It Is Time to Stop the Trend

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VaCAP Board
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FHFA Overseeing Appraisal Policy & Processes? Time to Stop the Trend

Why FHFA thinks the GSE’s should be even discussing appraisal processes is a question that needs to be asked of FHFA… Appraisers have let others dictate many things in our profession. It is time to stop the trend…

How about 20 questions?

The Federal Housing Finance Agency (FHFA) has 20 questions for you. Well, actually it is only 19 questions. The FHFA is the organization of the Federal Government that oversees Fannie and Freddie. They want feedback on how the GSE’s should move forward with appraisal policy, risk and appraisal processes. Now why FHFA thinks the GSE’s should be even discussing appraisal processes is a question that needs to be asked of FHFA. The Appraisal Foundation oversees appraisal policy and processes not FHFA.

FHFA has given us 22 pages to review to help us understand their questions. It is an easy read with graphs, charts and such. VaCAP encourages each of you to take the time to look over their information and comment. The comments are due by February 26th, so there is plenty of time to take action.

See the documents here and provide your comments here.

Now if you don’t want to provide your comments to FHFA, that is OK. FHFA has scheduled a listening session for February 11 from 1:00 – 4:00 EST and is allowing participants to register to speak. You must register in advance by Monday February 8 to secure a spot. Register here for the listening session.

VaCAP can not stress enough how important it is for every appraiser to comment. Appraisers have let others dictate many things in our profession. It is time to stop the trend.

Reminder: The Virginia Real Estate Appraisal Board meets Tuesday February 9, 2021 @ 10 AM. See the meeting details here. DPOR grants up to 2 hours CE per cycle for attending the Appraisal Board Meetings.

 

Image credit flickr - Hollywata
VaCAP Board

VaCAP Board

Coalition of individual appraisers working together to unite, promote and protect the collective interests of all appraisal professionals in Virginia; to promote needed changes in laws, rules, regulations, policies and standards affecting all appraisers in Virginia; to observe and report the actions of regulatory, legislative, oversight, and standards-setting entities of the Commonwealth.

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2 Responses

  1. Avatar don says:

    Appraisers should to able to remain as an independent contractor for a spectrum of Real Estate and other property appraisal and market studies work.

    A clearly stated contract has been able to protect individuals and businesses for centuries. This is not to say that grievances and misconstructions don’t occur, they do and our court system has and is handling it.

    The worth, reputation, and the success of any legitimate business comes form self defense, not from government protection.

    There is a confusion that government agencies can protect investors, and the public, and Politian’s with legislation. It hasn’t been done since the times of the Greeks

    Many appraisers collect fees which reflect the liability and the amount of work delivered, as do accountants and other professionals

    5
  2. Baggins Baggins says:

    https://www.visualcapitalist.com/mapped-the-risk-of-eviction-and-foreclosure-in-u-s-states/
    Picked that from Samuel Millers blog. You know what is about to hit you know where.

    Sure, now is the perfect time to restructure everything again, to focus on automation. It’s important to run these people through as fast as possible so investors can swoop in and capture the lost equity.

    In the article linked document, please scroll to pg 17, and read the risk statements. Then be pleasantly surprised on pg 18 & 19, by the complete lack of critical research, as they rehash the appraiser racist out of FL story (again) in this official government document.

    2

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It Is Time to Stop the Trend

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