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

[Bama Bayou]

Can anybody tell me what it takes for a licensed appraiser to upgrade from the license level to the certificate level?

Money and time. Not much of either. It is more difficult than is was before 1/1/2008. I will never understand why someone who meets the experience requirements does not get the education hours and move up to certified. The last time I had to get cont. ed I got credit for 28 hours and it took me 4.5 hours on the internet from start to finish

It is not hard.

 

[Doug Smith SRA]

This Just In From AI

Is the certification requirement for all FHA loans or just those being refinanced under the bill? If it is only for the refinance it may not make much difference to the licensed appraisers.

This was part of a letter to AI Members this afternoon.

In addition, H.R. 3221 raises eligibility requirements to become an FHA approved appraiser, requiring new FHA appraisers to be state certified or professionally designated by a nationally recognized professional appraisal association like the Appraisal Institute. Finally, the bill contains strong appraiser independence requirements for the FHA appraisal program

The key word is "new". After the law goes into effect, the bar will be raised. For all those who are licensed... time to sign up before the law takes effect.

The problem is that many will read this change, the legal staff will take a crack at it and lenders will start questioning why, if the government mandates certification for FHA loans, they should continue to use licensed appraisers. Company legal beagles are going to start thinking that using a licensed appraiser will open them up to liability issues. Like it or not licensed appraisers have a PR problem.

Doug

 

[jay trotta]

don't know about your individual States, but in ours - we are "Certified" with a State License# - as it is with other Business's within the State. The reason for the License#, is so that they don't make a mistake on who the complaint is filed against.

we also have "Licensed Trainees" for the exact same reason. Seems to work ok and there was a "Sunset Law" on the books for those who were trying to get in before all the changes, alot didn't make it.....awwww

5 Years ago there were 30 pages (40 deep) of MB's within the state, I'll need to check and see how many are left. During the last downturn I think it was about....1282 Banks/Lenders that took a dive; because the Mega Banks today are much larger, I don't see that number comming up, but if you see the Top 3 tank - we will all be in deep sheit.

 

[liberated]

Can anybody tell me what it takes for a licensed appraiser to upgrade from the license level to the certificate level?

Depends upon what state you are in.

 

[Bama Bayou]

This was part of a letter to AI Members this afternoon.



The key word is "new". After the law goes into effect, the bar will be raised. For all those who are licensed... time to sign up before the law takes effect.

The problem is that many will read this change, the legal staff will take a crack at it and lenders will start questioning why, if the government mandates certification for FHA loans, they should continue to use licensed appraisers. Company legal beagles are going to start thinking that using a licensed appraiser will open them up to liability issues. Like it or not licensed appraisers have a PR problem.

Doug

I missed the word "new" in this bill as it refers to appraisers. I also missed the word "designation" as it refers to appraisers.

It was pretty obvious to me that the AI is attempting to get rid of the FIRREA provision about lenders not using a designation as the sole requirement for qualifications. I don't think the wording in this bill worked for them. Very vague.

The AI has never been good at the role of lobbyist.

 

[Elliott]

As has been pointed out, the problem, is there isn't money to lend. It
actually has to come from somewhere! I was watching Fox's business
programs on Saturday, and Trapper John, Wayne Rogers, made the accurate
observation that it is really, really hard to get a loan, regardless of your
down payment, or your credit score. Too many potential borrowers
chasing little available capital. We have a failure of confidence (not unlike
"A failure to communicate"). Interesting times.

 

[liberated]

Also, it took two years for me to obtain my IFA designation...and it was well worth it.

 

[Mztk1]

Money and time. Not much of either. It is more difficult than is was before 1/1/2008. I will never understand why someone who meets the experience requirements does not get the education hours and move up to certified. The last time I had to get cont. ed I got credit for 28 hours and it took me 4.5 hours on the internet from start to finish

It is not hard.

It has to be in class, tested hours, not internet classes here in Florida.

You want to hear something you might find sad. I have about 210 tested hrs of class time, 20 years experience/15 or 16 full time and with non-residential to boot, college degrees, and still have never upgraded to certified.

In my state I cannot appraise houses with a $1,000,000 federally related transaction amount. So what!? There are no houses, or very few, that are financed by a federal institution for more than $1,000,000. I am not missing much if anything.

To be become certified it means I have to fill out a new log, submit all my paperwork again, and sit for yet another test. Having been an appraiser in two states that do not reciprocate, I do not want to sit for a third test unless the need is strong.

The fact is, pragmatically speaking, there is no difference between being licensed as opposed to certified. One of these days (years) I will take the plunge though.

(We have three license levels in Florida, a registered trainee, a Licensed Appraiser and the Certified Appraiser category that has Residential and General. For those states that call our "Registered Trainee" a "Licensed Appraiser" or some derivation thereof, there is obviously a significant pragmatic difference between Licensed and Certified. Here, though, there isn't.)

 

[Bama Bayou]

Anybody got a photograph of Tobias The Cat?

 

[Bama Bayou]

It has to be in class, tested hours, not internet classes here in Florida.

You want to hear something you might find sad. I have about 210 tested hrs of class time, 20 years experience/15 or 16 full time and with non-residential to boot, college degrees, and still have never upgraded to certified.

In my state I cannot appraise houses with a $1,000,000 federally related transaction amount. So what!? There are no houses, or very few, that are financed by a federal institution for more than $1,000,000. I am not missing much if anything.

To be become certified it means I have to fill out a new log, submit all my paperwork again, and sit for yet another test. Having been an appraiser in two states that do not reciprocate, I do not want to sit for a third test unless the need is strong.

The fact is, pragmatically speaking, there is no difference between being licensed as opposed to certified. One of these days (years) I will take the plunge though.

I understand it's a business decision. I generally charge $750 to $1500 for properties over 1M. We have lots of them along the coast and back bays. AMCs are even willing to pay these fees and they take about ten more minutes to complete than a typical 3/2 house.

Once again it's a business decision.

I believe you. But it is hard to fathom that FL will not take internet classes. Your instructors must be good lobbyists.