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TOPICS, COMMENTS OR CONCERNS OF THE APPRAISAL INDUSTRY

October 24th, 2018 2:05 AM

Appraisers Take on Washington DC:

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,  Maryland, Delaware 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 USPAP. There are a lot of changes… 90 pages to be exact!  VaCAP encourages each of you to take the time to read through the exposure drafts (there are two). A third exposure draft will be coming out in December. 

The proposed changes are substantial in some areas and minor tweaks in other areas; however, the structure is changing. Be on top of this and submit your comments when the third exposure draft is released. Do not take this lightly, realty think it through!  

Two members of VaCAPs’ Executive Board attended the Association of Appraiser Regulatory Officials (AARO) Conference.  The event had many appraisers, amcs and regulators present. Appraisers have become more involved with AARO over the past few years and have been an integral part of the conferences.  This was a 4 day event and very informative.  

The Professional Organization Committee, chaired by Karen Emerle (ICAP) presented a program on education reciprocity among the 55 jurisdictions. Charlie Gress (OCAP) was a key presenter. Both Charlie and Karen are active members of the Network of State Appraisal Organizations (NSAO) Congratulations for a great presentation!


 
   Charlie Gress (OCAP) Presenting 




      
         Phil Gray (ACOW) comenting


To recap some other highlights: 


Hybrid Appraisals were a big topic – Many Regulators are concerned about their compliance with their state statutes and are starting discussions on them. The definition of an appraisal in each state seems to be a big issue in allowing a third party to complete the inspection.  Some AMC’s are also seeing these products as problematic for everyone. Fannie Mae presented their justification on why they are pushing hybrid appraisals.  A look of disbelief was on many Regulators faces.  It is if they were asking “how could Fannie Mae be so far off track.“

AMC National Registry:  Regulators and AMC’s both are attempting to determine best practices on compliance. At the moment, it appears an honor system will be used.  Some states have started auditing amc’s and are establishing their own best practices. This is going to be a work in progress for many years it seems.

PAREA-Educational Training Modules- TAF is working on virtual training modules to give appraisers more diversity on training.  This is going to be a great tool for new appraisers coming into the profession.

Standardization of CE Approval among States-
the idea is to reduce the burden on each state to approve each CE course. If the standards were consistent among the states, once a state approved a course, other states could approve as well without a re-examination of the materials. A huge benefit to Regulators, education providers and appraisers.

Best practices was a central theme of AARO. Regulators, appraisers and amcs working together for the good of everyone. Perhaps the most notable portion of the AARO Conference was learning how other states operate. Many we spoke with shared how they work closely with appraisal coalitions and other licensees to work together on the issues that arise.

VaCAP will continue to be part of AARO and other organizations in which we align. Thank you for your continued support. 


Please connect with VaCAP on LinkedIn  

We have some exciting things ahead and you definitely want to be a part of them!


Posted by Virginia Coalition of Appraiser Professionals on October 24th, 2018 2:05 AMLeave a Comment

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February 21st, 2016 7:01 PM
Public Trust or Business Practice? 

VaCAP wants your opinion!  

Is the practice of email blasting appraisal assignments an issue of Public Trust or is it a Business Practice? Please share your thoughts. 

Posted in:General and tagged: AMC's
Posted by Virginia Coalition of Appraiser Professionals on February 21st, 2016 7:01 PMView Comments (2)

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February 5th, 2016 7:38 PM
The Virginia Coalition of Appraiser Professionals is a 100% volunteer organization. We exist to unite, preserve and promote the appraisal profession in Virginia. Public Trust and Appraiser Independence are of the utmost importance to us.  

Recently VaCAP has been receiving correspondence from Virginia Appraisers complaining about low fees and AMC abuses.  Comments like the “The AMC is taking more than half of my fee”   and another “Why hasn’t VaCAP done something? “ One of the best yet ….. ”When is the Customary and Reasonable Fee Committee meeting?  I can’t keep accepting appraisals for $225 “ This came two weeks after the Customary and Reasonable Fee Committee meeting! 

Well Mr. $225 Appraiser, what rock have you been under? VaCAP sends out information on a regular basis; on average of once a week. We have announced the dates, times, locations of all the meetings.  We have explained what the Townhall is; why you should register, and even provided a link to the site for you to register!  We even post on Facebook. Mr. $225 Appraiser, the AMC taking half your fee is nothing new. This is one of the main reasons VaCAP was started back in the 2011.  

Mr. $225 Appraiser, Why are you not a member of VaCAP? Why are you not a member of any other appraisal organization?  Why should all the volunteer members of VaCAP continue to work for your benefit?   Why are you unwilling to help yourself?  Why do you continue to accept fees below customary and reasonable?  As long as you, Mr. $225 Appraiser continue to accept assignments below customary and reasonable fees, they will continue to be paid.Mr. $225 Appraiser, you are a major contributor to the problem, and not part of any solution.  Why Mr. $225 Appraiser, are you unwilling to help yourself?  

VaCAP is willing to help any industry professional with any situation. We even help members of other coalitions in other states. Is it really too much to ask that you be willing to help yourself first?   

From the Appraisal Subcomittee Website:  

Appraisal independence requirements for consumer credit transactions secured by the consumer's principal dwelling are set forth in 129E of the Truth in Lending Act (TILA). Other appraisal independence (or appraisal independence) requirements are established by various Federal and State statutes, regulations or guidance. Examples of violations of appraisal independence laws could include:  

  • an appraisal management company failing to pay an appraiser a customary and reasonable fee for appraisal services. 
  • withholding payment of appraisal services to influence the outcome of an assignment
  • an appraiser failing to act independently and impartially in the development and reporting of an assignment's results.
  • a financial institution's loan production staff attempting to improperly influence an appraiser's opinion of value. 
  • an appraiser failing to disclose a financial or other interest in the property that is the subject of an assignment. 
  • excluding an appraiser from consideration for future assignments because the appraiser reported a value that did not meet or exceed a predetermined value. 
  • implying to an appraiser that future retention depends on the amount at which the appraiser estimates a value to be.
Mr. $225 Appraiser, the time  has come for you to step up and be a professional appraiser, support your industry, our future, and protect  the public.  Here is  who to contact with your complaint: 

Richard Cordray
The Consumer Financial Protection Bureau
P.O. Box 4503 
Iowa City, Iowa 52244
Appraisal_Tips@CFPB.gov

Thomas J Curry
Comptroller of the Currency
400 7th St, SW
Washington, D.C. 20210

Janet Yellen
Federal Reserve Board
20th Street and Constition Avenue, NW
Washington, D.C. 20429

Martin Gruenberg
Federal Deposit Insurance Corporation
550 17th Street, NW
Washington, D.C. 20429


When filing your complaint, make sure to provide documentation as well as the lender involved. The lender is the one responsible for their agent, the AMC.  

Posted in:General and tagged: AMC's
Posted by Virginia Coalition of Appraiser Professionals on February 5th, 2016 7:38 PMLeave a Comment

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January 18th, 2016 12:52 PM

Reposted from Louisiana Real Estate Appraisers Coalition's Facebook Page:

Hey COMMERCIAL/GENERAL appraisers do you think AMCs are not coming after you like they have done with the residential appraisers .....check out this post by Valuation Management Group.

"Michelle Clark is our December Employee of the Month. December was one of highest volume months on record for the commercial department, and Michelle played a key role in the production and success of the department. Michelle worked long hours most of the month in order to meet our clients’ closing deadlines and to ensure a quality appraisal was delivered. She was instrumental in communicating with both the appraisers and clients in order to keep us on schedule and delivering world class service. Congratulations, Michelle!"

I again ask you if you are a commercial appraiser do not wait until it is to late or you are trying to play catch up. Take a stand with the residential appraisers and let your voice be heard.

www.lareac.org



Posted in:AMC's and tagged: AMC'sCommericial Appraisers
Posted by Virginia Coalition of Appraiser Professionals on January 18th, 2016 12:52 PMView Comments (1)

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