The Network Speaks Out

The Role of Formal Valuations in the Home-buying Process is Under AttackVaCAP and 27 other State Appraisal Organizations reached out to the House Finance Services Committee concerning the upcoming Subcommittee meeting entitled “What’s Your Home Worth? A Review of the Appraisal Industry” on June 20th. The Network stresses the most qualified to testify on the appraisal profession is an appraiser. The letter also outlines some of the flaws, inconsistencies and realities of the effects of appraisal management companies and how the GSE’s current “appraisal modernization plan” is actually harmful to consumers, investors, lenders, the housing market and the economy as a whole. Fannie Mae’s own publications are being used as documentation. Hopefully the committee members ask the right questions on consumer protection.

The letter the Network sent can be found below.

Those testifying at this hearing as we understand are:

Jennifer Wagner, Mountain State Justice
Jeff Dickstein, REVAA
Andre Perry, Brookings Institute
Stephen Wagner, Appraisal Institute
Dave Bunton, The Appraisal Foundation.

VaCAP has no knowledge of the questions and testimony that will be presented at this hearing, however, we will have representatives attending in person. The hearing is open to the public and can be streamed if travelling to DC is not your top priority. To set up streaming, go to the House Financial Services Committee website and click on the meeting.

Congress enacted the Federal Financial Institution Reform, Recovery, and Enforcement Act of 1989 in the wake of the banking disaster that was due in part to a lack of appraisal standards. It is difficult now to understand this present drive to replace the analyses and informed opinions of a highly regulated professional who has years of experience, hundreds of hours of specialized education, and extensive local market knowledge, as well as errors and omissions insurance, with untrained and unregulated “inspectors” (essentially photographers) and opaque computer programs. This push to eliminate the single independent and unbiased valuation puts the unsuspecting public at great risk. Homebuying decisions are highly personal ones; analyzing those decisions requires nuances only a highly qualified human can recognize. The integrity of the housing industry depends upon maintaining public trust.


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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9 Responses

  1. Avatar Carl says:

    I’m editing my post to emphasize that the below information I posted earlier is from the Pro Teck team page. I am not promoting him or his company. I do not work with AMCs.

    “Jeff Dickstein / Chief Compliance Officer

    Our clients trust us to help minimize risk. Lately, much risk has been focused on following the myriad of laws, regulations and policies that impact our industry.

    Jeff Dickstein is responsible for Pro Teck’s compliance with all state, federal and industry regulations. His thought leadership is highly regarded and often sought after by industry organizations and the press. Jeff sits on a number of industry Boards, and is currently President of The Real Estate Valuation Advocacy Association (REVAA).

    California Certified Residential Appraiser #AR009191
    Idaho Certified Residential Appraiser #CRA-3365
    Washington State Certified Residential Appraiser #1703043
    Utah Certified Residential Appraiser #8334396-CR00
    New Hampshire Certified Residential Appraiser #NRCR-903
    Massachusetts Certified Residential Appraiser #103474
    Georgia Certified Residential Appraiser #348930
    Oregon Certified Residential Appraiser #348930
    Wisconsin Certified Residential Appraiser #1878-9
    Arizona Certified Residential Appraiser #22250
    Nevada Certified Residential Appraiser #A.0206783-CR
    Virginia Certified Residential Appraiser #4001016990
    Michigan Certified Residential Appraiser #1201074925
    FHA Approved Appraiser”

    • Avatar Bill Johnson says:

      Really Carl, “Jeff Dickstein is responsible for Pro Teck’s compliance with all state, federal and industry regulations”. Just had a Proteck 1073 assignment come my way ($925,000 purchase) for $310 with a 4 day turn time. Tell me Carl, which Dodd Frank C&R fee standard (no known AMC involvement) was used by Mr. Dickstein that reflects a fee of $310 is in compliance with federal regulations?

      With a name like Dickstein, and that many licenses, sounds like he might be compensating for something.

      Of note, a previous client of mine (DVS) who utilized a software as a service (SaaS) system to assign appraisal orders (No AMC split), was bought by Proteck, thus my automatic approval with this AMC. This inside window to AMC activity (keep your enemies closer), is extremely disturbing.

      Seek the truth.

      • Avatar Carl says:

        Bill I completely agree with you. I just posted his info (copied and pasted) so others would know that he is with PRO TEK, an AMC guy. Unlike you I don’t do any AMC work and my fee is twice what AMCs pay appraisers.

        Relax my friend. I’m a friend not foe 🙂

        • Avatar Bill Johnson says:

          No problem Carl. As my previous post indicated I was auto approved into the ranks of Proteck because an old client of mine was bought by Proteck some months earlier. They send me work that I decline, but its interesting to see what they think fees and due dates should be. As it relates to work, I have 6 open VA assignments ($600), a bunch of direct lender stuff, and have turned down 5 orders since 12:05 P.M today. This work explosion has been crazy.

          Seek the truth.

    • Avatar Jack Of All Trades says:

      Carl a residential appraiser is more likely to reap a greater return for their effort in launching another business venture rather than spitting into a 200 knot headwind (trying to rebuild your appraisal business).

    • Avatar CJ says:

      REVAA is invited but Miller is not. Unfortunately, the fix was already in

    • Apparently, neither his company nor REVAA read the part of Dodd-Frank addressing reasonable and customary fees. Correction should be ‘much effort spent on selectively complying with only those regulations they concur with; or ways to circumvent them.’

  2. Avatar Jason says:

    Thanks vacap and the network!

    The live stream link to the June 20 hearing


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The Network Speaks Out

by VaCAP Board time to read: 1 min