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NCAI letter sent to newspapers etc.

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Thread Starter
Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
FOR IMMEDIATE RELEASE
WILMINGTON, NC
October 15, 2008

Dear Editor:

My name is Hector Ingram, and I am currently serving as President of the North Carolina Chapter of the Appraisal Institute, the largest professional appraisal organization in the State. The Appraisal Institute has published dozens of press releases regarding problems faced by our industry, including mortgage fraud, lender pressure and a lack of regulatory oversight. Professional appraisers have deflected predatory lending practices for years. We are obligated to rise above such unlawful activities. The threats, blacklisting of approved appraiser lists, and pressure to make certain values are routine and defy our Code of Ethics. But the problems in our corner of the world do not make good press. Until now.
The recent articles by Associated Press writer, Mitch Weiss, have portrayed the appraisal industry as one in turmoil, largely unregulated and in need of reform. While Weiss could have written the article without pointing out the weaknesses of past actions of the North Carolina Appraisal Board, he used them as an example of a system that isn’t working; even for a fully functioning, and well-funded regulator. We take issue with the inference that unscrupulous appraisers are running rampant in North Carolina. As a percentage of the total number of real estate appraisals being conducted here, the number of complaints received by the Board is very small. While we agree that the Board could do a better job of investigating, enforcing and prosecuting violations of our state's appraisal statutes, it should be noted that the North Carolina Appraisal Board is one of the best performing regulators in the country. This recent surprise media attention may change the mindset for all regulators who have, in the past, been lenient. But the appraisal regulatory system in the United States is the epitome of inconsistency. Had Weiss researched other states, like Illinois, he could not have written very much. When states do not enforce their own laws, there is no paper trail to follow.
We believe that the Appraisal Subcommittee (ASC) should be given much broader powers over state regulators. We need consistency among all states. The ASC should not be confined to an all-or-nothing framework. They should be given more power to make their audits stick. The public should expect them to be the federal agency that is ultimately responsible for an effective regulatory structure nationwide. At least, that was the intent of Financial Institutions Reform Recovery and Enforcement Act of 1989, the law that created the current regulatory structure. The system could be improved.
Our Appraisal Board is rarely in the news. No one likes to be put under the microscope. But they have a duty to protect the public. That is part of their mission. The NC Chapter of the Appraisal Institute along with the national organization favors stricter discipline, especially with cases that involve fraud or inflated values. Taking away someone’s livelihood is never easy, and we understand that their job is difficult. Regulators should be less tolerant of violations of appraisal standards and ethics, especially during these times.
Hector Ingram, MAI
President, North Carolina Chapter of the Appraisal Institute.


Hector Ingram, MAI
Ingram & Company, Inc.
Real Estate Appraisers and Consultants
2715 Ashton Drive, Ste 102
P.O. Box 1384
Wilmington, NC 28402-1384
 

Mike Kennedy

Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
"While we agree that the Board could do a better job of investigating, enforcing and prosecuting violations of our state's appraisal statutes,"

So, do it - the LOCAL "buck" stops at the desks of the Head of the NC board, and when an AI member is involved, the desks of the Ethics Committe Chair and the Prez. Any info on the number of ethics complaints in your chapter which were referred to the State Board for Enforcement? As an objective reader - it appears the finger is pointed in the wrong direction.
 

USPAP Compliant

Thread Starter
Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
Uh..................the 3 of the 6 appraiser members of the NCAB are NCAI members. They have allowed some absolute criminals to surrender their license nad just walk away.
 

Gajope

Junior Member
Joined
Jan 8, 2008
Professional Status
Certified Residential Appraiser
State
North Carolina
Bob, where did you see this letter? Was it in the Observer?
 

USPAP Compliant

Thread Starter
Elite Member
Joined
Jan 15, 2002
Professional Status
Certified Residential Appraiser
State
North Carolina
No. I got it from an AI member. I asked if it was OK to send out and he said yes, it was public record etc.

I am very glad to see the NCAI make public comments on anything....even if I disagree. Just for them to take part in some of the debate is a big step forward.
 
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