Fannie Mae’s Murphy stated that over the past year, the GSE had been focusing on “quality” and “condition” ratings of comps used in multiple appraisals by the same appraiser and found many cases where the appraiser has changed the quality and/or condition ratings on the same comparable from appraisal to appraisal. Now, based on the examination of the Uniform Appraisal Dataset (UAD) data, Fannie Mae’s focus for the next 12 months will be on adjustments. The data indicates that many appraisers are not using…
The Appraisal Profession & Appraiser’s Business Decimated by the Increasing Dominance of Appraisal Management Company Services (AMCs) For the past two months, VaCAP has participated in a networked council consisting of 13 professional state appraisal organizations in responding to the Agencies request for comments of the Proposed Rules on Minimum Requirements for Appraisal Management Companies: Dear Agencies; This letter is in response to the Agencies’ request for comments on the Proposed Rules on Minimum Requirements for Appraisal Management Companies. The undersigned represent a networked council of professional state appraisal organizations. We appreciate this opportunity to comment and thank the Agencies for...
The Appraiser Qualifications Board (AQB) has distributed an online survey to licensed and certified real estate appraisal professionals as part of a practice analysis. The deadline to complete the survey is March 26, 2014 The purpose of the practice analysis is to identify tasks and competencies reflective of the real estate appraiser job role in order to update the examination content outlines for the AQB National Uniform Licensure and Certification examinations. The link to the survey is: https://www.surveymonkey.com/s/AQBSURVEY Participation is essential to the success of the practice analysis. This is a fantastic way for licensed and certified appraisers to give back to...
“Hiring of Trainees to Remain Slow” This is ‘Shocking News?’ According to a recent survey conducted by the Appraisal Institute, “trainee hiring will remain relatively weak for the next one- to two-years.” Um, I hate to disagree with the results of what I am sure is a credible survey, but this is just a gross underestimation. One-to two-years? How about FOREVER unless something drastically changes in our industry? Most know me as a fairly optimistic voice in the appraisal world. I am not usually one of those on the sidelines calling “foul” at every supposed indiscretion and ‘unfair’ practice that...
As a reminder to State Appraiser Regulatory Officials, effective July 1, 2013, the Appraisal Subcommittee (ASC) will formally incorporate new requirements into its State Compliance Review process. As required by the Dodd-Frank Wall Street Reform and Consumer Protection Act of2010 (Dodd-Frank Act) amendments to Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (Title XI), and in accordance with Bulletin No. 2011-01 issued by the ASC on March 18, 2011, the ASC will formally incorporate the following requirements into the State Compliance Review process beginning July 1, 2013: Reciprocity: In order for a State’s appraisers to...
…You can see how difficult to become a state certified appraiser. We are fairly near the end of the continuing education cycle for appraisers in my home state of Pennsylvania. Among other topics, I’ve been presenting changes to laws and regulations, which include the new Appraisal Qualifications Board (AQB) standards that go into effect in January 2015. You can find the regulations here. The overwhelming response from existing appraisers is: “Do they just want to make us go away?” The new requirements will include a bachelor’s degree, as well as — in most states — 2,000 hours of experience under...
TJ’s Rant… Almost all of the questions deal with Supervisor – Trainee issues that will change in 2015. If like me, you believe it is difficult enough to find people to become appraisers today, just wait until you read all of the new requirements. I don’t understand where the AQB is coming from with all these new requirements. Do they really believe that someone will want to go to college (at an average cost of about $120,000) to get a degree and then become a Certified Residential appraiser who would be lucky to make $20,000 for their first few years...
AQB Issues Proposed Supervisory Appraiser and Trainee Appraiser Course Objectives and Content Outline The goal of the Real Property Appraiser Qualification Criteria (Criteria) is to promote and maintain a high level of public trust in appraisal practice by establishing minimum education, experience, and examination requirements for real property appraisers. On December 9, 2011, The Appraiser Qualifications Board (AQB) adopted changes to the Criteria that will become effective January 1,2015. These changes represent minimum national requirements that each state must implement no later than January 1, 2015. One of the changes adopted by the AQB requires that both Supervisory Appraisers and...
The genesis of the Appraisal Practices Board was the collapse of the housing market in 2008… Congressional Hearing Provides Opportunity to Clarify Purpose – FOR IMMEDIATE RELEASE June 29, 2012. Washington, DC – The Appraisal Foundation (TAF), a non-profit education organization dedicated to professional valuation, testified yesterday before the U.S. House of Representatives, Committee on Financial Services, Subcommittee on Insurance, Housing and Community Opportunity. The hearing, entitled Appraisal Oversight: The Regulatory Impact on Consumers and Businesses, focused on the Appraiser Regulatory System in place today and whether there is need for modifications or improvement of this system. One issue discussed...
TAF Response to Columbia Institute eVIP Appraisal News April 6, 2012, Mr. George Harrison, The Columbia Institute Dear Mr. Harrison: This is regarding an item that appeared in the “Ask George” column in the April 2 edition of eVIP Appraisal News. The question and answer relates to Appraisal Sponsors of The Appraisal Foundation apparently being under some type of constraint regarding freedom of expression. You have made a similar claim in a previous column and we thought that it was time to correct the record. You state that “The Appraisal Foundation has a restriction clause – gag rule – in its...
