(The Hill) – Add an unexpected group to the list of critics seeking relief from the Dodd-Frank Wall Street reform law: Habitat for Humanity.
The housing nonprofit is fighting for an exemption from the Dodd-Frank regulation that requires housing appraisers to receive “customary and reasonable” compensation.
The regulation was aimed at boosting housing market protection by making sure mortgage companies and banks wouldn’t receive faulty financial advice from cheap appraisers.
But Habitat for Humanity — which relies on appraisers who volunteer their services for free — says it’s created a regulatory headache for their more than 1,400 U.S. affiliates who fear they’re bucking Dodd-Frank in accepting free appraisal services.