Class Appraisal Introduces TRID Valuation Support Desk

Posted by Patrick Barnard on October 05, 2015 No Comments
Categories : Residential Mortgage

Class Appraisal, a Birmingham, Mich.-based appraisal management company (AMC), says that its TRID Valuation Support Desk is available to all brokers or lenders, whether they are current Class Appraisal clients or not, ahead of the industry's transition to total compliance with the Consumer Financial Protection Bureau's (CFPB) TILA/RESPA Integrated Disclosure (TRID) rule.

‘Lenders are going to have questions, and while the CFPB has offered our industry a grace period to find the answers, we anticipate that when it comes to collateral valuation and reporting, many lenders will need support from expert professionals,’ says Alex Elezaj, CEO of Class Appraisal.

According to the company, questions concerning appraisal pricing are likely to arise. Specifically, Class Appraisal notes that because TRID compliance requires lenders to disclose detailed pricing information to consumers in a loan estimate so early in the process, appraisers and AMCs will be limited in which circumstances they can request fee increases.

‘Due to the complexity and nature of our business, we wanted to create a space where industry individuals have the ability to seek clarification on anything pertaining to TRID and appraisals. We created the TRID Valuation Support Desk to act as that platform,’ says John Hamameh, Class Appraisal's general counsel and chief compliance officer.

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