So Many Disclosures Don't Make 'Sense'

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TUKWILA, Wash.-Proposed rules regarding appraisals have drawn the concern of two officials at $9.5-billion BECU.

Aaron Bresko, VP of lending, and Debra Toepfer, production manager, told Credit Union Journal they see the many appraisal guidelines as placing the onus on the lender, not the appraiser.

"We would like to see accountability on the appraisal end," they said. "It is possible to get two appraisals for the same property that are very far apart. It will never be perfect, but the appraisers need to be accountable."

Bresko said if he had his way when writing mortgage laws, there would be a shake-up in disclosures.

"We have so many disclosures and new disclosures are continually added to the end," he said. "We need transparency and simplification on disclosures, because consumers cannot make any sense of the forms. There is no thought on the process as a whole. We need to start over, decide what is important and present it clearly."

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