Appraisal Institute suspended from The Appraisal Foundation

[PropertyEconomics]

It seeks to create liability, not credibility.

It seeks (and does) make the liability credible.

 

[PropertyEconomics]

FHA is insured, VA is guaranteed and GSEs are sponsored by US government and all of them are exceptions from FRT according to #9 from FDIC site.

EXCEPT ... if a lending institution governed by FRT (FIRREA) makes the loan and has an interest in the property ... I believe the appraisal would be for an FRT.

 

[nm505]

So, according to the AI's summary of HR1728 under the AMC section, it:
"Prohibits AMCs from performing activities in federally related transactions after 36 months of enactment if the AMC is not registered by the appropriate state appraisal board (Section 603)."
Does this give the AMC's 36 months to register or because not all their appraisals would be "federally related", they are expected to comply sooner rather than later?

http://www.appraisalinstitute.org/newsadvocacy/downloads/HR1728AppraisalProvisions.pdf

I heard the big banks did not have to register with the state for 36 months but do not have a source for that other than the language above. True or not?

 

[PropertyEconomics]

So, according to the AI's summary of HR1728 under the AMC section, it:
"Prohibits AMCs from performing activities in federally related transactions after 36 months of enactment if the AMC is not registered by the appropriate state appraisal board (Section 603)."
Does this give the AMC's 36 months to register or because not all their appraisals would be "federally related", they are expected to comply sooner rather than later?

http://www.appraisalinstitute.org/newsadvocacy/downloads/HR1728AppraisalProvisions.pdf

I heard the big banks did not have to register with the state for 36 months but do not have a source for that other than the language above. True or not?

In NM they are required to register right now in compliance with State Law.

 

[nm505]

So State law trumps Federal law?

 

[PropertyEconomics]

So State law trumps Federal law?

Who said that? In NM they must register NOW ..... check out the Appraisal Board Website and read the AMC law ... it is in force as we speak.

 

[nm505]

Actually, what I heard was that the big banks pulled a coup by lobbying for provisions in this law that would override the state laws and exempt them (the big banks). As I said, I do not have a source for this but it would be terribly discouraging if all our hard work was for naught. The above reference was all I could find that might apply. Have anything else?

 

[PropertyEconomics]

Actually, what I heard was that the big banks pulled a coup by lobbying for provisions in this law that would override the state laws and exempt them (the big banks). As I said, I do not have a source for this but it would be terribly discouraging if all our hard work was for naught. The above reference was all I could find that might apply. Have anything else?

State law typically prevails if it is not less restrictive than federal law AS LONG AS it is constitutional. Growing pot is an example .... it is legal in many states for medical purposes (less restrictive than federal law) however it remains against Federal Law and growers are subject to federal prosecution.

I would remain convinced that those states that have passed AMC Registration Laws require ALL AMCs to register with that state or face large fines.

Again read the NM State Law ... its there.

 

[Catxmd]

AI and TAF

TAF did not suspend the AI from the foundation. The bylaws of TAF provide an opportunity for a sponsoring organization to be heard prior to the date of the proposed suspension. In this country individuals and organizations have a right to due process and a hearing is the right venue.

I suggest that before any of you repeat rumors and partial truths you should verfiy the "facts" in their entirety. Just like you verify information about comparables (right?), you should verify, and fully understand, the "facts" you think you "know". Repeating what you read on a blog does not make you informed.

http://www.naifa.com/about/071910_Statement_to_Sponsors.pdf

 

[Bob Ipock]

TAF did not suspend the AI from the foundation.

???


A suspension (active suspension) or any other penalty can begin on a future day. Appraisal boards do this frequently to allow an appraiser to tidy up their business...or appeal.




RESOLUTION #2
RESOLVED, that as a result of engaging in such conduct, the Appraisal Institute shall be sanctioned as
follows:
1) The Appraisal Institute shall be suspended as an Appraisal Sponsor effective September 15,
2010 and ending on April 15, 2011;
2) Permission by The Appraisal Foundation to the Appraisal Institute to reproduce the Uniform
Standards of Professional Appraisal Practice (USPAP) without charge and (b) its discount on
the purchase price of USPAP shall be revoked for a period commencing September 15, 2010 and
ending on July 1, 2012;


Huh? A suspension has been issued to begin at a future date. The AI can appeal if they wish.