DODD-FRANK IMPACT ON MORTGAGE APPRAISAL PROCESS
Journal Title: European Journal of Business and Social Sciences - Year 2015, Vol 3, Issue 12
Abstract
The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) had an unanticipated effect on a portion of the mortgage industry. Mortgage Loan Originators (MLO) expressed their belief that the creation of the Appraisal Management Companies (AMC) process to oversee real estate appraisals has resulted in some negative consequences. Specifically, the real estate appraisals are more restrictive and thus more costly to the MLO and their customers. A sampling of selected MLOs demonstrates there is a significant impact to a mortgage loan officer’s mortgage loan production through use of an AMC impacting the mortgage loan process.
Authors and Affiliations
Roger Holt, DBA| Roger Holt is retired from the Internal Revenue Service. He holds a Doctorate in Business Administration and instructs for Lincoln Memorial University, Northcentral University, and LeTourneau University., James Hoelscher, PhD| James Hoelscher, Ph.D., is Assistant Dean, School of Business Graduate Studies and Assistant Professor of Business at Lincoln Memorial University, Harrogate Tennessee. He teaches courses in management and strategy. His research interests include mortgage lending including ethics, regulatory impacts on consumer availability and sub-prime mortgage lending. He is a retired Air Force Colonel., Brian Hoskins, MBA| Brian Hoskins is a 20 year veteran in the banking and finance industry. Over the years Brian has held various banking, mortgage, and finance management positions. Brian has a BS in Management and Leadership and an MBA with a concentration in Management from Lincoln Memorial University., Jack McCann, PhD (Corresponding Author)| McCann, Jack, Ph.D., is associate professor at Tusculum College in Greeneville, TN, and is the former Dean of the School of Business at Lincoln Memorial University in Harrogate, TN. He is also an adjunct professor of business at Kaplan University. He teaches courses in management and strategy. His research interests are leadership, strategy, decision making, organizational performance, and ethics. He has published several papers in international journals.
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