Breaking News
FDIC Loan Modification Proposal
On November 14, 2008 FDIC announced a loan modification program that attempts to keep people in their homes at lower mortgage payments by extending the terms of loans and lowering interest rates. They appear to be relying heavily on BPOs. The Appraiser Coalition has written a response stressing why this is a misguided procedure which violates the law in several states plus federal bank regulations.
Click here for the letter response to FDIC.
Fannie Mae Announcement 08-30: Amends selling guidelines - appraisal related policy changes and clarifications. Effective January 1, 2009.
"Due to current conditions in the real estate market, it is paramount that appraisers are provided with sufficient guidance to properly appraise and document the appraisal report. Fannie Mae recognizes the Uniform Standards of Professional Appraisal Practice as the minimum appraisal standards for the appraisal profession. In addition, Fannie Mae has established its own separate appraisal requirements to supplement the Uniform Standards. This Announcement addresses several new or updated appraisal-related requirements and clarifies several other existing policies to help underwriters make sound underwriting decisions when reviewing the appraisal report....."
Click here for the new 1004MC form, required beginning April 1, 2009.
For complete information visit www.efanniemae.com.
NAIFA 2009 Call for Volunteers
NAIFA is looking for volunteers to serve on committees for 2009. Full details including descriptions/objectives of NAIFA Committees can be found in the MEMBERS ONLY section under NAIFA News.
Appraisal Groups Release Model AMC Legislation, by Ann Susko, IFA
The National Association of Independent Fee Appraisers in cooperation with the Appraisal Institute, the American Society of Appraisers and the American Society of Farm Managers and Rural Appraisers has developed model legislation regarding the registration and regulation of appraisal management companies (AMCs). An attempt has been made to provide framework from which the appraisal community, state appraisal boards and state legislatures can draft their own legislation and regulation.
AMCs are presenting themselves as appraisal service providers to the lenders and the public. Consumers are being charged an appraisal fee, but on the HUD-1 statement there is no delineation of the fee split between the appraiser and the AMC. Since the AMCs are outside of any federal or state regulations, they operate however they desire. This model bill is intended to close this unregulated loophole.
As drafted, the model:
- Requires the registration of AMCs operating in the state that order residential appraisals from independent appraisers. Provides exemptions for “in-house” appraisal departments, AMCs that order less than 10 appraisals in that state in a year, and for appraisers that subcontract to other appraisers on an incidental basis;
- Prohibits AMCs from being owned by individuals who have had an appraiser license or certification denied, refused, cancelled or revoked;
- Requires the identification of a “controlling person” for each AMC;
- Requires AMCs to have systems in place to verify that they only utilize licensed or certified appraisers, and that all appraisals are in compliance with USPAP;
- Enacts requirements that ensure that appraisers are free from coercion or inappropriate influence from AMCs, and
- Provides for the adjudication of disputes between AMCs and the independent appraisers.
The appraisal organizations look forward to working with their local chapters, state appraisal boards and state legislators and invite comments from all stakeholders.
A copy of the model draft can be found under the members only “news” or www.appraisalinstitute.org/newsadvocacy/downloads/modelprovisionsAMC.pdf. Send your comments to Ann Susko, IFA at asusko@cox.net.
America Society of Appraisers Real Property Committee and National Association of Independent Fee Appraisers discuss furthering unification.
On October 11, 2008, a task force composed of members of ASA's Real Property Committee and NAIFA met to discuss the strategic opportunities for furthering unification that may exist as related to the alignment of several programs and other association-related opportunities. Building on an ongoing partnership of education, on October 25, 2008, the NAIFA Board of Directors voted in the affirmative to accept in principle the framework for unification with ASA as the basis for further discussion, negotiation, and development which may lead toward a formal contract structure for review by both the NAIFA Governing Board of Directors and the ASA Board of Governors.
NAIFA Establishes Education Cooperation Agreement with American Society of Appraisers
Minneapolis - The National Association of Independent Fee Appraisers has entered into an agreement with the American Society of Appraisers' Real Property Committee to develop, maintain and present joint education offerings. The agreement was signed and announced at the ASA Annual Meeting in Minneapolis on August 7, 2008. To read the full announcement, click here.
Joint letter on IRS Professional Qualification Examples
Continuing our efforts to ensure fair treatment of NAIFA designations, NAIFA, in conjunction with ASA and ASFMRA, wrote to the IRS to express serious concern over, and seek clarification of, its decision to cite the real property valuation credentials of members of the Appraisal Institute in its definition of “a designation awarded by a recognized professional appraiser organization on the basis of demonstrated competency.” The reference appears in the Service’s proposed regulations on “Substantiation and Reporting Requirements for Cash and Noncash Charitable Contribution Deductions” (REG-140029-07). The full letter can be found in the members only section under "NAIFA News."
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The Young Appraiser's Group Forum is designed for interaction between next generation appraisers. This forum is primarily for appraiser's 40 and under, however, all ages of appraisal wisdom are invited. To enter the forum:
1. Go to the "Resources and Information" Tab
2. Click on the Public Discussion Forum and Log In
3. The Young Appraiser's Forum link is posted on the bottom
of the page
Moderator: Mark R. Evans, IFAS
Age 29 |
Find an Appraiser
The new Appraiser Finder service is designed to highlight important information about your skills and experience as an appraiser, as well as provide potential clients with contact information and links to your business. The new template has a re-formatted form and four new additional fields plus a picture/logo option. Click Here for instructions.
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