Senate Passes Housing Bill--Does it have the Dodd Bond?

[Hamlet]

So...Half-Evil

Where are you going to draw the line with our tax dollars?

Making your own bed is understood and accepted. But if I accept your logic I guees it is OK with you if the current Trainee with 2000 hours experience and as little as one year of supervison is allowed to make it to Licensed (not hard, agreed?), take the FHA "test" (10, 50 or 100 questions?), fill out the FHA application and become FHA approved. Then Mr. FHA gets to start running around doing appraisals for homeowners who have already proven they make poor investment decisions, not to mention, lenders who have a similar history and a BIG DAWG in the fight.

Do you think they plan to kiss me first?

You are correct, 2500 hours for a newly certified residential appraiser is so much better than the 2000 hours for a licensed appraiser.:Eyecrazy:

Taking a test and showing a demonstrated knowledge of the material no matter what the license level would be more credible in my eyes than a mere designation.

Mr. Rex and Mr. Boyd post almost daily the HUD links for those newly certified and licensed appraisers who are now jumping on the FHA bandwaggon.

Bring back the test.

 

[Mike Phillips]

You are correct, 2500 hours for a newly certified residential appraiser is so much better than the 2000 hours for a licensed appraiser.:Eyecrazy:

Taking a test and showing a demonstrated knowledge of the material no matter what the license level would be more credible in my eyes than a mere designation.

Mr. Rex and Mr. Boyd post almost daily the HUD links for those newly certified and licensed appraisers who are now jumping on the FHA bandwaggon.

Bring back the test.

2000 hours experience versus 2500 hours experience is no big deal. As little as 12 calendar months of experience versus no less than 24 calendar months of experience is a big deal.

IMO, no appraiser, me included, was ever qualified to practice unsupervised after little more than 12 months of OJT. I don't care how many reports they did in the first 12 months.

Yeah, bring back the test, the 100 question exam that had to be taken in an all-day FHA seminar taught by FHA. Not the 10-question, ask for the answers on AF type eaxm that could be faxed in with the application.

Help phase out and eliminate the Licensed category. The AQB has spoken, finally. Certification is the new minimum.

Like I said, argue what is good for you, it is human nature to do so, but for goodness sake, after you get in close the dang door.

 

[TJSum]

Not sure about that one year thing, don't Licensee's have to spread those 2000 over two years?

 

[Hamlet]

Not sure about that one year thing, don't Licensee's have to spread those 2000 over two years?

TJ,

I believe that you are right it is a minimum of 2 years.

Mike, please don't make assumptions that all licensed appraisers are content in their status and are not working to upgrade. Many are, including me, and that was my plan before the latest developments.

I just don't feel that a cert level for FHA is a guarantee that the appraisals will be better. Testing on the FHA criterial will.

 

[Couch Potato]

Not sure about that one year thing, don't Licensee's have to spread those 2000 over two years?

It varies from state to state. Not too long ago there was no time requirement at all in North Carolina. A time requirement of one-year was instituted about 5 years ago, and now the Licensed level is no longer available.

 

[TJSum]

Here is the Maryland guideline...

Please note that a regulatory change by the Maryland Real Estate Commission became effective in March, 2004 that will now require the 2000 hours of experience for an appraisal license to be acquired over a period of no less than 2 years.


Donna, how about going back to the strict review process, we used to receive them all the time back in the 90's, the quality of ones work is the real test !!!

 

[Hamlet]

Here is the Maryland guideline...

Please note that a regulatory change by the Maryland Real Estate Commission became effective in March, 2004 that will now require the 2000 hours of experience for an appraisal license to be acquired over a period of no less than 2 years.


Donna, how about going back to the strict review process, we used to receive them all the time back in the 90's, the quality of ones work is the real test !!!

It is 2 years minimum here in Ohio too.

TJ, I agree. Review and let the quality speak.

 

[Mztk1]

In Florida, where Mike is from, an appraiser tried to get his license after 12 months and 2,000 hrs experience. I believe his mentor died just after a year working with him. He took a class and the instructor told him that yes, to be licensed, it is one year and 2000 hrs. He submitted his log and his time and was approved for the test, passed it, and became licensed.

It turned out he was the first licensed appraiser to submit a 1 year log only. All others to that point had submitted 2 year logs. The state, reviewing his application, saw the missing year and suspended his license pending a revocation hearing. He was license number 160 something and in Florida, which stopped at number 249. So 65% of the appraisers who are licesned had no less than 2000 hours of experience and 2 years with a mentor. The appraiser won his case. His course instructor testified for him and he had a lawyer as well. That is the general gist of the story and I am sure that of the other 35% of appraisers there may have been some who got licensed in Florida with just 1000 hours. Me personally, my application could have had 20,000 hrs or more if need be.

‘‘(5) ADDITIONAL APPRAISER STANDARDS.—Beginning on the date of enactment of the Federal Housing Finance Regulatory Reform Act of 2008, any appraiser chosen or approved to conduct appraisals for mortgages under this title shall—
‘‘(A) be certified—
‘‘(i) by the State in which the property to be appraised is located; or
‘‘(ii) by a nationally recognized professional appraisal organization; and
‘‘(B) have demonstrated verifiable education in the appraisal requirements established by the Federal Housing Administration under this subsection.’’

Obviously the law is not referencing "certified" the way it is being taken out of context here. If, for instance, the IFA or AI or NAR decides to offer a special Reform Act 2008 certification they can and the people who gain it can appraise without being a state licensed or certified appraiser at all. Notice how between (i) and (ii) it says "or", not "and".

This will either be changed, or the National Association of REALTORS already lobbied for the current wording so agents can pick up work on the refinance business.

 

[Couch Potato]

This will either be changed, or the National Association of REALTORS® already lobbied for the current wording so agents can pick up work on the refinance business.

It may be changed some day, but not until next year at the earliest.

 

[Mike Phillips]

Not sure about that one year thing, don't Licensee's have to spread those 2000 over two years?

I think if you check for accurate data you will find the requirements vary slightly with each state.

The typical requirement I have seen is 2000 hours in no less than 12 calendar months for Licensed and 2500 hours in no less than 24 calendar months for Certified.

For instance, this is for Kansas, direct from the appraisal board website.

LICENSED CLASSIFICATION: 2,000 hours of experience credit is required. The experience shall be obtained in no fewer than 12 months. Any applicant may accumulate experience hours over more than 1 calendar year and may receive credit for more than 1,000 hours within any 1 calendar year.

RESIDENTIAL CLASSIFICATION: 2,500 hours of experience credit is required. The experience shall be obtained over a period of no fewer than 24 months.

Go here for an index of all state boards:

http://appraiserusa.com/stateboards/index.htm