3 Ways Hiring a Trainee Can Help Your Business It would likely come as no surprise to most appraisers at this point that with the changing demographics and aging of the valuation profession, attracting the next generation remains crucial to the future. With the many opportunities for employment and continued growth, the benefits for those considering pursuing an appraisal career are clear. The advantages to an experienced real estate appraiser of hiring a trainee may be less apparent, but they are no less significant. While there is undoubtedly significant work and time commitment upfront, hiring a trainee can reap long-term...
My testimony today will focus on issues that are particularly relevant to state regulatory officials. Challenges Facing State Appraisal Boards Enforcement States established appraiser licensing and certification programs as a result of the Financial Institution Reform, Recovery and Enforcement Act (FIRREA) of 1989. These agencies issue appraiser licenses and certifications to those individuals who possess the education and experience requirements promulgated by the Appraiser Qualifications Board of The Appraisal Foundation. The agencies also oversee compliance by appraisers with the Uniform Standards of Professional Appraisal Practice (USPAP), state law and agency rules. These programs have been set up in a variety...
“Appraisal Oversight: The Regulatory Impact on Consumers and Businesses” Hearing Frank Gregoire, a a state-certified residential appraiser in Florida, will testify on behalf of the National Association of REALTORS® (NAR) before the House Financial Services Committee’s Insurance, Housing and Community Opportunity Subcommittee on Thursday, June 28th. The hearing will focus on the appraisal industry and regulations impacting consumers and businesses. Mr. Gregoire holds the RAA Designation, is a two-time Chair of NAR’s Appraisal Committee, and has been active in NAR’s public policy committees since the early 1990s. Mr. Gregoire is on Panel II of the hearing. WITNESS LIST Panel I...
Appraisalbuzz recently posted a ‘White Paper on Training the Next Generation of Appraisers. I thought it was a good enough read to repost to my subscribers. Please read the article HERE and see my comments below: I commend the authors of this well-thought out article. Though I do not agree with every suggestion contained within, I support the general purpose of the article and I thank those who have taken the time to put it together. There are some great suggestions and ideas in this article and every appraiser ought to read it and be a part of implementing a...
FOR IMMEDIATE RELEASE – February 2, 2012 Contact: Paula Douglas Seidel, Executive Administrator, The Appraisal Foundation Washington, DC — A recent survey conducted by the Government Accountability Office (GAO) of state appraiser regulatory programs has produced high marks for The Appraisal Foundation regarding its effectiveness in issuing appraisal standards and appraiser qualifications. The survey, which was performed in conjunction with the GAO study issued last month entitled “Real Estate Appraisals: Appraisal Subcommittee Needs to Improve Monitoring Procedures,” contained 65 questions relating to the effectiveness of the current real property appraiser regulatory system. In addition to the effectiveness of the Foundation,...
Concerns regarding the decision of the VA to adopt UAD William Stewart Department of Veterans Affairs (VA) October 21, 2011 Dear Sandy, As president of the Virginia Coalition of Appraiser Professionals I wish to express to you our members’ deep concern regarding the decision of the VA to adopt the Uniform Appraisal Dataset (UAD). Our association has been active in our state regarding this issue and we feel this idea will only harm the quality of appraisals that our Veterans will receive in the future. It is for certain that the homeowner or new purchaser will not understand the appraisal...
VaCap Second Letter to Attorney General Cuccinelli Regarding UAD 08/29/2011 Kenneth T. Cuccinelli, II Office of the Attorney General 900 East Main Street Richmond, VA 23219 Re: September 1st Implementation by GSEs Dear Sir: In a letter dated July 19th, 2011, the Virginia Coalition of Appraiser Professionals (VaCAP) brought to your attention the serious concerns that we have about the impending implementation of new appraisal reporting requirements by the Government Sponsored Enterprises (GSEs), which are The Federal National Mortgage Association (FNMA) and The Federal Home Loan Mortgage Corporation (FHLMC). Since Fannie Mae and Freddie Mac control a very large percentage...
VREAB Letter to FHFA Calling for Postponement of UAD Implementation August 29, 2011 Mr. Alfred M. Pollard, General Counsel Federal Housing Finance Agency Dear Mr. Pollard: At its August 16, 2011, meeting, the Virginia Real Estate Appraiser Board (Board) received public comment from a number of Virginia appraisers expressing their unease with the September 1, 2011, implementation of the Uniform Appraiser Database (UAD) by Fannie Mae and Freddie Mac under the direction of the Federal Housing Finance Agency (FHFA). These and other Virginia appraisers have concerns that conforming to the UAD might lead to misleading appraisal reports as the UAD’s...
The mandates override the Virginia Code Re: Impending Violation of Virginia Statute 18 VAC 130-20-160. Dear Attorney General Cuccinelli, There is an extremely urgent and important matter that the Virginia Coalition of Appraiser Professionals (VaCAP) wishes to bring to your attention. The Government Sponsored Enterprises (GSEs), which are The Federal National Mortgage Association (FNMA) and The Federal Home Loan Mortgage Corporation (FHLMC), have mandated Real Estate Appraisal reporting requirements that will severely compromise the integrity of information provided in appraisal reports and potentially eliminate the private appraisal profession. This new, comprehensive format will cause unnecessary risk and expense to the...
Help Regulators Take Proper Aim, Appraisal Institute Tells Congress CHICAGO (July 14, 2011) Testifying before a Congressional subcommittee, the Appraisal Institute’s president-elect on Wednesday told lawmakers their intent was “right on target” and asked them to “guide the regulators’ aim” in implementing consumer-friendly real estate appraisal guidelines. Sara W. Stephens, MAI, told members of the House Financial Services’ Subcommittee on Insurance, Housing and Community Opportunity that the Dodd-Frank Act passed by Congress last year is not being properly implemented by federal regulators. Among other highlights, the Act calls on appraisal management companies (AMCs) to pay “customary and reasonable” fees to residential...
