Category Archives: ICAP’s Godfrey Seminar
This Sunday (July 29th from 5:30 to 7:00 pm) the Wealth Essentials Radio Show (AM 560) will feature Peter Poulos, MAI, and Richard DeVerdier, SRA, from the Illinois Coalition of Appraisal Professionals (ICAP) to talk about ICAP’s annual seminars.
In addition to discussing ICAP’s seminars Richard and Pete will talk about the benefits of ICAP membership, and the WIND membership drive that allows new members to join ICAP for the remaining part of 2012 for 50% the regular price by using promo code WIND.
As part of ICAP’s efforts to enhance its membership and visibility it has developed a radio campaign that will air a 30-second message over a four-week period (on WIND) that will allow new members to join ICAP for $30.00. You could preview the promotion by clicking the following link: Radio Promo Spot for ICAP Membership.
Join ICAP today and qualify immediately for discounts on ICAP’s summer seminars, you can join ICAP at http://www.icapweb.com/
If you have not signed up for ICAP’s Godfrey or Lisle seminars, there is still time to do so, this year’s remaining location and dates are as follows:
Godfrey – Monday, August 6th
Lisle – Monday, August 13th
You can register for the seminar at www.icapweb.com
The speakers for ICAP’s 2012 Godfrey Seminar (August 6th at the Lewis and Clark Community College) are as follows:
Ms. Deb Higgins – Sr. Loan Officer Pulaski Bank, will discuss underwriting as it pertains to appraisal (what we give, what they expect) – Q&A time will be available
Mr. Lee Lansford, IFA, ASA – RE Appraiser & IL Appraisal Board Member – Guidelines & Requirements – what are the differences, and what does it take to be compliant with the state and USPAP, preparing your work file, and analyzing concessions (3 topics).
Ms. Elizabeth A. Kern, IFAS –Resources, gathering and presenting, local economic data in your appraisal report
Mr. Brian Weaver, IL Appraisal Coordinator – State of Illinois
Appraisers can register for the seminar at www.icapweb.com
Follow ICAP on Twitter: @ICAPWeb.
For more information about ICAP’s 2012 Seminars please contact Peter Poulos, MAI at firstname.lastname@example.org
2011 ICAP seminar speaker and the Executive Director of the Kentucky Real Estate Appraiser Board wrote a letter to Kentucky Registered Appraisal Management Companies and Credentialed Appraisers about appraiser independence, objectivity, and impartiality. The letter, written by Larry Disney concerns issues that are being propagated by Appraisal Management Companies:
When appraising one unit residential properties and reporting the results of the appraisal development using a 1004 Fannie Mae form, the appraisers are told that if the cost approach is developed and reported, regardless of reasoning, the appraiser shall not consider the opinion of value developed via the cost approach when reconciling the final opinion of market value despite the fact that USPAP requires that only the appraiser shall identify the scope of work.
It is the opinion of the Board that Kentucky credentialed appraisers must be allowed to develop the appropriate scope of work which includes the development of any approach(s) to value considered applicable by the appraiser, and the appraiser shall report a credible reconciled opinion of value for each approach developed and the final opinion of value.
To read the letter in its entirety click the following link: Memo Objectivity 04-2012 (2)
On August 12, 2011, ICAP inaugurated its third seminar. Held in Godfrey, Illinois at the Lewis and Clark Community College, 46 attendees had the privilege of hearing a variety of speakers address the topic “Surviving the Changes.”
Larry Disney, the Executive Director of the Kentucky Real Estate Board covered the impact the Dodd/Frank Truth in Lending, UAD and USPAP have on the appraisal profession. Mr. Disney provided a thought provoking agenda touching on the appraiser’s future, the importance for appraisers to understand their respective state laws, and components of condition for the new UAD “C” rating. Relevant points addressed were: Appraisers AMC ‘Horror Stories,” Dodd-Frank Language, What is Acceptable Communication?, AMC Registration and Regulation, the Appraisal Subcommittee, What Does the Appraiser Value?, and Standard 2.
Randy Neff, SRA from Neff Valuation Group discussed the Interagency Appraisal and Evaluation Guidelines, inviting us to ponder the question, “Why are the Guidelines important?” Proposed in 2008 and effective December 10, 2010, the Guidelines are assignment conditions that impact our profession and our daily practice. Key concepts of the Guidelines are independence, loan production, and collateral valuation.
Give-away’s highlighted the morning breaks when numerous attendees received coupons to local eateries. Lunch was at large with many partaking of the college cafeteria’s diverse menu and out door veranda dining. A sunny and beautiful day the veranda overlooks campus grounds and architecturally attractive buildings. The Godfrey campus is located on the 215-acre grounds of the former Monticello College, a small, private liberal arts college for women founded in 1838. The campus features sculptures and fountains, and includes a garden site of the Missouri Botanical Gardens.
The FBI, Springfield Division, arrived in the early afternoon. SSRA Dennis Passerman, Supervisor White Collar Crimes, and FA Clinton D Bigham covered “Mortgage Fraud and the FBI.” They spoke in length about mortgage fraud, the whys and schemes of this insidious practice, the FBI response and how we as appraisers can help in combating this major white collar crime. Their presentation provided a structural overview of the FBI of Illinois; the territories, the types of agents (Special, Intelligence, Financial Analysis), and the types of crimes (white collar, counter terrorism, domestic terrorism, violent crimes, cyber crimes, drugs and gangs.) FA Bigham addressed the questions, “What is mortgage fraud? How does it tie in to appraisers? Where does the FBI see it going?” Focusing on “fraud for profit,” attendees learned about fraud schemes (the second most common scheme is short sale fraud) and types, the biggest areas of the country troubled by mortgage fraud, the role the appraiser plays and why, how the FBI “works a case,” money-laundering, and how appraisers can help combat the problem.
In closing the afternoon session Brian Weaver, Illinois Appraisal Coordinator, addressed the topic of “Appraising in Illinois.” Among the items Brian brought to our attention is the ASCs CE audit which occurs 60 days after our state renewal is over. He provided details pertaining to the Supervisor/Trainee application form. Did you know as a supervisor you must be registered, and as a trainee you must have a supervisor to renew your Associate Trainee license? Brian spoke about the number of complaints (approximately 300) and provided seven reasons for some of the complaints. Brian touched on the recent Chicago area Operation “Mad House,” which produced 14 arrests and caught two appraisers. Next came some discussion on small town appraising and how Fannie Mae defines urban (relates to a city), suburban (adjacent to a city,) and rural (anything beyond the city). Brian reminded us the Illinois Rules changes how a client is defined, the UAD is reporting, not appraising and is not USPAP compliant, and there are three things to remember about USPAP: (1) Don’t make a big mistake, (2) don’t make a series of little mistakes, and (3) don’t be misleading. Brian spoke about what changes might be coming our way now that the Senate has confirmed a new Director for the Division, Jay Stewart. The new AMC bill is expected to be signed this month and the rules are a work in progress with implementation expected to be next Spring.
Many thanks go to Larry, Randy, Dennis, Clinton and Brian for providing us with their expertise and a great educational experience. Many thanks go to ICAP’s Treasurer, Tammy Bellisario who traveled from Lake County in Northern Illinois to be on hand to meet and welcome all attendees and provide Elizabeth any assistance needed. And, last not but not least, many special thanks to Elizabeth Kern for arranging the details of this new and exciting debut seminar, the speaker line-up, hotel accommodations, and hosting the seminar.
For those unfamiliar with the area, I would encourage a road trip around the next ICAP Godfrey seminar. Your attendance helps to support ICAP’s ability to offer this educational opportunity for our downstate fellow appraisers. Hope to see you there next time!
To read the news release published by the Alton Telegraph click the following link: http://www.thetelegraph.com/articles/seminar-57706-godfrey-appraisal.html