In answer to your question is your not the only one with a concern. All appraisers that includes Licensed, Certified Residential and Certified General are facing issues that will have a devistating affect on our business. The S2452 Home Ownership Preservation and Protection Act of 2007 has been introduced to the Senate. It contains provisions that could potentially put thousands of appraisers out of work and add significantly to the cost of operating an appraisal business. This bond requires residential real estate appraisers to carry a bond. According to estimates provided to the Appraisal Institute from leading insurance providers, the bonding provision in S2452 would result in $10,000 to $40,000 in annual out-of-oocket expenses per appraiser. The Home Value Code of Conduct (HVCC) mandates the use of national appraisal management companies instead of local independent appraisers. The most experienced appraisers throughout the country will be forced out of business due to dramatically reduced fees and increased pressure from AMCs to meet the unreasonable valuation targets and deadlines. This exodus, coupled with the HVCC's preference for use of automated valuation models by AMCs, will lead to a significant deterioration of appraisal quality. .
H.R. 3837 Escrow, Appraisal,& Mortgage Servicing Improvement Act requires a study to be completed by the Comptroller General over 18 months with recomendations to state and federal levels. This study involves the appraisal process in general. Effectivness and Improvements.
"Reform" I an appraiser want to have a say when the study goes to the sub committee.
The same bill HR3837 also is requesting consideration of professional appraisar designations.
(k) Consideration of Professional Appraisal Designations- Section 1122(d) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 is amended by adding at the end the following new sentence: `No provision of this subsection shall be construed as prohibiting consideration of designations conferred by recognized national professional appraisal organizations, such as sponsoring organizations of The Appraisal Foundation.'.
What can you do about it? Get involved bring your concerns to the table have your voice heard. How can you impact any of this, by joining appraisers and grow in numbers and have a collective voice on the Senate floor.