Category: Appraisal Subcommittee

ASC letter RE Launch of the 1

ASC Letter RE Launch of the Hotline

ASC Letter to State Appraiser Regulatory Officials Announcing the Launch of the Appraisal Complaint National Hotline To State Appraiser Regulatory Officials The Appraisal Complaint National Hotline (Hotline) will begin operation no later than March 29, 2013. The Hotline will refer complainants to appropriate State and/or Federal agencies to handle complaints of alleged violations of the Uniform Standards of Professional Appraisal Practice (USPAP) and/or appraisal independence requirements. The Hotline will direct complainants to contact you to formally file their complaint using the existing protocols established by your State. The Hotline does not initiate complaints, act on behalf of complainants, arbitrate complaints,...

ASC letter RE Launch of the 0

Appraisal Hotline Operations Details

Appraisal Institute Wants Details on Appraisal Hotline Operations The Appraisal Institute and the American Society of Farm Managers and Rural Appraisers jointly sent a letter Feb. 12 to the Appraisal Subcommittee asking that it make its proposed protocol for operating the “appraisal hotline” available for public comment prior to its March 29 implementation. In the letter, AI and ASFMRA said that while the concept of a hotline is sound, there exists almost no understanding among state appraiser regulatory officials, practicing appraisers and real estate and mortgage professionals as to how the hotline would function or even of its intended purpose....

Appraisal Complaint Hotline Usage 0

Appraisal Complaint Hotline Usage

Four Reasons Why ASA & NAIFA Urge Appraisal Subcommittee to Delay Rollout of National Appraisal Complaint Hotline On February 6 ASA, along with the National Association of Independent Fee Appraisers (NAIFA), sent a letter to the Appraisal Subcommittee (ASC) urging them to delay the planned March 29th implementation of the national appraisal complaint hotline, as required by the Dodd-Frank Act. In pushing for the delay, ASA and NAIFA pointed to several issues regarding the hotline’s formation: That the appraisal complaint hotline was created in a closed process, without adequate stakeholder exposure or input; The hotline, as proposed, violates Congress’s intent...

ASA, NAIFA File Comments Regarding Appraisal Complaint Hotline 1

ASA, NAIFA File Comments Regarding Appraisal Complaint Hotline

The establishment of an appraisal complaint hotline… The American Society of Appraisers (ASA) and the National Association of Independent Fee Appraisers (NAIFA) appreciate the opportunity to jointly comment on the Paperwork Reduction Act implications of the establishment of the Appraisal Complaint Hotline system mandated by section 1473 of Dodd-Frank. Although we understand that the public will have an opportunity to comment on the appraisal complaint form itself when it is proposed (described as “the Interagency Appraisal Complaint Form”), we believe the agencies’ October 22nd Federal Register request for comment provides our organizations (and other stakeholders) with an important opportunity to...

Appraisal Complaint Hotline to Open This Year 2

Appraisal Complaint Hotline to Open This Year

Appraisal Complaint Hotline The Appraisal Subcommittee, a federal monitor of state bodies responsible for governing valuations, will open an appraisal complaint hotline by the end of the year, HousingWire reported July 2. The appraisal complaint hotline, required by the Dodd-Frank Act, will allow homebuyers, real estate agents, lenders and others in the industry to file complaints about appraisers and appraisal management companies. “ASC member agencies are currently working to finalize the details for how they will handle the referral of a complaint from the hotline,” ASC Executive Director James Park noted in House testimony, HousingWire reported. Park reported that a...

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Regulators Should Take Actions to Strengthen Appraisal Oversight

Fed Report Scrutinizes Appraisal Processes The Government Accountability Office released a report June 28 that scrutinized real estate valuations in the wake of the recent mortgage crisis. The report, Residential Appraisals — Regulators Should Take Actions to Strengthen Appraisal Oversight, was produced using data from Fannie Mae, Freddie Mac and five of the biggest mortgage lenders. The report revealed that valuations received through broker price opinions and automated valuation models take less time and are less costly than traditional appraisal reports, but traditional appraisal reports are still mandated for almost all first-lien residential loan originations due to their greater reliability....

Statement of Frank Gregoire (NAR) Before Appraisal Oversight Hearing 3

Statement of Frank Gregoire (NAR) Before Appraisal Oversight Hearing

Frank Gregoire’s written testimony to the United States House of Representatives Committee on Financial Services Subcommittee on Insurance, Housing and Community Opportunity before the Appraisal Oversight Hearing … APPRAISAL ISSUES AND CHALLENGES There are a myriad of circumstances and issues working to hinder the recovery of the nation’s housing market. Among them, and often overlooked, are those related to the credible valuation of real property. A credible valuation provided by a licensed or certified professional 1) ensures the real property value is sufficient to collateralize the mortgage, 2) protects the mortgagor, 3) allows secondary markets to have confidence in the...

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Statement of Donald Rodgers (AARO) Before Appraisal Oversight Hearing

My testimony today will focus on issues that are particularly relevant to state regulatory officials. Challenges Facing State Appraisal Boards Enforcement States established appraiser licensing and certification programs as a result of the Financial Institution Reform, Recovery and Enforcement Act (FIRREA) of 1989. These agencies issue appraiser licenses and certifications to those individuals who possess the education and experience requirements promulgated by the Appraiser Qualifications Board of The Appraisal Foundation. The agencies also oversee compliance by appraisers with the Uniform Standards of Professional Appraisal Practice (USPAP), state law and agency rules. These programs have been set up in a variety...

Appraisal Oversight Hearing 0

Hearing on Appraisal Oversight: Impact on Consumers

“Appraisal Oversight: The Regulatory Impact on Consumers and Businesses” Hearing Frank Gregoire, a a state-certified residential appraiser in Florida, will testify on behalf of the National Association of REALTORS® (NAR) before the House Financial Services Committee’s Insurance, Housing and Community Opportunity Subcommittee on Thursday, June 28th. The hearing will focus on the appraisal industry and regulations impacting consumers and businesses. Mr. Gregoire holds the RAA Designation, is a two-time Chair of NAR’s Appraisal Committee, and has been active in NAR’s public policy committees since the early 1990s. Mr. Gregoire is on Panel II of the hearing. WITNESS LIST Panel I...

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TAF Response to Columbia Institute eVIP Appraisal News

April 6, 2012, Mr. George Harrison, The Columbia Institute Dear Mr. Harrison: This is regarding an item that appeared in the “Ask George” column in the April 2 edition of eVIP Appraisal News. The question and answer relates to Appraisal Sponsors of The Appraisal Foundation apparently being under some type of constraint regarding freedom of expression. You have made a similar claim in a previous column and we thought that it was time to correct the record. You state that “The Appraisal Foundation has a restriction clause–gag rule–in its sponsorship/membership agreement that any sponsor may not publicly criticize the Foundation.” This...

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