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

[Frederick]

I think you guys are getting worked up over nothing. In the end the interpretation will probably be a properly licensed or certified individual.

 

[Mike Garrett RAA]

Not sure about that, Fredrick, the license level is dead in most states already or at least on life support.

The issue isn't being designated either. The way the bill is written it says..."certified" and, to the best of my knowledge, no appraisal organization "certifies" appraisers.

That organization designated a cat, as I recall. Back then it was $90 for membership, designation, membership card, and a secret decoder ring. I think I still have that certificate somewhere. LOL.

How much of your work is currently FHA? I think I have done 2 or 3 this year. Been approved by FHA since 95.

 

[Greg Bell]

Tons and tons of appraisers on this forum have been telling the government to do something about mortgage brokers and appraisers, number hitters, etc .... they pass legislation which does just that .... and everyone is angry.
It proves that appraisers are an impossible lot to satisfy.

If you are licensed .. and have been for a number of years .... there really is no reason for it. Why havent you taken the time and the effort that most of your peers have and become certified?

Fact of the matter is NOW it matters. I wish you all good luck with the tests and experience that will be required .... you could have done it under the easy rules ... but no ..... well .... you asked for it and you got it. Now either get certified for find something else to do. This is just the beginning of the certified requirements ... wait and see.

Never happen , Licensed appraisers (15 years) unite!!:new_multi:

 

[Greg Bell]

I think you guys are getting worked up over nothing. In the end the interpretation will probably be a properly licensed or certified individual.

Right on...The Licensed designation is alive and well in many states including Kansas.If the designation is treated with such disdain from goody two shoes Certified appraisers and the states push for Certification then eliminate the Licensed designation completely.Don't pass laws from the Politburo that eliminate designations for many appraisals in a 60 day time frame.:new_2gunsfiring_v1:

 

[tjcou812]

The law may be enacted before Oct. 1 2008

Dodd, D-Conn., said he had summoned administration officials to his office next week to demand that the foreclosure rescue program be put into place quickly.

Here is the link
http://www.businessweek.com/ap/financialnews/D9261DMO0.htm?campaign_id=alerts

 

[PropertyEconomics]

I think you guys are getting worked up over nothing. In the end the interpretation will probably be a properly licensed or certified individual.

Frederick .. with all due respect its kind of like interpretation of sales concessions. In this instance its in plain english, its in the bill, and if its signed by the president it will become the "law". I dont think properly licensed is mentioned in the bill anywhere .... thus, once again, appraisers can agruge all you wish to but the words are quite clear.

Im not saying that I dont feel the pain of those licensed for a long time, but in the end, the states and the feds are making it pretty clear that the license level will go away. Appraisers can recognize whats coming and upgrade or they can bury their heads in the sand and find themselves soon out of work. We are seeing it happen more and more in the world where certified is becoming the requirement (and in many instances certified for X years).

If I were a licensed appraiser I would take this as a strong sign for what I must do and Id do it as quickly as possible. Become certified. The market appears to be correcting and this appears to be one of the means with wich they are going to make the correction. I didnt make the rule .... I just know if many dont pay attention they will wake up one day with a license that, in the end, means nothing because they were left behind.

 

[Michigan CG]

The law may be enacted before Oct. 1 2008

President Bush expected to sign early this week. The new regulations take effect Oct 1, 2008 according to the bill.

 

[Mike Phillips]

Greg -

I don't know where you are coming from half the time so I don't take some of your posts very seriously. I'm certain some of them were written in jest.

I'm CR - no big deal. Florida has about 70 Licensed appraisers and they don't issue the Licensed ticket here. So this legislation don't mean squat to Florida appraisers. One might argue - he does not have a dog in the fight. Not so. My comments have consistently addressed what I think is good for the profession.

The new AQB requirements amount to too little too late. But they are adequate. The AQB finally acted - now I'm happy. But in spite of those requirements, the Licensed level category remains an effective work-around. It needs to be eliminated - phased out.

The notion that ANYONE should be permitted to demonstrate only one year of OJ experience in appraising and then be allowed to practice unsupervised is absurd. There is no doubt in my mind that Licensed appraisers took the shortest path they could find to get out from under supervision. And they remained Licensed because they had no motivation to upgrade.

Why do residential appraisers in general, fail to recognize the relationship between the supply of appraisers and the fees we are paid for our services? Why do they gripe about low fees and abuse from AMCs in one sentence and then gripe about increasing barriers to entry in the next?

I'm tempted to conclude many of my peers are really in some other business; some other business where more appraisers is better because it increases their bottom line. I don't teach appraisal courses, or write appraisal software or sell E&O insurance or work for Marshall and Swift. I don't work for an AMC, or sell appraiser lists and my earnings are not tied to license renewal fees. More appraisers does not benefit me.

All appraisers need to wake up. Unless you are in one of the side-line appraisal occupations I mentioned above more appraisers is not better. When the demand for appraisers increases sharply in the short-run, appraisal fees and t-times are supposed to increase. If a license level is available that can be obtained in the short-run, fees and t-times will NOT increase.

Licensed appraisers, in particular, don't get it!!! They have thousands and thousands of Trainee appraisers behind them waiting to get in the door. Those Trainees have entered the field on the assumption that they can continue to avoid the AQB's new requirements for Certification by earning the License level appraisal license.

Those Trainees have gambled, just like many Licensed appraisers have gambled, that their respective states would NEVER eliminate the Licensed category. Except they didn't count on federal legislation doing it.

Licensed appraisers!!! Rush for the door - I'm sorry you have to run. I sincerely hope you make it. I have no doubt many of you will, and that is as it should be. Once you get in, help close the door behind you.

No legislation has been proposed or enacted that prevents the career-minded individual from entering the appraisal field and easily becoming Certified in 2-5 years. But you probably can't do it in 1-2 years any longer.

I side with several of you on the issue of HUD giving Licensed appraisers who have demonstrated their competence the "quick" boot. Not fair!!! I confess I am inclined, in fairness, to give those appraisers 1 year to become Certified. But I would not support any Licensed appraiser being allowed to start the HUD roster application process after the date this legislation becomes effective. I do not want to see lawmakers trigger a rush from Trainee to Licensed and thereby attract more and more individuals with less than 2 years experience.

 

[Bama Bayou]

Is the certification requirement for all FHA loans or just those being refinanced under the bill? If it is only for the short refis it may not make much difference to the licensed appraisers.

 

[moh malekpour]

Can anybody tell me what it takes for a licensed appraiser to upgrade from the license level to the certificate level?