ASC Call for Comments
It is important for every appraiser to submit comments…
The Appraisal Subcommittee wants to hear from appraisers on Tristar Bank’s request for appraisal waivers. The comment period is open until April 9, 2018. VaCAP has previously participated in a group letter with other organizations and expressed our concerns on this topic. We will once again be part of a group letter as well as send in our own comments.
It is important for every appraiser to submit comments on how this is a dangerous slippery slope if the waiver is granted. Consumer protection is the issue and the door will be open for others to follow and this could really snowball, impacting non rural areas as well. See the previously sent letter here.
To post your comments, follow this link to the Federal Register for instructions.
Registration is now open! New Information has been released, Early Registration Discounts, Hotel Room Blocks and Speakers have all been added. There is more to come but take a look at all the details thus far here.
Just released today- Coupon Code “BIGBLUE” for an additional $25 off registration- This week only.
Voice of Appraisal:
If you are not regularly listening to Phil Crawford, Voice of Appraisal, now is a great time to start. He has lots of information to share about ApprasiersFest and other hot topics that could impact you and your business. The last three shows alone have been about liability in PIWs, An AMC Owner and his friends, and Senate Bill 2155. Listen and sign up 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.
Virginia General Assembly:
SB 979 and HB1506 have been signed by the Governor and start 07/01/2018.
HB1453 has passed the House and Senate and is waiting for the Governor’s signature.
SB 655 was stricken.
United States General Assembly:
S2155 is still in the Senate. The Network of Appraisal Organizations along with the Appraisal Institute were able to get some revisions to the language to for clarity. We hope to have more progress in the House. WorkingRE Magazine has done a great story on this bill. See it here.
POSTCARDS FROM THE ROAD
VaCAP is excited to announce something fun for VaCAP members & friends on our mailing list. So, we’re starting 2018 off with our FUN quarterly contest “POSTCARDS FROM THE ROAD”.
Now, we all know in our years of appraising some of the funny, interesting, and unique things we have come across out on the road, and sometimes you just can’t explain it to anyone. Hence the saying a picture is worth a thousand words. VaCAP’s Bernie Bugg has developed this idea to bring some FUN and laughter to our profession, which as we all know has its share of stress in today’s appraisal environment. Participants can submit photos to the email address below and be entered to win the $25 Visa gift card for the winning photo for that quarter.
The first deadline will be March 31st to submit photos and the winner will be announced April 10th. The next deadline will be the following quarter with the winner to be announced 10 days thereafter.
The eligibility rules for the contest are as follows:
NO interior photos will be eligible or considered. We all know some of the funniest or strangest photos might be interior pictures but for our contest those are not eligible. The only eligible photos are those that can or were taken from a PUBLIC location. No photos with people in them will be eligible. Photos from your own archives taken previously are eligible as well. Please feel free to add your own brief description or caption.
Let’s make this FUN! Some of the photos will be shared once the contest is complete. The winner and winning photo will be announced and posted by VaCAP with the winner receiving a $25 Visa gift card, or may apply their $25 winnings to their VaCAP annual membership fee for next year.
Photos are to be submitted to the “POSTCARDS…” program director Melody Rhinehart at v…@comcast.net.
- We the People… - April 9, 2023
- Federal Valuation Agency Impact on Appraisers & the Public - July 22, 2022
- Is Georgia Going Rogue? - June 13, 2022
One of my lenders is already getting appraisal waivers on 90% of their loans.
Had 2 purchase appraisal jobs canceled last week. Both cancellations were due to the lender getting a waiver not requiring an appraisal.
The best part about waivers, lenders are likely to consider them after they’ve already ordered the appraisal. The waiver program just does not jive well with the already overbearing emphasis on unnecessarily fast turn times. Bet your bottom dollar the desk assignment persons will advocate for the loan officers interests in an unrestrained manner. Theft of services to appraisers cost non licensed distribution managers nothing. Upsetting the loan officers and departing from the expected advocacy will cost unlicensed distribution persons everything. Reasons that lenders refuse to hire appropriately qualified persons for those positions. You can tell the better lenders from the predatory ones, predatory lenders refuse to hire actual appraisers for appraisal distribution positions.
ASC Special Meeting – April 12, 2018 Tuesday March 06, 2018 The ASC will hold a Special Meeting scheduled for 10:00 a.m. on April 12, 2018, at the Federal Reserve Board facilities at International Square, 1850 K Street NW, Washington, DC. The purpose of this Meeting is to consider the temporary waiver request from TriStar Bank of Dickson, Tennessee. The agenda for the Meeting will be posted here approximately two weeks before the meeting date. If you plan to attend the ASC Meeting in person, we ask that you send an email to email@example.com. You may register until close of business four business days before the Meeting. You will be contacted by the Federal Reserve Law Enforcement Unit on security requirements. You will also be asked to provide a valid government-issued ID before being admitted to the building.
My comment to the ASC:
Consider the notion that the list of counties effected for waiver programs may be the magic ticket to move there and perhaps actually recreate the days of yore where appraisers could form reliable partnerships, book out for months at a time to actually have reliable income flow, hire help. Then I considered the realities of cost and turn time. I’d have to be 850-1,250 per and at a minimum, 5 a week with 1 or 2 employees. I’d personally set the market standard. However, this is too risky because we all understand by now the lender or amc does not allow the appraiser to set terms in this restrained non competitive environment. The lenders would merely claim the terms are unreasonable. Without any effective auditing of assignment patterns from the past 10 years, with a mountain of verifiable evidence warranting such audits, it’s entirely probable that even if appraisers offered coverage, bypassing that available coverage would be as simple as comparing tat’s and stats against city discounters.