March 1, 2017, Prairie Village, KS – Nations Valuation Services (NVS) today, in partnership with the International Association of Assessing Officers (IAAO), hosted a small, four delegate panel from the Korea Association of Property Appraisers (KAPA). Headquartered in Seoul, KAPA is the affiliated organization of Ministry of Land, Transport and Maritime Affairs. The meeting was to foster discoveries and comparisons between countries surrounding the process that U.S. Mortgage Lenders & AMCs have in place to regulate and function in the Residential Appraisal Industry.
Many of the discussion points placed great importance on the interpretation of the laws and regulations of Dodd-Frank: specifically, how banks and AMCs determine reasonable and customary fees nationwide for appraisers, and how Banks select AMC’s in the U.S. as neutral third party intermediaries, as required by law.
“Both groups exchanged meaningful information about how to truly make the consumers homeownership experiences safer, and values of homes more consistently accurate in all countries,” said Brad Likens, Senior President of Nations Companies. “Foreign corporations have, for decades, exchanged information on business practices for the mutual benefit in each’s respective market.”