Tagged: ICAP

Letter Imploring Agencies to Reconsider the Rule on Deferred Appraisals 2

Reconsider the Rule on Deferred Appraisals

ICAP commented on the impending Interim Final Rule that will allow real estate appraisals to be deferred for 120 days for certain real estate transactions. The letter states that the deferment could lead to several unsettling possibilities. The letter implores the agencies to reconsider this rule. Now is not the time to walk away from safety measures meant to insure the present and future movement of real estate, but to embrace them. Public Trust is the appraiser’s primary concern. To not have this certified and insured professional involved at the outset of real estate lending during this time, in some...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / ICAP / Illinois Coalition of Appraisal Professionals

Appraisers Are Considered an Essential Business 36

Appraisers Considered an Essential Business

Under the order, “essential businesses” cover a wide variety of workers…Appraisers are considered an essential business… Illinois Governor Issues Stay-at-Home Order. Illinois Gov. J.B. Pritzker today issued a “stay at home” order for the entire state starting Saturday March 21, 2020, at 5 p.m. through April 7. The order encourages all “essential businesses and operations” to remain open. Appraisers are considered an essential business The order encourages all “essential businesses and operations” to remain open, but directs them to enforce six-foot social distancing for both employees and customers. Under the order, “essential businesses” cover a wide variety of workers, including...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / ICAP / Illinois Coalition of Appraisal Professionals

Evaluations Concept Paper, Bringing Evaluations Under USPAP Umbrella 5

Bringing Evaluations Under USPAP’s Umbrella

Evaluations: Concept Paper, Webinar, Public Meeting In early August, The Appraisal Foundation announced that the The Appraisal Standards Board would be considering adopting standards for evaluations in the Uniform Standards of Professional Appraisal Practice (USPAP). On September 3, 2019, they announced three opportunities to learn more and share your insights. Concept Paper The Appraisal Standards Board is seeking your feedback on the concept of developing standards for performing evaluations in USPAP. Submit your comments to ASBcomments@appraisalfoundation.org. The comment period closes on October 11, 2019. Read the evaluations concept paper here Webinar Wayne Miller, chair of the Appraisal Standards Board, and...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / ASB / ICAP

Committee Passes H.R. 3619 - Requires AMCs to Disclose their Fees 4

Committee Passes H.R. 3619

H.R. 3619 has passed out of committee and is now sitting in the US House for consideration. H.R.3619 would amend the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 to provide the Appraisal Subcommittee with the authority to modify annual registry fees for appraisal management companies, to maintain a registry of trainees and charge a lower trainee registry fee, and to allow grants to States to assist appraiser and potential appraiser compliance with the Real Property Appraiser Qualification Criteria and would require AMCs to disclose their fees. The NCUA Quadrupled The Appraisal Threshold For Nonresidential Real Estate Loans By a 2-1...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisal Subcommittee

Requests for Reconsiderations & Issues Surrounding these Requests 23

Requests for Reconsiderations

…appraisers continue to receive requests for reconsiderations on a daily basis. White Paper: Requests for Reconsiderations The paper states that one factor that complicates requests for revisions is that there are no consistent industrywide policies, guidelines, or forms related to this process. Furthermore, over recent years there have been changes in statute and policy with respect to appraiser independence obligations, which has resulted in some confusion among users of appraisal services (and appraisers) as to exactly what may be asked and provided in such requests. It is important to distinguish these requests from a request to make corrections or address...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / ICAP / Illinois Coalition of Appraisal Professionals

Proposal to End Appraisal Requirement on Home Sales of $400k or Less 50

Proposal to End Appraisal Requirement

Regulators’ Proposal to End Appraisal Requirement on Some Home Sales of $400,000 and Below… The Federal Deposit Insurance Corp., the Office of the Comptroller of the Currency, and the Board of Governors of the Federal Reserve released a proposal that would increase the appraisal requirement from $250,000 to $400,000, meaning that certain home sales of $400,000 and below would no longer require an appraisal. According to data provided by the FDIC, the agencies estimate that increasing the appraisal threshold from $250,000 to $400,000 would have exempted an additional 214,000 residential mortgages at regulated institutions from the agencies’ appraisal requirement in...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / FDIC / ICAP

Regulators, Appraisers & AMCs Working Together, Appraisers Take on DC 3

Appraisers Take on Washington DC

Hybrids were a big topic & many regulators are concerned about their compliance… Independent Fee appraisers representing 15 different states were well represented in Washington DC this past weekend. Appraisers from  Virginia, North Carolina, South Carolina, West Virginia, Ohio, Louisiana, California, Illinois, South Dakota, Michigan, Utah, Rhode Island, Delaware, Maryland and Washington State joined together in DC for several gatherings. To sum it up simply… Positive Unity among all. On Friday, three members of VaCAP attended the Appraisal Standards Board Meeting. This meeting was live streamed, so hopefully you were able to watch live. Lots of discussions on the proposed changes to the 2020-2021...

a la mode / AARO / ACOW / AI / AMC / Appraisal

Appraisal Waivers Pushback, Treasure Valley Clarification & More 11

Pushing Back Against Appraisal Waivers

AI & 37 Appraisal Organizations pushing back against Appraisal Waivers… Clarification on Treasure Valley Factors: Last week we shared with you information about Treasure Valley Factors no longer accepting invoices from Managed Appraisal Services. Many interpreted this to mean Treasure Valley Factors was no longer accepting appraisal management companies’ invoices. This is not correct. Managed Appraisal Service, Inc. is an Appraisal Management Company located in Horsham, PA. It is this company’s invoices Treasure Valley Factors is no longer accepting. Treasure Valley Factors is still accepting invoices from other Appraisal Management Companies. Treasure Valley Factors reviews each company individually and makes decisions...

AI / AMC / Appraisal / Appraisal Institute / Appraisal Management Companies / Appraisal Organizations

Appraisal Waiver Programs Risky for Taxpayers and Homeowners 4

Appraisal Waiver Programs… A Risky Business

ICAP (and 36 other industry groups) signed a Letter To The Committee on Banking, Housing and Urban Affairs Over The New Appraisal Waiver Programs ICAP along with 36 other industry groups signed a letter to the Committee on Banking, Housing and Urban Affairs to raise concern over the new appraisal waiver programs recently implemented by Freddie Mac and Fannie Mae (the “Government Sponsored Enterprises.”) The letter states that these programs will create unnecessary and unacceptable risks for taxpayers and homeowners, and they come at a time when markets are at all-time highs – when risk mitigation should be tantamount. The...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / Fannie Mae - Freddie Mac / Federal Housing Finance Agency

Appraisal Threshold on Commercial Loans May Change 4

Commercial Appraisal De Minimis Proposal

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...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / ICAP / Illinois Coalition of Appraisal Professionals

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