General World News

MBA: Lenders shouldn’t be held responsible for appraisers’ actions

The Mortgage Bankers Association (MBA) filed an amicus brief on Friday in response to the Consumer Financial Protection Bureau (CFPB) and the Department of Justice‘s interest in determining a liability standard that would apply to lenders in cases of alleged bias by third-party appraisers.

The mortgage trade group said it was concerned that the CFPB and DOJ would hold lenders liable for the actions of an appraiser, who is neither an employee nor an agent of the lender, a reference to details ⇒

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