Category: Appraisal Subcommittee

A Wakeup Call for the Valuation Industry: Is anybody listening? 8

A Wakeup Call for the Valuation Industry: Is Anybody Listening?

On February 13, 2013 the National Association of Home Builders (NAHB) published a fascinating critique on the world of valuation. The document: “A Comprehensive Blueprint for Residential Appraisal Reform” should be read by every appraiser, every user and every client. NAHB is telling us our core systems are not working and to take another look at our process and procedures. Our systems are too inconsistent, too cumbersome, and NAHB is asking us to improve our efficiency which impacts their and our profitability. NAHB is asking the industry to provide them a uniform, consistent, quality product utilizing well trained staff. These exact...

Total number appraisers stats 4

Certified Appraisers Up but Total Number of Appraisers Down

Certified Appraisers at All-time High but Total Number of Appraisers Continues to Decrease The percentage of appraisers with a state certification is at an all-time high but the total number of appraisers continues to decrease at a rate of about 3 percent per year, according to data released April 9 by the Appraisal Institute. Appraisal Institute has analyzed data from the Appraisal Subcommittee National Registry since 2006, and the long-term trend shows that with more than half of U.S. appraisers aged 51 to 65, the appraiser population could decrease 25 to 35 percent over the next 10 years due to age...

ASC Refer My Appraisal Complaint website 0

ASC “Refer My Appraisal Complaint” Website

ASC “Refer My Appraisal Complaint” Website is Up and Running The ASC’s new Refer My Appraisal Complaint website and hotline are up and running.  Here is the link to the website: http://refermyappraisalcomplaint.asc.gov I would suggest you all take a second and read this site’s Homepage direction to consumers and maybe you will understand why the Federal Government is so deeply in debt. This is a silly attempt by the ASC to project an image of consumer protection when in essence it is nothing more than a buck passing platform to the appropriate State Licensing Agency.  It even goes so far as...

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

NAR believes that lenders should be prohibited from retaining the services of an AMC where the lender maintains any level of ownership. 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...

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