Compliance
Our Commitment to Compliance at Lone Star AMC
We understand how important it is for lenders to partner with trusted appraisal management companies that prioritize compliance. You can rely on us to ensure that our practices align with all necessary regulations, including the Dodd-Frank Act, the Consumer Financial Protection Bureau (CFPB), Fannie Mae, Freddie Mac, and Appraiser Independence requirements.
Commitment to Appraiser Independence
All of our appraisers are licensed and verified through the Appraisal Subcommittee Database.
We rotate appraisers in compliance with Appraiser Independence regulations.
State Compliance and Requirements
We offer appraisal services in all 50 states. We make sure to meet the specific compliance requirements for each state, including any unique protocols that may apply. Please reach out if you’d like more information about our state licenses and expiration dates.
Ensuring Appraiser Independence
We take great care in managing all communications with our appraisers to guarantee that each appraisal is completed fairly, without any undue influence or pressure. Our processes are designed to uphold the integrity and independence of every valuation.
The Impact of the Dodd-Frank Act on Compliance
In the aftermath of the 2008 financial crisis, the Dodd-Frank Wall Street Reform and Consumer Protection Act was introduced in 2010 to safeguard the integrity of the appraisal process. One of the Act’s key provisions was the separation of the appraisal management process from the loan production process, ensuring that appraisers remain independent and unbiased.
The Dodd-Frank Act also introduced new rules on customary and reasonable fees for local appraisers and established a Consumer Complaint Hotline. These changes reinforced the need for compliance and placed responsibility on lenders to ensure that AMCs followed these new standards.
Text Messaging Compliance (A2P 10DLC)
We are also fully compliant with A2P 10DLC regulations, which apply to Application-to-Person (A2P) messaging via 10-digit long code (10DLC) phone numbers. This system helps businesses like ours deliver better quality messaging with reduced filtering risks, ensuring secure and reliable communication.
Helpful Links
Dodd-Frank Wall Street Reform and Consumer Protection Act
Appraiser Independence – Freddie Mac
Oversight of Fannie Mae & Freddie Mac Compliance
For more information about our compliance protocols, or to become a lender client, please contact the Lone Star AMC team at info@lonestaramcllc.com or call (214) 841- 3851.