Anyone Here Remember R41c?

[Paul Ness MAI]

An appraiser friend of mine is going to court and wants to know if R41c was definitively superceded by FIRREA regulations. I've never seen anything in writing, but I think we all believe this to be the case in practice. Anyone have any info on this?

 

[Austin]

Paul: If the question is did R41c exist before FIERRA, I am sure the answer is yes. I attended an AI chapter meeting at which the featured speaker was the man that wrote R41c. I believe his name was Doug Lovell and he was from the Atlanta Federal Banking something or other.
It goes deeper than that. I remember him telling us that all he did was take the AI’s Standards of Professional Practice in existence at the time and rewrite it removing all references to the AI. Essentially R41C was the AI’s old standard that had been in existence for many moons just in different words.
I believe Doug Lovell is the correct name and I believe he was an MAI so if you want to look him up he may be in the directory.

 

[Fred]

Interesting question. The R-41c (1982) was the created by the Federal Home Loan Bank Board which no longer exists as such.

 

[Paul Ness MAI]

I know R41c preceded FIRREA, my friend wants to know if R41c was terminated or outdated at the point FIRREA and state certification came into existence. Yes, Doug is in the directory. I'll shoot him an email. Thanks for the name.

 

[Austin]

Paul: I think I remember some discission on that at a chapter meeting and am fairly sure the answer is yes, FIERREA, did terminate R41C. That may be stated in FIERREA or should be. Tell your buddy to call the Federal Reserve Bank and ax them. Doub Lovell can give you all of the details. I will remember where I heard it and who told me in an hour or two. I have a photographic memory, I just have trouble at my age getting some of my memory photos developed.

PS: E-mail old Ted Slack, MAI. He knows everything from back in the old days when MAI's were like gods!

 

[Paul Ness MAI]

You mean we're not any more? :wink:

 

[Fred]

FIRREA created the OTS to replace the federal home loan bank board.

 

[Paul Ness MAI]

Thanks Steve, that is the missing link I was looking for. I confirmed on the OTS web page that it was created in 1989 from FIRREA.

 

[George W Dodd]

Austin

Please stop saying "ax" you are giving appraisers in Virginia a bad name!

 

[Austin]

George: The former Mayor of our fair city is the retired former head of the English Department of the local High School and she says “AX” all the time so it must be correct usage. I am just trying to do my bit for multiculturalism and diversity. After all: “Our strenth be in our diversafaction. Heck, I even wear green shoes with high heels. Whatever it takes to get along is my motto. It is the Democratic way.