Category: Political Action

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Challenges Facing State Appraisal Boards

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...

AARO / AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations

NAIHP call to action 1

NAIHP Urgent Call to Action

NAIHP: “Congressional Subcommittee REFUSES Small Business Brokers and Appraisers a Seat at the Table” For the second time in a week, the Subcommittee on Insurance, Housing and Community Opportunity, Chaired by Rep. Judy Biggert (R-Illinois), refused small business housing professionals the right to be represented during Congressional testimony. On June 20th, the Subcommittee held a hearing entitled: “Mortgage Disclosures: How Do We Cut Red Tape for Consumers and Small Businesses?” Although, Banks were represented three times on the panel, Brokers were intentionally excluded. NAIHP argued to represent the industry, but was refused because the panel was full. On June 28th,...

AI / Appraisal / Appraisal Institute / Appraisal News / Appraisal Organizations / Appraisers News

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...

AARO / AI / American Society of Appraisers / Appraisal / Appraisal Institute / Appraisal News

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Hearing on Appraisal Industry in Washington DC

Chairman Spencer Bachus of the U.S. House of Representatives Financial Services Committee, announced the committee and subcommittee schedule for the month of June, 2012. There is an important upcoming meeting in Washington DC. Thursday, June 28: The Insurance and Housing Community Opportunity Subcommittee will hold a hearing on the appraisal industry and regulations impacting the single-family mortgage market. The hearing will begin at 10 a.m. in room 2128 Rayburn.

Appraisal / Appraisal News / Appraisers News / Political Action

Petition Opposing Coercive and Abusive Behavior of Chase Bank and Other Lenders Against Appraisers 8

Petition Opposing Coercive & Abusive Behavior Against Appraisers

Petition Opposing Coercive and Abusive Behavior of Chase Bank and Other Lenders Against Appraisers Please consider signing the online petition launched by John Dingeman opposing the coercive and abusive behavior of Chase Bank and other lenders against appraisers. Stop Intimidating, Threatening, and Bullying Appraisers Chase Mortgage Banking, like other financial institutions have come into possession of appraisals where a loan has been assigned or sold to them. If Chase had any issues with these appraisals during the underwriting process when the loans were written, they would have asked the appraiser’s “Client” for clarification, explanations, and/or corrections. With every foreclosure, Chase...

Appraisal / Appraisal News / Appraisers News / Petition / Political Action / Uniform Standards of Professional Appraisal Practice

HVCC & Interim Rules Unintended Consequences 7

NAIHP Letter Regarding Appraiser Independence Regulations

An outline exposing the unintended consequences created by HVCC and the Interim Rule February 23, 2012, Hon. Richard Cordray, Director, Consumer Financial Protection Bureau Re: Appraiser Independence Regulations Dear Director Cordray: Thank you for taking the time to meet with NAIHP on January 26, 2012. We always appreciate the opportunity to meet with the CFPB and discuss issues of concern that affect consumers and small business housing professionals. Although, our meeting covered a broad range of issues, my comments today are limited to the ongoing problems associated with “Appraiser Independence.” Today’s interim Rule on Appraiser Independence, was built on the...

AMC / AMCO / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations

Proposed Amendments to the Sentencing Guidelines in Mortgage Fraud Cases 1

Sentencing Guidelines Proposal

Proposed Amendments to the Sentencing Guidelines Speaking at a March 14 hearing in Washington, D.C., the Appraisal Institute urged a federal judicial agency to require the use of real estate appraisals when calculating loss in mortgage fraud cases. In prepared written testimony, Appraisal Institute President Sara W. Stephens, MAI, told the U.S. Sentencing Commission, “We believe the Commission should adopt a special rule for determining the fair market value of real property if the mortgaged property has not been disposed of by the time of the sentencing. However, this rule should require use of real estate appraisals prepared by qualified...

AI / American Society of Farm Managers and Rural Appraisers / Appraisal / Appraisal Institute / Appraisal News / Appraisal Organizations

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Time for an Appraiser Union?

Much talk has occurred lately on a variety of injustices incurred by appraisers through scope-creep, indemnification clauses, decreasing number of appraisers, lawsuit volume increases, and the like. Naturally, there are a whole lotta unhappy appraisers out there. Surely, there are many things to be concerned with, but there is a greater fear that overrides all other issues; the fear that there ain’t a dang thing we can do about it. The lack of ability to make changes to those things we view as wrong is a debilitating feeling. As small business owners, we are used to getting things done our...

Appraisal / Appraisal News / Appraisers News / Indemnification Clauses / NAR / National Association of Realtors

Urge your Representative to Vote for Regulation of AMCs 0

Urge your Representative to Vote for Regulation of AMCs

Urge your Representative to Vote for HB 210 Regulation of AMCs Hello VaCAP! As you know, VaCAP leadership has been working hard with VAR and the VAR Appraisal Alliance to help draft and support an AMC regulation bill. This bill is currently in the Virginia House of Delegates, and will cross over to the Senate on February 15th. Since many local realtor associations now require appraisers to be full members in order to obtain access to their MLS systems, VaCAP has many members who are also members of VAR. If you are a member of VAR, your dues have helped...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisers News

No Appraisal Required on Obama Administration Plan 1

No Appraisal Required on Obama Administration Plan

Last week the Obama Administration unveiled its plan to help homeowners refinance to take advantage of historically-low interest rates. We are going to focus on the valuation side of the plan. If you want the rest of the details you can go here. The program includes refinance options for GSE (government sponsored enterprises, Fannie Mae and Freddie Mac) and Federal Housing Administration (FHA) borrowers. Both programs forgo the appraisal requirements in the refinance process. According to the White House Fact Sheet, “the GSEs would be directed to use mark-to-market accounting or other alternatives to manual appraisals for any loans for which...

Appraisal / Appraisal News / Appraisers News / Automated Valuation Models / AVM / Fannie Mae - Freddie Mac

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