Regulator wins TAF CEO position

[Zoe]

Let's go all the way on modernization. New name with appraisal not even in the foundation name.

 

[Mejappz]

The Appraisal Foundation’s governance structure is insular and favors private interests​

Before the end of last year, The Appraisal Foundation’s governance structure featured a pay-to-play mechanism whereby paying Sponsors selected around half of the BOT members. The remainder were elected by that same Board, and many of these elected trustees were members of Sponsors. Although the BOT supposedly changed its structure, the latest hearing brought to light that in practice, the new structure works a lot like Sponsorship by another name.

The Appraisal Foundation has essentially renamed Sponsors “Partners,” whose nominees will almost certainly be added to the BOT. The Appraisal Foundation’s new bylaws state that Partners can only nominate trustees. The bylaws permit up to 10 Partner-nominated candidates be put forward in a given election cycle, but do not limit how many total Partner-nominated Trustees can sit on the BOT. The Appraisal Foundation has publicly stated they intend to have between 9 and 10 Partner-nominated Trustees on the Board. Currently, 11 out of 12 Partners are former Sponsors.1 That means most or all Partner-nominated Trustees will be selected by these Sponsor-Partners.

At the last hearing, Appraisal Foundation President David Bunton confirmed that members of Sponsor-Partners can nominate themselves as “public interest" trustees. Other organizations can also nominate members of Sponsor-Partners. That means there is nothing to prevent the BOT from electing “public interest” trustees that are all members of Sponsor-Partners.

These Sponsor-Partners can still financially contribute to The Appraisal Foundation. Mr. Bunton stated at the last hearing that Partners make no financial contributions. But Partners can choose to do so. Under its bylaws, The Appraisal Foundation can also require Sponsors to make financial contributions at any time. And as recently as January 30, The Appraisal Foundation publicly committed to creating a mechanism that will allow organizations to support The Appraisal Foundation financially and gave no indication that Partners would be barred from using this mechanism.

The Appraisal Foundation’s processes, including the selection of its President, lack transparency.​

Submission of CFPB Director Rohit Chopra to the Appraisal Subcommittee Regarding Oversight of the Appraisal Foundation | Consumer Financial Protection Bureau

On March 8, 2024, CFPB Director Rohit Chopra submitted a comment to the Appraisal Subcommittee regarding oversight of The Appraisal Foundation.

www.consumerfinance.gov

conspiracy...

The term conspiracy theorist took off after JFK's assassination. It’s a way of discrediting people who don’t believe what their Government is telling them. Unfortunately, we have quite a few dumb people in this Country who will accept anything the Government tells them. If you need any evidence of that just look at the COVID plandemic.

 

[George Hatch]

The Appraisal Foundation’s governance structure is insular and favors private interests​

Before the end of last year, The Appraisal Foundation’s governance structure featured a pay-to-play mechanism whereby paying Sponsors selected around half of the BOT members. The remainder were elected by that same Board, and many of these elected trustees were members of Sponsors. Although the BOT supposedly changed its structure, the latest hearing brought to light that in practice, the new structure works a lot like Sponsorship by another name.

The Appraisal Foundation has essentially renamed Sponsors “Partners,” whose nominees will almost certainly be added to the BOT. The Appraisal Foundation’s new bylaws state that Partners can only nominate trustees. The bylaws permit up to 10 Partner-nominated candidates be put forward in a given election cycle, but do not limit how many total Partner-nominated Trustees can sit on the BOT. The Appraisal Foundation has publicly stated they intend to have between 9 and 10 Partner-nominated Trustees on the Board. Currently, 11 out of 12 Partners are former Sponsors.1 That means most or all Partner-nominated Trustees will be selected by these Sponsor-Partners.

At the last hearing, Appraisal Foundation President David Bunton confirmed that members of Sponsor-Partners can nominate themselves as “public interest" trustees. Other organizations can also nominate members of Sponsor-Partners. That means there is nothing to prevent the BOT from electing “public interest” trustees that are all members of Sponsor-Partners.

These Sponsor-Partners can still financially contribute to The Appraisal Foundation. Mr. Bunton stated at the last hearing that Partners make no financial contributions. But Partners can choose to do so. Under its bylaws, The Appraisal Foundation can also require Sponsors to make financial contributions at any time. And as recently as January 30, The Appraisal Foundation publicly committed to creating a mechanism that will allow organizations to support The Appraisal Foundation financially and gave no indication that Partners would be barred from using this mechanism.

The Appraisal Foundation’s processes, including the selection of its President, lack transparency.​

Submission of CFPB Director Rohit Chopra to the Appraisal Subcommittee Regarding Oversight of the Appraisal Foundation | Consumer Financial Protection Bureau

On March 8, 2024, CFPB Director Rohit Chopra submitted a comment to the Appraisal Subcommittee regarding oversight of The Appraisal Foundation.

www.consumerfinance.gov

conspiracy...

The "sponsors" were appraisal orgs. They're now called "Partners" instead, the primary distinction being they no longer have to pay the annual fee (IIRC it was $3500/yr). Because paying the fee was soooo corrupt.

There are specific criteria for membership as a "partner". As stated, they're non profits, so no, not just any AMC can weasel their way in as a partner.

I asked if you bothered to look at the members of the BOT to see who they are. Have you done that yet, or are you too busy trying to smear them all as paid shills of the AMCs?

I also asked if you could point to anything the ASB or AQB has ever done which is adverse to your business interests. I mean, other than prohibiting you from exploiting more than 3 trainees at a time as a single-signing "supervisor". Are you ever going to respond to that question or do you intend to continue to avoid it?

Everyone here can see that you guys are avoiding those questions. You're not fooling anyone.

 

[djd09]

Stop it. They just pay the fee out of the goodness of their heart. It’s the right thing to do to help out the honorable and ethical appraisal foundation.

relman didn't come cheap...

 

[Zoe]

The "sponsors" were appraisal orgs. They're now called "Partners" instead, the primary distinction being they no longer have to pay the annual fee (IIRC it was $3500/yr). Because paying the fee was soooo corrupt.

There are specific criteria for membership as a "partner". As stated, they're non profits, so no, not just any AMC can weasel their way in as a partner.

I asked if you bothered to look at the members of the BOT to see who they are. Have you done that yet, or are you too busy trying to smear them all as paid shills of the AMCs?

I also asked if you could point to anything the ASB or AQB has ever done which is adverse to your business interests. I mean, other than prohibiting you from exploiting more than 3 trainees at a time as a single-signing "supervisor". Are you ever going to respond to that question or do you intend to continue to avoid it?

Everyone here can see that you guys are avoiding those questions. You're not fooling anyone.

I can tell you one quick Sir George. Commingling of fees.

 

[Zoe]

Commingling of fees was probably one of the most biggest scams ever in the lending industry.

 

[Francois K. Gregoire]

We have “composition” goals for the Board of Trustees” says Frankie Gregorie. So now TAF is hiring based on race! Btw Frankie you’ve climbed the ladder my boy from State-Board member to a member of the TAF BOT. We want the BOT to match the US census!

The name is spelled "Gregoire". Composition Goals are not race or ethnic related. Members of the Board of Trustees are not "hires". Hires are employees and get paid. Every member of the Board of Trustees is a volunteer.

You do not know me well enough to call me Frankie

 

[Zoe]

The name is spelled "Gregoire". Composition Goals are not race or ethnic related. Members of the Board of Trustees are not "hires". Hires are employees and get paid. Every member of the Board of Trustees is a volunteer.

You do not know me well enough to call me Frankie

Will Mr. Gregoire work? What about Frank? LOL

 

[Zoe]

Sir Gregoire, you need to work on separation of fees on TIL disclosures.

 

[Francois K. Gregoire]

Sir Gregoire, you need to work on separation of fees on TIL disclosures.

Frank is just fine. FWIW, The Appraisal Foundation is not an advocacy organization. Even though members of the board of trustees may personally agree with disclosure of fees related to appraisals on disclosures and closing statements, expect the Foundation to stay in their lane.

That being said, another organization, the National Association of Realtors, as a result of work by the Real Property Valuation Committee, is working on disclosure of fees on the TILA-RESPA Integrated Disclosure (TRID) form. Take a look at the second paragraph under "Compensation and Quality are Correlated" in the letter at this LINK.

This is not the only effort by NAR. It just happens to be the most recent and easiest to find.