Search our online member directory using Find an Appraiser!
NEWS YOU CAN USE
May 5, 2015
The Appraisal Foundation: The Appraisal Standards Board (ASB) invites you to its upcoming
Public Meeting on June 26, 2015, in Redondo Beach, California, where the future
direction of the Uniform
Standards of Professional Appraisal Practice (USPAP) will be
considered. The Board seeks feedback from government regulators, educators,
appraiser organizations, practitioners, and users of appraisal service. As an
additional part of this outreach effort, the ASB respectfully requests your
input by answering a three question survey. Click here to fill out the survey.
April 30, 2015
To register for the public meeting, click on the Register Here button to
your right. Please visit our website for a list of all events www.appraisalfoundation.org.
FHA has delayed the effective date of the new handbook (4000.1). Click here for details.
April 27, 2015
Regulatory Issues Affecting the Real Estate Appraisal Profession
Over the past year, a select group of professional appraisal
organizations including NAIFA have met to discuss what are jointly viewed as
major problems facing our appraisal profession. The results of these
discussions are outlined in the accompanying document entitled Regulatory Issues Affecting the
Real Estate Appraisal Profession.
Real estate appraisers are currently experiencing significant pressures
that threaten the structure and integrity of the appraisal profession while
posing financial risks to consumers. We believe that the declining
attractiveness of the appraisal profession to new entrants is a major problem,
leading to a dwindling qualified appraiser population, lack of transparency in
the appraisal process as underwriters off-load risk, and consumers being
offered fewer and lower quality professional tools related to one of their most
significant financial investments for which they are required to arrive at a
fully informed, intelligent decision.
NAIFA and a coalition of concerned professional appraisal organizations
seek the following actions to help stabilize the market for practitioners and
consumers (taxpayers) alike:
- Create a more effective training structure to support Appraiser Trainees
in order to support and promote growth in the appraisal profession.
- Improve transparency in the valuation process by:
a. Enforcing consistency in state license requirements.
b. Supporting mandatory licensing rules that require the use of licensed or certified appraisers for any services for which an opinion of value for real property is developed.
c. Requiring complete disclosure and breakdown of the components covered by appraisal fees.
- Lower the de minimis threshold from $250,000 TO $25,000, providing
consumers, at all levels, the opportunity to benefit in their decision making
process by providing a professional, unbiased opinion of value.
- Enforce payment of €œcustomary and reasonable€ fees to appraisers to
protect the profession against declining fees and the assumed related decline
in appraisal quality.
- Encourage heightened appraisal scrutiny of all loan types including
Qualified Mortgages and government-sponsored entities (GSE) by amending regulations
to ensure that lenders are held to the same standards as that required of
- Relax the three-day requirement for appraisal fee estimates by lenders
to allow them sufficient time to estimate these fees given the potential complexities
of appraisals versus other required criteria, such as routine credit reports,
flood certifications, and tax services.
- Support additional consumer access to educational products relating to
the appraisal process.
The cover letter, summary document and the full white paper can be
ASFMRA, ASA, NAIFA, NRCS Comment Letter: Click here to view.
April 22, 2015
AMC Final Rule: Today, several Federal Agencies (U.S. Department of the
Treasury, Federal Reserve Board, Federal Deposit Insurance Corporation,
National Credit Union Administration, Bureau of Consumer Financial Protection,
and Federal Housing Finance Agency) released their final joint rule on "Minimum
Requirements for Appraisal Management Companies”. Click HERE to
view a copy of the final rule.NAIFA and its coalition partners are reviewing the information
and will be responding regarding how many of our recommendations and objectives
were incorporated into the final version of the document.
April 6, 2015
April 2, 2015
The rule has not yet been published in the Federal Register
(it likely will be published in the next week or so), and will become effective
60 days after publication in the Register.
CFPB ToolKit: The United States Consumer Financial Protection Bureau (CFPB)
just released its "Home Loan Toolkit”, which is designed to give prospective
homeowners important information about financing and closing on a mortgage
loan, including the loan estimate (a/k/a good faith estimate) and the closing
document. NAIFA notes that in the appraisal cost line of the Closing Document,
the fee paid to the appraiser is not separated from the fee paid to the AMC
when an AMC is used by the lender to order the appraisal. During the
toolkit’s initial construction approximately a year ago, NAIFA and ASA
registered joint opposition to this omission, and provided arguments as to why
these fees should be separated. NAIFA and ASA worked diligently over the
past year with CFPB to convince them of the importance of this change in the
toolkit. Ultimately we lost the fight, and the final CFPB version does
not include separation of fees on the sample GFE and Settlement form.
NAIFA will be distributing a survey to members on the CFPB toolkit very
soon – watch for an email survey shortly. In the meantime, please click
here to view the current CFPB toolkit.
March 30, 2015
The Appraisal Foundation: The Appraiser Qualifications Board (AQB) held a Public Meeting in Seattle, Washington on March 20, 2015. Click here to view a summary of the meeting.
Arizona Passes Law Eliminating Appraisal Board:
Gov. Doug Ducey on March 12 signed into law SB 1480, legislation that
eliminates the Arizona Board of Appraisal effective July 1. The ABOA’s
administrative functions will be reassigned to the Department of Financial
Institutions. This provision was included in the state’s FY 2016 budget that
passed the legislature March 7.
will join a handful of states that don’t have an appraiser board or commission.
According to the Executive Summary accompanying the Governor’s budget proposal,
the action was necessary because the shrinking population of licensed
appraisers was depleting ABOA revenues and that was "threatening the ability of
the Board to fulfill its statutory obligations.”
the debate on the legislation, concern was expressed about assigning oversight
of appraisers to the same agency in charge of overseeing and regulating state
chartered financial institutions and mortgage loan originators. According to
the Appraisal Subcommittee’s Policy Statements, "States should maintain an
organizational structure for appraiser certification, licensing and supervision
that avoids conflicts of interest.” However, the Policy Statements also say
that a "State has flexibility to structure its Program so long as it meets its
Title XI related responsibilities.” The ASC did not take a position on the
a March 12 email to its members, the Phoenix Chapter of the Appraisal Institute
stated that the "PCAI Board is reaching out to the Superintendent of Financial
Institutions to be a source of information, offer assistance on behalf of our
members and to aid in addressing concerns of our members.” Additionally, the
PCAI stated that it will "work to ensure that the organizational structure
complies with Appraisal Subcommittee and that Arizona maintains its current
‘excellent’ rating as determined by the ASC.”
View a copy
of SB 1480 (specifics are on pages 5-10).
March 25, 2015
The Appraisal Foundation: The Appraisal Foundation Adopts Updated Qualification Criteria for Personal Property Appraisers. To access a full copy of the Second Exposure Draft, which will be the basis for the new Criteria, click here.
March 17, 2015
NAIFA's 2015 National Conference: Plan on attending the 2015 NAIFA National
Education Conference held in Las Vegas, NV, October 19th – 22nd at The Mirage
Hotel. This year's education portion is in conjunction with ASA. Registration is
now open!!! Click here to register! .
January 30, 2015
Announcing the NAIFA chapter member designation competition!
For details, please click here.
January 29, 2015
Announcing the NAIFA "Member Get a Member" Contest!
For details, please click here.
January 28, 2015
AHP Insurance: NAIFA Members now have access to individual health
insurance options. Click here to learn more.
Managing your NAIFA profile:
Think of your online NAIFA profile as an online resume. Like a resume, your NAIFA profile provides your contact information, experience, education, professional recognition, skills/qualifications, and much more. Your NAIFA profile is your online advertisement to over 700,000 annual visitors to NAIFA's website. Be sure to keep it up-to-date and accurate to ensure that when people are looking for an appraiser - they find you! Click here to learn how to manage your online profile.
Find us on Facebook. Get the latest industry news and watch our Appraising is Cool video series.
Visit our YouTube Channel to see NAIFA Interviews and access our free educational videos.
Join a Discussion Forum to connect with your peers and discuss topics regarding the appraisal industry
View and access NAIFA Member groups.
Need an Appraisal?
Order an Appraisal