That Didn't Take Long-new Taf "panel"

[jay trotta]

I can still remember when the NYC, AG inked a document that sent shivers down every appraisers spine.

Re- Designing a new mousetrap isn't that difficult, because it is unnecessary. The number of new inventions for appraiser's over the past several years is amazing; so from 2008 back, nobody knew how to appraise ? Very interesting indeed; that all of my SRA /AI mentors (over a 10 year period) had no idea how to appraise real estate. It's just shocking I tell you, shocking.......

 

[Elliott]

The AMCs are salivating.

 

[Non Sequitur]

The Appraisal Subcommittee's (ASC) Mission Statement: To provide federal oversight of State appraiser regulatory programs and a monitoring framework for the Appraisal Foundation and the Federal Financial Institutions Regulatory Agencies in their roles to protect federal financial and public policy interests in real estate appraisals utilized in federally related transactions.

I don't see "adding to bureaucracy" in their mission statement. What gives them the authority to do this? FIRREA? Dodd-Frank?

 

[jay trotta]

I don't see "adding to bureaucracy" in their mission statement. What gives them the authority to do this? FIRREA? Dodd-Frank?

Dunno, FIRREA was implemented in 1989 and it took the 2007-2008 Greatest Depression for them to figure out what they wrote in the first place, that was truly a "sign of bureaucracy".

 

[Evincere]

For Immediate Release
Contact: Paula Douglas Seidel, 202.624.3048, paula@appraisalfoundation.org

Washington, DC – January 31, 2017--The Appraiser Qualifications Board (AQB) of The Appraisal Foundation (Foundation) has engaged a panel to assist in the development of Practical Applications of Real Estate Appraisal. This panel will provide the AQB with recommended outlines for programs offering alternative options for appraiser candidates to obtain real property appraisal experience.

"The AQB's goal is to design an experience-based curriculum that will emulate real estate appraisal practice. The curriculum will include experience modules for the Licensed Residential, Certified Residential, and Certified General credential levels,” Joseph Traynor, Chair of the AQB said. “Benefits of this type of practice-based experience will include consistent educational materials provided by qualified mentors. Experience module outlines are currently being developed for each of the credential levels stated above,” Traynor added.

The panel first met in Washington, DC on December 14, 2016. The composition of the panel is diverse, and includes members with backgrounds in residential and non-residential appraising, real property education, appraiser regulation, membership organizations, and appraisal management companies. Panel members include:

• Jordan Petkovski
  Dallas, TX

Jordan Petkovski
Senior Vice President, Chief Appraiser at CoreLogic

Experience module outlines are currently being developed for each of the credential levels stated above,” Traynor added.

So a panel was assembled in Dec 2016 and development was already in the works even prior to APB suspension.

Other than its a done deal, was there ever any public comment requested regarding assembly of the new panel and disbandment of the old.

 

[Eli]

Will fees get separated so my peers will be happy?lol

That's why they are taking it to the state level. They say there is more than one way to skin a cat.

This current announcement almost seems education related to me. I'm good with that part. We need some new education.

 

[Meandering]

I don't see "adding to bureaucracy" in their mission statement. What gives them the authority to do this? FIRREA? Dodd-Frank?

Not Dodd Frank.

1473 (d) Regulations.--Section 1106 of the Financial Institutions Reform
Recovery, and Enforcement Act of 1989 (12 U.S.C. 3335) is amended--

(2) at the end by inserting ``Any regulations prescribed by


the Appraisal Subcommittee shall (unless otherwise provided in


this title) be limited to the following functions: temporary

practice, national registry, information sharing, and

enforcement. <<NOTE: Establishment.>> For purposes of

prescribing regulations, the Appraisal Subcommittee shall

establish an advisory committee of industry participants,

including appraisers, lenders, consumer advocates, real estate

agents, and government agencies, and hold meetings as necessary

to support the development of regulations.''.

.

 

[timd354]

Will fees get separated so my peers will be happy?lol

That's why they are taking it to the state level. They say there is more than one way to skin a cat. This almost seems education related to me. I'm good with that part.

Yes, the separation of fees is undoubtedly a panacea....if they ever do require fees to be separated there is no doubt that appraisers will make at least $1,000 for even a non-complex appraisal of a cookie cutter and there will be so much work that appraisers will be turning down work like crazy.

At least that is how it works in fantasyland.

 

[Meandering]

Not FIRREA either.

TITLE XI—REAL ESTATE APPRAISAL REFORM AMENDMENTS

SEC. 1103. FUNCTIONS OF APPRAISAL SUBCOMMITTEE.

(a) IN GENERAL.--The Appraisal Subcommittee shall--

(1) monitor the requirements established by States--

(A) for the certification and licensing of individuals who are qualified to perform appraisals in connection with federally related transactions, including a code of professional responsibility; and

(B) for the registration and supervision of the operations and activities of an appraisal management company;

(2) monitor the requirements established by the Federal financial institutions regulatory agencies with respect to--

(A) appraisal standards for federally related transactions under their jurisdiction, and

(B) determinations as to which federally related transactions under their jurisdiction require the services of a State certified appraiser and which require the services of a State licensed appraiser;

(3) maintain a national registry of State certified and licensed appraisers who are eligible to perform appraisals in federally related transactions; and

(4) transmit an annual report to the Congress not later than January 31 of each year which describes the manner in which each function assigned to the Appraisal Subcommittee has been carried out during the preceding year.

(5) transmit an annual report to the Congress not later than June 15 of each year that describes the manner in which each function assigned to the Appraisal Subcommittee has been carried out during the preceding year. The report shall also detail the activities of the Appraisal Subcommittee, including the results of all audits of State appraiser regulatory agencies, and provide an accounting of disapproved actions and warnings taken in the previous year, including a description of the conditions causing the disapproval and actions taken to achieve compliance.

(6) maintain a national registry of appraisal management companies that either are registered with and subject to supervision of a State appraiser certifying and licensing agency or are operating subsidiaries of a Federally regulated financial institution.

(b) MONITORING AND REVIEWING FOUNDATION.--The Appraisal Subcommittee shall monitor and review the practices, procedures, activities, and organizational structure of the Appraisal Foundation.

[Codified to 12 U.S.C. 3332]

[Source: Section 1103 of title XI of the Act of August 9, 1989 (Pub. L. No. 101--73; 103 Stat. 512), effective August 9, 1989; section 1473(b) and (f)(1) of title XIV of the Act of July 21, 2010 (Pub. L. No. 111--203; 124 Stat. 2190, 2191, and 2192), effective July 21, 2010]


You can read all about the Appraiser Sub, in FIRREA, here:
https://www.FDIC.gov/regulations/laws/rules/8000-3100.html

.

 

[Eli]

I think the education benefits will be good. I know many will disagree.