Petition Closed
Petitioning Richard Cordray, CFPB Director Consumer Financial Protection Bureau (CFPB)
This petition will be delivered to:
Richard Cordray, CFPB Director
Consumer Financial Protection Bureau (CFPB)

Consumer Financial Protection Bureau (CFPB): Allow NMLS loan originators to order appraisals directly from appraisers

Consumers and small business are being significantly harmed by the Interim Final Rule on Appraiser Independence. Consumer costs have increased by over 2.8 Billion dollars a year; thousands of small business residential appraisers have gone out of business, as the rule diverts appraisal orders to often unregulated middlemen-owned by the large banks and others. Since the rule was implemented, valuation fraud has increased over 50% and it has led to the continuing depreciation of home values.


Letter to
Richard Cordray, CFPB Director Consumer Financial Protection Bureau (CFPB)
Allow NMLS loan originators to order appraisals directly from appraisers

Consumers and small business are being significantly harmed by the Interim Final Rule on Appraiser Independence. Consumer costs have increased by over 2.8 Billion dollars a year; thousands of small business residential appraisers have gone out of business, as the rule diverts appraisal orders to unregulated middlemen-owned by the large banks and others. Since the rule was implemented, valuation fraud has increased over 50% and it has led to the continuing depreciation of home values.