Category: The Appraisal Foundation

Modernizing Appraisals: It seems we're stuck in 1989. 46

Modernizing Appraisals & Being Stuck in 1989

Modernizing Appraisals: It seems we’re stuck in 1989… On November 16, 2016, the Housing and Insurance Subcommitte held a hearing on “Modernizing Appraisals: A Regulatory Review and the Future of the Industry.” Subcommittee discussed modernizing appraisals to benefit American consumers. The hearing focused on necessary changes to the appraisal industry. Subcommittee Chairman Blaine Luetkemeyer (R-MO) explained: “Appraisals are one of the cornerstones of the home-buying process. Issues that impact appraisers also impact nearly every American buying or selling a home, in rural and urban areas; in high- and low-income neighborhoods. Yet when it comes to the regulatory regime surrounding appraisals,...

Expert Witnesses Don't Include Appraisers - You Are NOT Invited! 13

Appraisers Are NOT Invited!

“No room” for any additional expert witnesses representing appraisers’ interests… Who are the Valuation Professionals? Appraisers are unbiased and impartial in determining the market value of a property. We have the most training, both in the class room and in the field. We continually improve our skills and knowledge. We are the first to see market trends and continually monitor our coverage areas for triggers of market change. We are held to the highest standards. Appraisers are the valuation professionals that protect the consumer. If the above statement is correct, someone please provide some insight into why not one appraiser...

STOP the Idiotic Constant Parsing Changes in All Areas of USPAP 14

It’s Time to STOP the Foolishness

STOP the constant parsing changes in all areas of USPAP I encourage ALL appraisers in the DC Metro area to attend the upcoming ASB Public Meeting on October 21, 2016. In a nut shell, my strong belief is that they need to STOP the constant parsing changes in all areas of USPAP. NOT ONE of the proposed changes is a necessary change. NOT ONE! No wonder state regulators no longer comprehend USPAP! If they need the extra money that selling new versions of USPAP produces, then just CHARGE US DIRECTLY! The purpose of FIRREA was to preserve the public’s trust...

AQB Experience Requirements and College Degree Requirements Changes 24

AQB Proposes Alternative to College Degree Requirement

In a long-awaited and highly anticipated announcement, the Appraisers Qualifications Board (AQB) has just released an Exposure Draft (May 18) that indicates it intends to walk back the bachelor’s degree requirement for Certified Residential appraisers and more. The AQB also is proposing significant changes to appraiser experience requirements. An AQB Exposure Draft is issued in anticipation of implementing changes to the Real Property Appraiser Qualification Criteria (Criteria), which is the set of education, experience, and examination requirements for appraisers to achieve a state license or certification. The AQB always sets a comment deadline and is committed to reading and considering...

USPAP permitted assignments 1

Can You Do a Particular Assignment per USPAP??

Yes, I can Accept That Assignment! Types of assignments… Folks, The Appraisal Foundation, via John Brenan, has released the following, showing which portions of USPAP apply to particular assignments. This involves the applicable Standards and Rules. You may want to print the PDF posted below and keep it under your pillow, or at least with your copy of USPAP! Yes, I can Accept That Assignment! USPAP Flexibility at a Glance Some appraisers may not be aware of the inherent flexibility built into the Uniform Standards of Professional Appraisal Practice (USPAP). Because USPAP is a set of standards that is built...

College Degree Requirement Misguided 12

College Degree Requirement Misguided

The college degree requirement seems more like a forced attempt at elevating the status of the profession by closing the club, and that strikes me as elitist. I know about half of you disagree but the college degree requirement for Certification was a wrong turn for the industry. To its credit the Appraisal Foundation (TAF) is on the right track in trying to find a way out of the corner it has painted the profession into but it doesn’t look like it intends to go far enough in fixing the problem. As we all know by now, veteran appraisers as...

Cracking Down on Appraiser Licenses & Higher Fees 12

Cracking Down on Appraiser Licenses & Higher Fees

Now they’re saying your license has to be revoked! The Federal Government is cracking down on appraiser licenses that were issued by the states where the applicant did not meet the “new” TAF requirements. Several states have this problem. Virginia is in that mix. About nine appraiser licenses were issued that the Federal Government is now saying have to be revoked. About half of these people have reached out to me. There is not a lot I can do or VACAP can do. But the state will be addressing this issue over the next couple of board meetings. So if...

Experience, Education Criteria Input Request & AGA Open Letter 18

AGA Open Letter Regarding Changes to the Criteria

Request for appraiser input on current and future educational / experience requirements… The AGA sent the below letter to the AQB in response to their outreach asking for comments. Please write them and tell them YOUR views. If you agree with what we have said, then just copy it and add your name to it saying “we agree”. Or don’t copy it, and just say “We agree with the AGA letter”. If there are any significant parts you disagree with, then please ‘except’ those. If you have additional thoughts or suggestions for them (civil ones), feel free to add them....

The Decline of Appraisers 26

The Decline of Appraisers

The problem is not simply that too many appraisers are retiring. Very few appraisers are entering the profession. In Illinois, the drop in real estate appraiser trainee applications went from 1,231 in 2005 to only 55 in 2015. That’s an over 95 percent decline. This drastic reduction in new entrants is being seen in states across the country. Many appraisers welcome the shortage, which has already driven up fees in many areas. But many believe the celebration is shortsighted. A decline in the number of appraisers threatens the integrity of lending and undermines the stability of the real estate market…

Board Member Says Squeaky Wheel Gets the Grease 2

Board Member Says ‘Squeaky Wheel Gets the Grease’

Board Members reported a shortage of individual appraisers offering suggestions, complaints and concerns… Legitimate ‘complaints’ should never be referred to as whining by any professional in my opinion. To do so diminishes the importance of the concerns being addressed. I attended the Las Vegas Public Hearing of the The Appraisal Foundation (TAF) / Appraisal Practices Board (APB) last Friday. No Appraisers Guild or member funds were used in any way for this. There was lots of good information. Board Members reported that there really is a shortage of individual appraisers offering suggestions, complaints and concerns to them as a Board,...

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