FFIEC - Appraisers Blogs

Federal Agencies Changing FIRREA

VaCAP Board — Sun, 18 Aug 2019 12:30:47 +0000

VaCAP has just been made aware of a Sunshine Act Meeting that will take place on Tuesday August 20, 2019. We have been told that the FDIC meeting on Tuesday will vote with no discussion to raise the residential de minimis. This is scheduled to happen despite the volumes of opposition and in the wake of a similar act by the FFIEC to grant appraisal waivers in North Dakota. The Federal Financial Regulators are changing FIRREA through rules and bypassing Congress in doing so. FIRREA was put in place for a reason and is being reduced to rubble by agencies...

The post Federal Agencies Changing FIRREA appeared on Appraisers Blogs.

Nonexistent Shortage of Appraisers

Michael Ford — Tue, 21 Aug 2018 12:30:46 +0000

…there is a shortage of appraisers willing to work for sub-par fees and unrealistic turn around times… The American Guild of Appraisers has already heard from many of our North Dakota and nearby states members on the above request. The most recurrent complaint is that there is no numerical shortage of appraisers in North Dakota (approximately 300+-) as well as adjacent states appraisers that regularly cross over to serve client needs there (another 30 to 40+-). What I am told is that there is a shortage of appraisers willing to work for sub-par fees and unrealistic turn around times! There...

The post Nonexistent Shortage of Appraisers appeared on Appraisers Blogs.

Restraint of Trade Investigation

Michael Ford — Thu, 01 Jun 2017 12:30:23 +0000

I am heartened that the Federal Trade Commission has recognized the need to assure that appraisal “…consumers deserve to benefit from a free market where those fees are set by competition.” It appears that your complaint may have been instigated by the very special interests that are most responsible for suppression of appraisal service free trade and fair price competition in America today. By that I am referring to the entities broadly described as Appraisal Management Companies (AMCs), and in this specific complaint – the Federal National Mortgage Association, also known as Fannie Mae and/or FNMA .

The post Restraint of Trade Investigation appeared on Appraisers Blogs.

Commercial Appraisal De Minimis Proposal

ICAP Board — Mon, 27 Mar 2017 12:30:35 +0000

Proposal To Increase The Appraisal Threshold On Commercial Real Estate Loans The Federal Financial Institutions Examination Council’s Joint Report to Congress said the federal banking agencies are developing a proposal to increase the threshold for requiring an appraisal on commercial real estate loans from $250,000 to $400,000. The report did not propose changes to the current residential real estate threshold of $250,000. In addition, the agencies recognize that appraisals can provide protection to consumers by helping to assure the residential purchaser that the value of the property supports the mortgage amount assumed. Overall, the agencies believe that the interests of...

The post Commercial Appraisal De Minimis Proposal appeared on Appraisers Blogs.

Appraiser Shortage Myth Used to Raise De Minimis Value

Michael Ford — Wed, 16 Mar 2016 12:30:04 +0000

Appraisers, I know everyone is busy right now, but this cannot wait. This may be the most important blog post affecting appraisers this year. I don’t think it is an exaggeration to say that if something is not done, it really COULD lead to the end of ALL residential appraisers for federally regulated transactions under $500,001. FFIEC under the Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA), is considering raising the de minimis lending level from $250,000 to $500,000, because the local community banks are complaining that they cannot find enough appraisers in rural America to handle the volume! If...

The post Appraiser Shortage Myth Used to Raise De Minimis Value appeared on Appraisers Blogs.