Monthly Archives: October 2015
In response to an Appraiser Qualifications Board (AQB) Concept Paper The Illinois Coalition of Appraisal Professionals (ICAP) conducted an on-line study October 5, through October 10, 2015 to help answer the question, “Should there be alternatives to fulfilling the appraisal experience?” Click here for the results of the study.
As indicated in ICAP’s survey, the vast majority of the respondents do not consider there to be an oversupply of appraisers. In fact, the recent declines of residential appraisers indicate an oversupply of appraisers as the current fees are not enough to keep and attract new appraisers to the industry.
The study further indicates that the largest barrier to entry into the appraisal profession isn’t the education requirement or the experience requirement, but inadequate fees.
October 16, 2015:
by Karen Emerle, SRA
ICAP is one of 21 State appraiser coalitions currently participating in the Network of State Appraiser Organizations (NSAO). On October 16, 2015, NSAO held a Work Group meeting at the National Association of Realtors (NAR) offices in Washington, D.C. NAR graciously provided use of their conference room for NSAO’s day-long meeting.
ICAP Director, Karen Emerle, SRA, attended the afternoon segment. She was one of 15 members, representing 13 State appraisal coalitions, present at NSAO’s Washington, D.C. Work Group meeting. Current issues affecting appraisers, legislation and/or litigation updates relevant to the individual States were shared by participants. The Work Group will continue to pursue issues germane to all State coalition members.
NSAO’s focus is on improving the appraisal industry and protecting the consumer. In an effort to further those goals, participants agreed future meetings should be bi-annual and scheduled to coincide with AARO’s Spring and Fall conference dates and locations.
Mortgage Bankers Association (MBA) representatives William Kooper, MPA, Tamara I. King, and Matt Jones attended the afternoon meeting. William Kooper, MPA, is the Associate Vice-President of State Government Affairs & Industry Relations. Tamara I. King is the Associate Vice-President of Loan Production and Member Engagement, Residential Policy. Matt Jones is the Regulatory Assistant, Residential Policy and Member Engagement.
The dialogue focused on topics of concern and interest to NSAO members. Recent FHA/HUD compliance issues raised the question, “What is the responsibility of the appraiser versus the lender’s responsibility?” Various vendor management practices which affect or could affect appraiser independence, the latent time delay utilized when ordering appraisals, Fannie Mae and CU issues, and the change needed which would allow appraiser trainees to sign reports were discussed.
MBA noted under the new Rule, effective August 10, 2015, AMCs are required to report every appraiser on their panel. How does the AMC National Registry database get built? What fields should be built into it? In those States that already have AMC regulations, what is working, and what is not working? The link to the Federal Register, Vol. 80. No. 110, Minimum Requirements for Appraisal Management Companies; Final Rule is: http://www.gpo.gov/fdsys/pkg/FR-2015-06-09/pdf/2015-12719.pdf.
MBA was receptive to finding areas in which a consensus might be reached and/or areas where working together would be beneficial to all parties involved. ICAP will keep its members updated as things develop.
ICAP is seeking your input on an Appraiser Qualifications Board (AQB) Concept Paper. There is much discussion as to whether there should be alternatives to fulfilling the appraisal experience component of the Criteria in lieu of the traditional supervisor/trainee model currently in place.
This survey will help us better serve your needs as an ICAP member. We hope you will take just a few minutes to participate.
The deadline to participate in this survey is October 10th.
ICAP will be attending the AQB’s hearing and panel discussion October 16, 2015 in Washington, DC to discuss these matters directly with the AQB and needs your feedback!
Thank you for your continued support!