Appraisal Institute's PAREA receives approval from the Appraiser Qualifications Board

[Elliott]

It seems clear that AMCs want to control the appraisal process, if there are to be appraisers in the future of mortgage lending. The GSEs have embraced the DEI mandate by adopting the 'bias appraisal' dictum and want the cheap hybrid. PAREA isn't going to solve the made up 'appraisal shortgage' it is just a process to allow AMCs to have an easy path to residential certification and it fits into the way GSEs wants appraisals to be in the future.

 

[chad hampton]

Get ready for more bad appraisals and poor customer service. These people who pass this will have 0 knowledge and 0 skills to adequately perform appraisals in The real world.

They will be just as good as a Zestimate because they will lack the real world training and knowledge they need.

Shame that for years the simple solution was to allow trainees to do more under a supervisor yet AMCs and lenders wouldn’t allow it. Shame that that for years the solution was to allow trainees to go off on their own yet many wouldn’t allow it. Shame that for years the ASC, LENDERS, AF and more failed the appraisers and the consumers therefore having to create another band aid and more problems.

The solution was simple yet they are greedy and want more $$ instead of what’s right. Disgusting in my opinion. They will once again blame everyone else but themselves for their poor decisions and more. This is no longer a profession to be proud of. It’s a profession to make others more money and not care about the outcome.
Shame on the entire profession and it’s so called leaders for taking a cheap way out instead of investing their dollars and authority to correct the sins of the past.

This is going to be nothing more than a **** show going forward because the leadership and people in charge are cowards and couldn’t admit they were wrong.

Pretty much the perfect analysis.

 

[chad hampton]

Yes. As I said in a prior post, if I still had trainees I would definitely put them through the PAREA to augment the training that I provided. I urge you to look at what they are doing. I admit that when waiting for the demo I was anxious about it, but what they put together is really quite good.

You wouldn’t have your trainees with parea. What you are describing is an additional CE class for them to take. There’s nothing wrong with that.

 

[Bobby Bucks]

Not long ago appraisers encouraged family members to follow their footsteps into the business. Today it’s rare for one to be encouraged to do so. The future appears to have increased liability, more wokeness and the dignity and pay scale of a division of motor vehicles position.

 

[JTip]

Funny thing is that some states (including mine) will only accept this option for a partial percentage (25% in PA) for inspection credit.

So the trainee will still need 1,125 hours of log book inspection AND have $10k+ bill (the class won't be $99, I promise) on their credit card for PAREA class.

*golf clap* well met AQB, well met.

 

[sputnam]

"The Appraisal Institute announced today that the Appraiser Qualifications Board has provided approval of AI’s Practical Applications of Real Estate Appraisal program for the licensed residential path."

I am curious why they only mentioned the licensed residential path being approved by the AQB.

Becasue it's not approved for certified residential or certified general. It's purpose was to alleviate the bottleneck in appraiser development and training caused by having to find a supervisory appraiser. Once fully implemented, a trainee can qualify to become licensed through PAREA. I assume the states will still require sitting for exams.

 

[JTip]

Because it's not approved for certified residential or certified general.

GOOD catch.

 

[CGinMN]

Becasue it's not approved for certified residential or certified general. It's purpose was to alleviate the bottleneck in appraiser development and training caused by having to find a supervisory appraiser. Once fully implemented, a trainee can qualify to become licensed through PAREA. I assume the states will still require sitting for exams.

Appraisal Institute PAREA Program Receives Approval from Appraiser Qualifications Board

The Appraisal Institute announced today that the Appraiser Qualifications Board has provided approval of AI’s Practical Applications of Real Estate Appraisal program for the licensed residential path.

www.appraisalinstitute.org

PAREA

www.appraisalfoundation.org

 

[Non Sequitur]

Appraisal Institute PAREA Program Receives Approval from Appraiser Qualifications Board

The Appraisal Institute announced today that the Appraiser Qualifications Board has provided approval of AI’s Practical Applications of Real Estate Appraisal program for the licensed residential path.

www.appraisalinstitute.org

View attachment 75802

PAREA

www.appraisalfoundation.org

View attachment 75804

Exactly. PAREA has been approved as 100% classroom experience path to certification in many states already. And FWIW, I expect the rest to fall inline in short order.

 

[Non Sequitur]

Becasue it's not approved for certified residential or certified general. It's purpose was to alleviate the bottleneck in appraiser development and training caused by having to find a supervisory appraiser. Once fully implemented, a trainee can qualify to become licensed through PAREA. I assume the states will still require sitting for exams.

Wrong. With qualifying QE the AQB has approved PAREA as a 100% replacement for residential experience credits (certified or licensed path) and for the partial credit allowed in the certified general path. The exam will have to be passed, but that was never really the hurdle to certification.