Senate Passes Housing Bill--Does it have the Dodd Bond?

[tjcou812]

If i'm correct by my above comment I'll be smileing from ear to ear because the State of Connecticut passed a law that went into affect July 1, 2008 which makes asking for comp checks, value checks or a predetermined value illegal with a fine up to $1,000 per occurance and or suspension or loss of license.

 

[tjcou812]

Bama,
Then the appraisers that are not certified would have to do so(become certified) or be reconized by a professional appraisal org. Also the ones that got a free ride to be placed on the FHA/HUD roster the past few months need to take the test and pass it. I took the test and passed it a couple years back and so sould they!!!

 

[Bama Bayou]

Bama,
Then the appraisers that are not certified would have to do so(become certified) or be reconized by a professional appraisal org. Also the ones that got a free ride to be placed on the FHA/HUD roster the past few months need to take the test and pass it. I took the test and passed it a couple years back and so sould they!!!

I doesn't say be recognized by a professional appraisal organization. It says be certified by a nationally recognized professional appraisal organization. I don't know of any that offer a certified designation. Any licensed appraiser in AL claiming to be certifed by anyone but my state board is looking for trouble.

I expect FHA to go back to the 100 question exam at Sylvan like they used to.

 

[Lobo Fan]

The Appraisal Institute has been trying to get language inserted allowing lenders to give preferantial treatment to appraisers holding AI designations.

 

[timd354]

I doesn't say be recognized by a professional appraisal organization. It says be certified by a nationally recognized professional appraisal organization.

It won't be long until you see a press release from AI changing the name of the SRA designation to the Certified AI designation or something like that....and all of the other "nationally recognized" will do something similar. Additionally, you will be seeing many more "nationally recognized" appraisal organizations poping up to offer "certifications"...since "nationally recognized is not clearly defined in the statute, this will be easy to do.

In any case I am gald that the AI's lobbying efforts resulted in getting a self serving provision placed into the legislation that has absolutely nothing to do with competence, but is just an effort to cause an increase in AI membership.....good job looking out for the profession, I mean looking out for yourself, AI.

 

[Greg Bell]

The AI does not offer a "certified" designation nor do I expect them to do so in the future.

My state board would take a dim view of a licensed appraiser claiming to be "certified".

This is a strange provision in this bill. Is there any definition of "nationally recognized"?

As a practical matter you will have to be state certified and pass a test to do FHA work. This provision only applies to FHA, not Fanny or Freddie.

This provision was in the bill that passed the Senate and sent back to the house. I stated that it was in there in a previous post. Several other posters said it was not in there, but it was.

not gonna happen...licensed appraisers unite , oh , buy some beans and ammo..

 

[Bama Bayou]

The Appraisal Institute has been trying to get language inserted allowing lenders to give preferantial treatment to appraisers holding AI designations.

Lobo, do you know this for a fact? It's about the only thing that makes sense though. This is a very vague provision regarding a "certification" from a nationally recognized AA.

I really think this provision will prove meaningless. It says what it says but the key word is "or". FHA will not want to get involved with appraisers who are only "certified" by the AI or any other private organization.

FHA will go with state certified appraisers because it's black and white. The other route is just too vague.

 

[Bama Bayou]

not gonna happen...licensed appraisers unite , oh , buy some beans and ammo..

It just did happen and W will sign in into law early next week. It's a done deal. Keep in mind that this only applies to FHA.

 

[Greg Bell]

If you're certified, on the roster, and passed the test they used to give you will be good to go. If you are not certified you are not good to go. If you got on the roster recently and did not have to take a test you may not be good to go either.

...I don't think so.It would knock quite few of us old grisled licensed appraisers out of the box..License appraisers are sweeter than Certified..

 

[Greg Bell]

It just did happen and W will sign in into law early next week. It's a done deal. Keep in mind that this only applies to FHA.

So Oct 1st all licensed appraisers will be knocked off the FHA roster???Wanna bet.....