Tagged: Political Action

AMC Rules Inconsistent with Congressional Intent - Banking Agencies 2

Agencies AMC Rules Lack Guidance

Banking Agencies are Told Proposed AMC Rules Fall Short on Guidance In comments filed June 6 with several federal banking agencies, the American Society of Appraisers (ASA) and the National Association of Independent Fee Appraisers expressed our concerns that rules proposed to regulate appraisal management company (AMC) conduct lack sufficient detail to allow for effective implementation. Additionally, the organizations expressed concern that some provisions of the proposed rule depart from Congress’s intent when the enabling law was included in the Dodd-Frank Act, and could negatively affect the overall public policy goals. In the comment letter, ASA and NAIFA cover numerous...

The Appraisal Profession & Appraiser's Business Decimated by the Increasing Dominance of Appraisal Management Services - AMCs 15

Appraisal Profession Decimated by AMCs

The Appraisal Profession & Appraiser’s Business Decimated by the Increasing Dominance of Appraisal Management Company Services (AMCs) For the past two months, VaCAP has participated in a networked council consisting of 13 professional state appraisal organizations in responding to the Agencies request for comments of the Proposed Rules on Minimum Requirements for Appraisal Management Companies: Dear Agencies; This letter is in response to the Agencies’ request for comments on the Proposed Rules on Minimum Requirements for Appraisal Management Companies. The undersigned represent a networked council of professional state appraisal organizations. We appreciate this opportunity to comment and thank the Agencies for...

PADS - Appraisers Running for Exits 8

PADS – Appraisers Running for Exits

We urge appraisers to review the PADS Model Current economic trends suggest your appraisal practice will not survive beyond 2015. Appraisers are running for the exits, with many moving into Ad Valorem, and some into cost estimating.  Client accounts you thought were safe have been converted to ether and dispersed among a dark refinancing void. You’ve gone from completing six appraisals per week to camping by your email, in hopes of an AMC broadcast assignment appearing. Where you once had time to think about accepting the assignment, you now have less than 2 seconds to accept, because like you, ninety...

Call to action DPOR AMC hearing 1

DPOR AMC Public Hearing CALL to ACTION

CALL to ACTION: DPOR Public Hearing for Initial Appraisal Management Company Regulations Thursday, February 27, 2014, DPOR is holding a public hearing on the proposed Initial Appraisal Management Company Regulations. The hearing will begin at 9:00AM in the DPOR  meeting room at 9960 Maryland Dr, Richmond. The new regulation establishes definitions, qualifications, fees, and standards of practice and conduct for appraisal management companies. The new regulation is required to implement Chapter 405 of the Acts of the 2012 General Assembly, which resulted from HB 210. The goal of the regulation is to establish qualifications, fees, and standards of practice and...

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Assigning Blame

Even though the redirection of blame is an ancient approach to avoid taking responsibility for ones one actions, this seemingly innocuous tactic has become the leading downfall to the financial industry today. Consider, the consequences of shifting blame: The actual party who has made poor lending decisions escapes taking responsibility, and often times will even get promoted. Thus the initial behavior does not change. Since the poor decision has not been corrected, the pattern will continue. Redirecting the blame combined with the continuation of the faulty decisions expands the direction of investigation, because now a larger pool of appraisers appear...

BPO bill consumer confusion 0

NJ Governor Vetoes BPO Cites Consumer Confusion

NJ Governor Vetoes BPO Legislation, Cites Consumer Confusion On Aug. 19, New Jersey Gov. Chris Christie vetoed bill S. 2551, legislation that would have significantly expanded the ability of the state’s real estate professionals to provide broker price opinion and comparative market analysis services. In his veto message to the Legislature, Christie said, “While I appreciate the desire to facilitate additional business for real estate licensees in the state of New Jersey, I am concerned about potential consumer confusion.” The Appraisal Institute chapters in New Jersey testified in strong opposition to this bill when it was going through the legislative...

Volunteer to help VaCAP 1

Letter From Pat Turner

Volunteer to Help As we move forward into a new year and the time for renewing our memberships, I wanted to share some points with you. Yesterday I had a long time respected friend and colleague take me aside to offer me some good advice and counsel. She had been at a gathering of appraisers and she was concerned with the few of us who have joined and/or renewed our VaCap memberships. She asked people why and the overwhelming answer was “Well, VaCap has not done anything for me lately”. This was a wake-up call. Reflecting on that, I can...

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The FHA is Broke – Bailout Broke

Chairman Hensarling Announces Series of Committee Hearings Focused on Looming Financial Crisis at FHA Washington, Jan 30 – Chairman Jeb Hensarling announced today that the Financial Services Committee will hold a series of hearings throughout the year that focus on the financially troubled Federal Housing Administration, the FHA’s outsized role in the nation’s housing finance system, and the need to create a sustainable mortgage finance system. The FHA’s single-family insurance fund, which insures more than $1 trillion worth of home mortgages, has a negative economic value of $16.3 billion, according to an actuarial report released by the Department of Housing...

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Why Appraisers Should Vote

I have been involved in politics from the time I was quite young. I remember as a toddler attending party conventions, and as an eight year old delivering flyers from door to door asking everyone to vote for my dad for city councilman. Many of you know my story. Several years ago I felt a burning desire to learn more about our country’s commencement, the Founding Fathers, and good principles of government. Many of the principles that I discovered during that time have been the same truths that have propelled much of my present success. Despite what others may tell...

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Virginia Enacts New AMC Law

Gov. Bob McDonnell signed legislation (H.B. 408) April 11 that made Virginia the 10th state to enact new regulations regarding the operation of appraisal management companies. The new law will become effective July 1. Under the law, AMCs operating in Virginia will be prohibited from influencing or attempting to influence the development, reporting, result or review of a real estate appraisal through coercion, extortion or collusion by withholding or threatening to withhold timely payment or future business from an appraiser. AMCs also will be prohibited from: removing an appraiser from an AMC’s panel without first giving written notice to the...

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