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Editor’s Note: At the
“Appraisal Summit” last September, John Brenan of the Appraisal
Foundation discussed plans to raise the bar a bit higher for
Your Future: Appraisal Foundation Raising
the Bar by David Brauner, Editor
And you think your plate is full.
According to John Brenan, Director of Appraisal Issues at the
Appraisal Foundation (TAF), speaking at the Appraisal Summit in Las
Vegas last September, this is what TAF is up to and what to expect.
Education, experience and examination requirements for appraisers
will get more rigorous over time, not less: The Appraiser
Qualifications Board (AQB) is raising the bar. Brenan said
qualification requirements for appraisers across much of the world
are tougher than in the United States.
According to the
OREP.org/Working RE HVCC Talkback Survey, with over 6,000
appraisers responding, 69 percent answer “yes” to the question: “Are
you in favor of the increased licensing and education requirements
imposed by the Appraiser Qualifications Board?” (Thirty-one percent
(story continues below)
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In an effort to attract some of the “best and brightest” to the
profession, the AQB seeks to permit more college-level credits be
transferable toward appraiser credentialing requirements.“It
doesn’t make sense that students graduating from an accredited
university should not be able to apply any of that coursework toward
appraiser licensing,” Brenan said.
Trainees TAF recognizes the problems facing trainees wishing to enter the
profession and the lack of mentorship opportunities. Brenan said the
recently-passed Dodd-Frank bill authorizes the AQB to establish
requirements for trainees and supervising appraisers. In the months
ahead, the AQB plans to expose requirements for public comment that
would establish such requirements.
According to the HVCC Talkback Survey, TAF has its work cut
out for it. Seventy-three percent of appraisers answer “no” to the
question: “Would you consider taking on trainees in the future?”
(Twenty-seven percent said “yes.”) To the question: “Would more
favorable state/federal regulations make you more inclined to take
on trainees?” – 48 percent answer “yes” and 52 percent say “no.”
TAF recognizes the problem of inconsistent state
enforcement of appraiserviolations and is
creating training and other programs to make enforcement
more consistent country wide. “It harms public trust in
the profession if an infraction results in a suspension
in one state but goes unpunished in another,” said
Brenan. “For enforcement to be taken seriously, it has
to be consistent.”
You are Heard Brenan says appraiser feedback to Exposure Drafts
are heard and can make a big difference- so keep the
comments coming. “Every letter is read and thoroughly
considered,” Brenan said. One recent example is
appraiser pushback to the proposed Communications
Rule in the Third Exposure Draft of 2012-13 USPAP,
he said, that resulted in the Appraisal Standards Board
shelving the proposed change- at least for now.
Brauner Insurance Services/ OREP/Working RE Magazine
Brauner Calif. Insurance License: 0C89873
Keynote: Fed Disconnect? In the keynote, Alfred Pollard, General Counsel of
the Federal Housing Finance Agency (FHFA)- the agency
overseeing Fannie Mae and Freddie Mac in Receivership,
said that the Home Valuation Code of Conduct (HVCC) was
a success and that things shouldn’t change too much at
Fannie/Freddie as a result of the Code’s termination
under Dodd-Frank. A few weeks later, the Fannie Mae
Selling Guide (Oct. 15, 2010) came out to prove his
point. You can find the document at WorkingRE.com;
Sidebar: Fannie Mae Oct. 2010 Selling Guide.
Pollard said appraisal quality has improved since HVCC
(because Fannie and Freddie say so) and pressure is down
as hoped. He also said that HVCC is not the root of
appraiser complaints regarding AMCs and their loss of
business: AMCs have been around for years, he said, and
the hard times for appraisers are a function of the
troubled economy not AMCs. But these views are in stark
contrast to what appraisers say. According to the
HVCC Talkback Survey, One Year On, with over 3000
responses, 86 percent say
their appraisal-related income has declined since the
HVCC was implemented in May 2009; 81 percent attribute
the decline “mostly to HVCC.” Thirty-nine
percent of survey takers say they “feel pressure from an
AMC to make a deal work” (33 percent say they
sometimes feel pressure and six
percent say they feel it
always/often). Only 41 percent agree that
they “are experiencing less pressure today to alter
appraisal reports, for any reason, than they did before
HVCC was implemented.” According to the survey,
61 percent say appraisal
quality in general is worse since HVCC, not better.
Pollard also said the role of appraisers is elevated
today due to the financial crisis: lenders “want the
data.” Other “hot button” topics in Washington he says
are fraud, green lending/appraising, and rental-related
issues- the thought being, that perhaps too much
emphasis has been placed on home ownership in the past.
About the Author
David Brauner is Editor of
Working RE magazine and Senior Broker at OREP.org, a
leading provider of E&O Insurance for appraisers,
inspectors and other real estate professionals in 49
states (OREP.org). He has covered the appraisal
profession for over 19 years. He can be contacted at
or (888) 347-5273. Calif. Insurance Lic. #0C89873.