GAO investigates the federal/state appraisal regulations

[Stephen J. Vertin MAI]

Sen. Paul Sarbanes, D-Md., Chairman of the Senate Banking Committee, and Sen. Zell Miller, D-Ga., have requested the General Accounting Office to investigate the federal and state appraisal authorities (i.e., the Appraisal Subcommittee, the Appraisal Standards Board and the state appraisal boards) to determine if they are performing the functions they are supposed to, including if the current federal oversight of........... (the remainder of the story can be found @ http://www.appraisalinstitute.org/publicat...lt.asp#story28)

I called Sen. Paul Sarbanes office. An Aid called back within an hour. She stated the GAO has not responded to the request officially; however, it takes about a month. If they do investigate, typically studies take a year. They are suppose to be unbiased and they randomly speak to people in the industry. I asked if appraisers would be allowed to write or give feed back. The response was not very positive. It was just repeated how the studies were done randomly. She did say they had gotten a lot of feed back from AI which may have prompted the injury for an investigation. My hats off to Don Kelly at AI. This system needs serious corrections.

P.S. I told the Senator's Aid about this website and the appraisers petition. She asked about it again at the end of our conversation and appears to be writing the website address down. Who knows.

Steve Vertin

 

[Mountain Man]

Wow, thanks for the info.
Mell.

 

[Joe Birrell (NY)]

Good post, thanks for info. I'll try to remain optomistic. GAO must have website for public comments (?).

 

[Nancy in Friday Harbor]

Stephen,

Boy, there was LOTS of good (& bad) news in that issue. Thanks for the post!

Nancy

 

[Larry Lyke]

Joe --

The GAO writes fantastically interesting reports. They make great reading.

Getting action on a report is the obstacle!

 

[jtrotta]

Stephen,
Is this just going to be another investigation to stir up "our costs" of doing business :?: It would seem to me that starting in the middle of the process doesn't do any good; because the Banking Industry is the "gatekeeper" to our industry, it would appear they are probing the at the "stomach" region - and are providing an "inquiry" just to keep everyone occupied.


Slither/slither 8)

 

[David Mullen]

GAO has some great employees and they are very consciencious.

Unfortunately, many government agencies read their reports and then go on doing business as usual.

If they had some enforcement power, things might change but I would not hold my breath waiting for action or change.