How Fast Can Your Head Spin?
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Hopefully you have been busy and have not noticed VaCAP has been quiet over the past few weeks. Not by choice, but necessity. You see, there has been so much happening, we have been overwhelmed and our heads are spinning out of control. VaCAP needs more members to volunteer to help us help you. Let us know how you can help.
Let’s start with the easy stuff:
The Virginia Real Estate Appraiser Board Quarterly Meeting will take place on February 21, 2018. The meeting will begin at 10:00 AM and there will be a public comment period for anyone who wishes to address the Board. See the meeting details and a link to the agenda here.
AppraiserFest: The Real Estate Appraisers’ Economic Forum and Festival.
FTC vs LREAB
This case is moving along. Oral arguments for a partial summary decision and a motion to dismiss are scheduled for February 28th. The FTC has filed a 319 page motion, complete with screen shots of Individual’s Facebook and Linked In accounts. See the complete case history here.
Fannie Mae Appraiser Update: Appraisal Observations and Insights Webinar
From their Website:
“Appraisal Observations and Insights, our newest webinar offering, is customized for appraisers and provides a live demo of CU to show appraisers exactly how we train lenders to use it. We’ll share our latest appraisal observations and recommend ways you can improve the scoring of your appraisals in CU, reduce revision requests, and save time”
There are several dates and times to choose. See the announcement and to register here.
The AQB Revised the Qualifications to Become an Appraiser:
See the press release here.
In the Virginia General Assembly:
HB 1453 – Changing the definition of evaluations – This bill has passed the House of Delegates and is now in the Senate General Laws and Technology Committee.
SB 655 – Capping fees of an amc to 20% and disclosing the amc fee to the consumer.
SB 979 – Changing the definition of appraisal management company. This bill has passed the Senate. Watch this video of the introduction and discussions of SB 979. Start watching at 1 hour and 50 minutes.
And on the Federal Level:
There is a nationwide call to action on Senate Bill 2155. This bill was introduced by Senator Mike Crapo on 11/16/2017. This bill will allow an exemption of an appraisal for rural properties. This bill will impact your business and every appraiser needs to express concerns to your Federal Representatives.
Dave Towne has done an excellent job of highlighting SEC 103 of the bill. See the entire break down on Appraisersblogs.
Other Things That Need Some Attention:
What IS a “ClearVal Appraisal”?: This article is an eye opener. An appraiser in Indiana completes several appraisals for properties in Georgia. She gets paid $25 each. Examples of the finished product are shown.
Reclassifying Appraisers as Employees: With all the “requirements” of an amc on the appraiser, are appraisers being treated like employees instead of contractors?
Class Action Against CoreLogic: Corelogic is being sued by appraisers for overtime pay.
It has been said recently APPRAISERS ARE AT WAR. Appraisers are being attacked from many different places; lenders, amcs, Fannie Mae, Freddie Mac, Legislators, regulatory boards, sales agents, brokers, and even other appraisers. The time is now for every appraiser to be involved in some way. The State Coalitions like VaCAP are gaining strength and now have joined with 26 other state coalitions to form The Network of State Appraisal Organizations. The Network, State Coalitions, Appraisal Institute, ASA, NAIFA, and AGA all are working for your benefit. Get Involved Now.