Better Than Your Favorite Band’s Concert!

Fraudulent Appraisals Class Action Lawsuit, LREAB Oral ArgumentThis will be better than your favorite band’s concert!

Watch the oral arguments in the FTC vs LREAB case live in Washington DC on Thursday February 22, 2018!

“The Federal Trade Commission (“FTC” or "Commission") will meet on Thursday, February 22, 2018, in Room 532 of the FTC Building for an Oral Argument In the Matter of Louisiana Real Estate Appraisers Board. The public is invited to attend and observe the open portion of the meeting, which is scheduled to begin at 2:00 p.m. The remainder of the meeting will be closed to the public ”

VaCAP will be there representing Virginia Appraisers and the Network of State Coalitions. If you are close by, please attend and support our Louisiana colleagues.

See the announcement here.

Legislative Update:

SB 979 has passed the Senate and has been referred to the House of Delegates General Laws Committee.

HB1506 has passed the House of Delegates and will be introduced into the Senate.

HB1453 has passed the House of Delegates and has been introduced into the Senate General Laws and Technology Committee.

SB 655 has been stricken and will not move forward.

Class Action Lawsuit for Fraudulent Appraisals

Countrywide, Landsafe, and Bank of America are on the receiving end of a class action lawsuit for short cuts in sound appraisal practices and bypassing requirements of USPAP.

It kind of sounds like what is happening now with the PIW and hybrid products. See the article titled “Countrywide, LandSafe accused of fraudulent appraisals during housing boom” from HousingWire here.

A Great Read:

Some of you probably remember a few weeks ago Ryan Dezember, a reporter for the Wall Street Journal, wrote an article about alternative appraisal products being used by investors. We found another article by Ryan. A personal experience about the housing crisis. You will need to sign into Linked In to view the article. If you are not on Linked In, the Wall Street Journal has a deal for a 2 month subscription for only $1. This is an excellent story. See it here.

VaCAP has many dedicated professionals volunteering their time working hard on your behalf. We realize we can not do this alone and so do other appraisal organizations. Our industry is changing and we must change as well. We are uniting with other appraisal organizations showing our strength and dedication to improving the profession.

VaCAP, along with 21 other industry organizations has sent another letter to the Appraisal Subcommittee concerning Tri-Star Banks appraisal waiver request. See the letter in its entirety here.

The National  Association of Independent Fee Appraisers has invited VaCAP members to join them for a USPAP class on April 23, 2018. The cost of $125 to VaCAP members is the same as it is for NAIFA members. Thank you NAIFA for including VaCAP.

2018-2019 National USPAP Update Class
Sponsored by NAIFA Northern Virginia Chapter
Instructor:  Rob Luciani, IFA
Monday, April 23, 2018 from 9 am till 5 PM
Hilton Garden Inn (in Central Park just of I-95)
1060 Hospitality Lane
Fredericksburg, VA  22401

Registration Fee for NAIFA and VaCap Members is: $125

Please bring your USPAP Book to Class. To register, click here.

VaCAP Board
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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7 Responses

  1. Avatar MD appraiser says:

    Thanks for the info vacap. Will the hearing be broadcasted live?

    • VaCAP Board VaCAP Board says:

      The oral argument portion of the meeting is open to the public so you would need to be present to attend.  This in itself if a gift!

  2. Avatar Eric West says:

    Why am I not surprised that the fee disclosure & cap on amc fees didn’t pass?

  3. Avatar BigAl says:

    How did things ever get so far?

  4. Baggins Baggins says:

    NCAREA actually participated? I may have to renew my membership after all. What a long list of signatures, wow. Did the above poster just pocket dial in a string of comments? That’s odd. I’m most concerned about demins, really, if the only appraisal work in the future will be in rich areas I could never personally have a remote hope of living in, I won’t be completing that work. Need the bread and butter simple work to keep going. Have a good one.

  5. Avatar ExitRedazione says:

    VaCAP Board, thank you ever so for you post. Much thanks again.


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Better Than Your Favorite Band’s Concert!

by VaCAP Board time to read: 2 min