”
TRID compliance will require lenders to disclose detailed pricing in the Loan Estimate. Because this new practice will require a fee to be quoted early, appraisers and AMCs will be limited in how fee increases can be made.
“We have had in-depth discussions with each of our clients about this important issue, and it is evident to us that each of them has a different set of expectations,” Class Appraisal Sales and Marketing Vice President Jonathan Tallinger said. “As a result, we have created various TRID pricing models that will meet each of our client’s individual needs. We’re ready to help lenders answer the questions that will guide them as they set their own strategies for success.”
Class Appraisal has created a platform for industry members to truly gain a better understanding of what is expected from them according to TRID when it comes to compliancy.
“It’s essential that we help our clients and appraisals deliver reports in a fully compliant manner,” Class Appraisal General Counsel and Chief Compliance Officer John Hamameh said. “Due to the complexity of our business, we wanted to create a space where industry members can seek clarification. We created the TRID Valuation Support Desk to act as that platform.”