What Are You Waiting For?
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Please comment now!
VaCAP sent out a “Call to Action” a month ago to comment on the proposed increase in the appraisal threshold to $400,000. As of this writing, only 179 comments have been received. This is our future, please comment now! Comments must be received by February 5, 2019.
The proposed rule would increase the threshold level at or below which appraisals would not be required for residential real estate-related transactions from $250,000 to $400,000.Consistent with the requirement for other transactions that fall below applicable thresholds, regulated institutions would be required to obtain an evaluation of the real property collateral that is consistent with safe and sound banking practices. The proposed rule would make conforming changes to add transactions secured by residential property in rural areas that have been exempted from the agencies’ appraisal requirement pursuant to the Economic Growth, Regulatory Relief and Consumer Protection Act to the list of exempt transactions. The proposed rule would require evaluations for these exempt transactions… Read more »
2019 will be a year of excitement and change!
- The Fifth Circuit Court will hear oral arguments in the Louisiana Real Estate Appraisal Board vs FTC case in early February.
- VaCAP’s First Conference with Continuing Education takes place February 7 & 8th.
- The Network of State Appraiser Organizations continue to grow, currently with 30 state organizations participating.
- The Network of State Appraiser Organizations continue to gain a voice with regulators and users of appraisal services.
- Appraisers continue to unite and control the direction of the appraisal profession.
- Consumer Education of the Appraisal Profession continues to gain momentum.
- Appraisers are gearing up to take our message public via social media, radio, newspapers, etc.
2019 Legislative Update
Senate Bill No. 1168 has been introduced into the Virginia Senate by Senator Bill DeSteph and impacts Real Estate Appraisers and Appraisal Management Companies. The bill allows for a regulatory Board within the Department of Professional Occupation Regulations to “expunge” a disciplinary record of a licensee. See the bill in the Virginia’s Legislative Information System.
Windows to the Law: Working with Appraisers
The National Association of Realtors has published a video on working with appraisers. The advice being given is excellent. VaCAP recommends listening and sharing this video.