TriStar Bank’s request for appraisal waivers: The Appraisal Subcommittee has reached out to the Network Coalitions and has requested appraisers to attend their upcoming meeting on appraisal waivers.
Direct from the ASC announcement:
ASC Special Meeting – April 12, 2018
Tuesday March 06, 2018
The ASC will hold a Special Meeting scheduled for 10:00 a.m. on April 12, 2018, at the Federal Reserve Board facilities at International Square, 1850 K Street NW, Washington, DC. The purpose of this Meeting is to consider the temporary waiver request from TriStar Bank of Dickson, Tennessee. The agenda for the Meeting will be posted here approximately two weeks before the meeting date.
If you plan to attend the ASC Meeting in person, we ask that you send an email to email@example.com. You may register until close of business four business days before the Meeting. You will be contacted by the Federal Reserve Law Enforcement Unit on security requirements. You will also be asked to provide a valid government-issued ID before being admitted to the building.
VaCAP sent a letter expressing our concerns and has jointly signed the Network of State Appraisal Organization’s letter of concern and a joint letter with 35 state and national appraisal organizations as well. The Appraisal Foundation also sent a letter expressing their concerns. We encourage every appraiser to comment on the request and if you are able to attend the special meeting on April 12, please do so. It is important for appraiser to be present to show support and express concerns.
See VaCAP’s, NSAO’s, TAF’s and AI’s letters below.
Senate Bill 2155 has passed the Senate. VaCAP signed a joint letter with the Appraisal Institute and other State Coalitions. See the letter here. Some clarifications were added as a result of our joint efforts. See the entire bill here.
The clarifications are a step in the right direction, however, the language is still present and allows the waivers. We need to have this language removed. It is time to contact the House of Representatives to have the entire section removed. Find your representative here.
Barney Frank weighed in on Senate Bill 2155.
As a Reminder, make sure you talk to all the agents in your database. Agents who allow their buyers and sellers to move forward with a purchase or sale in which an appraisal is waived may be accepting the liability of the value of the property. Phil Crawford spoke to John Torvi with Landy Insurance recently on Voice of Appraisal. Attorney’s are waiting to pursue action against agents and Brokers over this. Listen to Show E193 here.