DOBI Proposed Appraisal Rule Deletes Customary and Reasonable Fee Requirement, Comment by August 4, 2017

To: All Members
From: E. Robert Levy, Esq.

The Department of Banking and Insurance has proposed a rule (Attached) amending N.J.A.C. 3 :1-16.2 which deletes the “customary and reasonable fee for comparable appraisals by third party appraisers” that was based upon a survey conducted annually by the Department.

Under the proposal, the initial fee charged to the borrower may be based upon a reasonable estimate with any excess above the direct cost of the appraisal by a duly credentialed appraiser being refunded to the borrower.

Comments must be submitted by August 4, 2017 to Denise Illes, Chief, Legislation and Regulation Department of Banking and Insurance, 20 West State Street PO Box 325, Trenton, N.J. 08625-0325 or fax to 609-292-0896. Email to [email protected].

Please share your comments with MBA-NJ by emailing them to [email protected] so we can support our members views with DOBI.

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