The letter is in responce to a temporary Waiver Request by TriStar Bank. The letter states that based strictly on the partial information included in TriStar’s November 20, 2017 letter to the ASC, the request does not appear to follow the regulations adopted by the FFIEC and ASC regarding the receipt, processing and consideration of temporary waiver requests. Further, TriStar’s request includes requests that fall outside of the authority of the ASC.
Read the letter here.
Five members of ICAP’s Board of Directors share why they are members of ICAP. The five individuals featured in the video are: Barton DeLacy, MAI, ASA, AI-GRS, ASA, John Satter, MAI, Ken Mrozek, MAI, SRA, ASA, Barbara Neal, and Ivette Collins, MAI.
ICAP works to promote the appraisal profession and its image to the general public and to users of appraisal services. ICAP initiates discussion and analysis of issues affecting professional appraisers and monitors political action with the intent to influence legislation, regulation and public opinion toward the appraisal profession.
Join ICAP at http://www.ICAPweb.org
The NAIFA-ASA Merger: harbinger of things to come?
By P. Barton DeLacy, ASA
2017 ICAP President
Two of ICAP’s founding organizations, the ASA and the NAIFA, have agreed to merge. What does that mean for our members and the Illinois Valuation Community?
I have served on the ICAP Board since 2010, representing the ASA. I joined the The American Society of Appraisers (ASA) nearly 20 years ago, even though I had long been an MAI. I was working for Arthur Andersen then and I learned “valuation” covered much more than just real estate. Through ASA classes, and more importantly, through working with valuers expert in business, machinery and personal property, I became at least conversant (if not proficient) in their disciplines. It deepened my understanding of real property values as well.
As a longtime ASA member, I welcome the new association with NAIFA. I now hold multiple designations, each focused on a variable client or professional colleague base- but I am no fan of our penchant for more and more letters after our names. Indeed, the more letters, the less weight they carry.
The merger of ASA and NAIFA is a hopeful sign of consolidations to come. The ASA is, perhaps, the original multidisciplinary valuation society, while the National Association of Independent Fee Appraisers (NAIFA), based here in Chicago, has provided ICAP disproportionately strong leadership through the years.
Nationally, the merger will add the nearly 800 NAIFA real estate appraisers to ASA’s more than 5,000 multidiscipline credentialed valuation professionals in over 75 countries. ASA touts 63 chapters throughout the world, but one of its most successful chapters is based here in Chicago. However, the Chicago ASA Real Property contingent is relatively small. The infusion of NAIFA members will easily triple its size.
Real Property is just one of several asset disciplines within the ASA. I look forward to the ASA-NAIFA team to serve as a catalyst there to broaden ICAP educational offerings and provide avenues for professional advancement to all our members.
Please renew your membership in ICAP and stay involved.
On a personal note, it has been my honor to serve this coalition as President this year.
Ave atque Vale,
29 November 2017
ICAP Has A New Website
The new website streamlines access to all of ICAP’s content including Legislative Updates/News, Find an Appraiser, Newsletter, Job Board, IDFPR, Connect, Links, Membership, Seminars, Contact, and Applications.
ICAP is inviting its members to try out the new site and provide their comments and suggestions by utilizing the feedback button on the right and side of the homepage.Visit ICAP’s new website here
ACTION ALERT: Call Congress About Fannie/Freddie’s Risky Appraisal Waiver Program
Freddie Mac & Fannie Mae have embarked on programs that waive appraisal requirements in first purchase and refinance transactions, using propriety models and generally unreliable data from MLSs and public records for collateral risk decision making.
According to Fannie & Freddie, this is being done to lower costs and shorten closing time for consumers. While Fannie Mae has indicated the appraisal waivers will represent only 5 percent of their loan portfolio, Freddie Mac has thus far being unwilling to provide estimates, indicating that as much as one-third of their portfolio may be offered appraisal waivers.
These programs will create unnecessary and unacceptable risks for taxpayers and homeowners, and they come at a time when markets are at all-times – when risk mitigation should be tantamount.
Congress is once again turning housing finance reform, and as they deliberate, they should hear from appraisers on why appraisal waivers are a bad idea and a risk to taxpayers.
Please click here and insert your zip code in box to retrieve the contact info for your Members of Congress, and talking points for your call.