TriStar Bank in Tennessee says a shortage of appraisers is slowing down its commercial real estate lending and raising the cost of appraisals. The claim has outraged appraisers, who argue that the bank is simply trying to avoid paying their fees.
Lenda, launched in 2014, currently makes mortgages start to finish in two weeks. But it's aiming to make it a process that can be finished on a borrower's lunch break.
The legislation, a similar version of which passed in the last Congress, would give favorable regulatory treatment to certain loans even if real estate-related fees were paid to an affiliate of the lender.
Federal regulators issued a proposal Tuesday that would increase the threshold at which commercial real estate transactions require an appraisal, a move that could give some lenders sizable relief.
Banking regulators on Tuesday called for a raft of regulatory changes, including streamlining capital, reporting and appraisal rules in order to reduce compliance burden.
