Nuclear Option DENIED!
VaCAP has just been informed the TriStar Bank Waiver Request has been DENIED by the ASC.
Representatives from VaCap attended the TriStar bank appraisal waiver hearing at the Federal Reserve building in DC this morning. Also present were John Russell with the ASA-NAIFA, Leo Regensburg with the AGA, Bill Garber with the AI, Mark Shiffman with REVAA, appraisers and other stake holders. The board members consisted of Robert Witt with the FHFA, Veronica Spicer representing the CFPB, Richard Taft representing the OCC, and ASC board members. The meeting got off to a late start because the Tri-Star representatives were held up by DC traffic. Once they arrived, James Park with the ASC began by introducing the case and citing data provided by TriStar bank. Public comments were not allowed; however, TriStar bank was given the opportunity to speak and basically reiterated the banks position concerning the perceived appraisal shortage, turn times and costs. In short, the board members responded citing the banks data as well as data provided by the Tennessee Appraisal board and comments they received by the ASC from “boots on the ground” appraisers serving in and around the counties in question. With all of the information the board concluded that there was not an appraiser shortage and that there was not an unacceptable increase and turn times given market conditions. The board members then voted unanimously to deny appraisal waivers but did offer to act as an intermediary to assist the bank in finding qualified, state certified appraisers.
The chairman of the board Arthur Lindo stated waiving appraisals would be considered the “NUCLEAR OPTION.” It was mentioned that since the bank waiver request, appraisers had asked to be included on TriStar bank's fee panel but the bank was only considering adding one of the appraisers. Also of special interest was the lack of discussion regarding AMC’s and their contribution to long turn times, higher fees to the consumer, and low compensation for the appraisal professionals actually doing the work. Stay tuned for more as developments arise!
Even more exciting news, the FTC vs LREAB has been removed from the Administrative Law Judge at the FTC and been placed with the Circuit Court System in Louisiana. Our friends in Louisiana will now get a fair evaluation of the facts.
We will update everyone with more details as we receive them.
Last week we asked everyone to share their comments on the CoreLogic / DataQuick revised proposed settlement agreement with the FTC. The FTC is in place to ensure consumer protection of an open and free market. The FTC wanted input on the revised agreement and asked for public comments. This was an opportunity that simply could not be passed by.
VaCAP suggested giving your thoughts on the proposed agreement and sharing examples and analogies from your everyday activities. There were some questions on how this agreement impacted appraisers so VaCAP broke it down for everyone and sent out this email in response. AppraisersBlogs reposted the email so every appraiser in the country could have the opportunity to express their comments.
Then a la mode sent out their announcement that CoreLogic had purchased them……
VaCAP, along with 17 other state organizations signed a joint letter sharing our thoughts about the proposed revised agreement. We also took the opportunity to express concern over the control CoreLogic has in the real estate industry. NAIFA/ASA, also sent a letter expressing concerns; as did AGA.
The industry is changing. Some change is good, some maybe not. The FTC vs Louisiana Real Estate Appraisal Board outcome will change the industry. We are hoping for a win, but the reality is there are strong forces working against us and we simply do not know how this will turn out. Appraisers must stick together, stay informed and not sit by and watch others destroy our profession.
Let’s be clear, it is not just professional organizations that are supporting you, the professional appraiser. We have some great resources keeping us informed and provide platforms for each of us to learn from one another. Here are a few of the more popular ones:
- Voice of Appraisal with Phil Crawford
- 100% Real Estate Appraiser Facebook Group
- Jonathan Miller
- Ryan Lindquist
- Dustin Harris
- And let’s not forget about AppraiserFest. FOR APPRAISERS, by APPRAISERS! This is going to be an event like no other and you don’t want to miss it.
Thank you Phil Crawford, Lori Noble and Mark Skapinetz for volunteering your time, energy and expertise in making AppraiserFest happen!
See the NSAO letter here.
See the AGA letter here
See the NAIFA / ASA letter here.
See all the comments submitted to the FTC here.