Sponsored By: Delegates Donna Stifler and Frank Conaway
Synopsis: Prohibiting a person subject to regulation as a mortgage loan originator from making a payment, threat, or promise for the purpose of influencing another person to violate specified federal or State law or professional standards in connection with a residential mortgage loan; prohibiting a specified person from making a payment, threat, or promise to an appraiser of a property in order to influence the independent judgment of the appraiser with respect to the property value, and from engaging in specified acts and practices; etc.
From the Sponsor: Stifler said “this bill is designed to establish protections for real estate appraiser and others from undue influence or coercion in connection with a real estate appraisal or residential mortgage loan. The Mortgage Protection Act we passed a few years ago left this out. Believe it or not, nothing in MD law prohibits a mortgage loan originator from making a payment, threat, or promise to an appraiser to influence said appraiser to make an independent judgment with respect to the property valuation (i.e withholding payment with intent to coerce the appraiser to agree to a value, requesting the appraiser to report a predetermined opinion, etc.)”
Stifler said three constituents approached her last session to help usher the legislation through the General Assembly The bill passed the full House of Delegates last year, but was filed very late by the sponsor and didn’t make it to the Senate in time for a vote, she added.