Title Xi 2004 Georgia's Board Was Correct!

[Fred]

Just reporting what the FBI says........

Just? I was more intriguied by your linking of mortgage fraud to arguing with TAF and the ASC.

 

[Bob Ipock]

Time and money spent arguing with TAF and the ASC is time and money that should be spent on enforcement, especially enforcement of appraisers involved in mortgage fraud.

Let the Governor or the state legislatures fight TAF, ASC and the US Congress. That is certainly not the job for appraisal boards and not likely mentioned in ANY of their Mission Statements. In addition, let the elected officials use money from their coffers to wage war and not deplete the $$$ needs of appraisal boards.


The mission of the North Carolina Appraisal Board is to protect consumers of real estate services provided by its licensees by assuring that these licensees are sufficiently trained and tested to assure competency and independent judgment. In addition, the Board will protect the public interest by enforcing state law and Appraisal Board rules to assure that its licensees act in accordance with professional standards and ethics.


Most appraisal boards (if not all) have forgotten their mission and failed to succeed. However, they want to place the blame somewhere else.

 

[George Hatch]

What a difference a couple years makes. In 2004 a lot of people were complacent about the real estate markets, ambivalent about appraisals in general, and were actively dismantling all manner of due diligence efforts. Obviously, 2008 isn't 2004.

Going forward, I'm thinking that the results of the current state of affairs will be the completion of the second half of the job the feds started in 1989. I'm anticipating an ASC that will be given more leverage over the states besides just "the bomb". I only hope the feds kick down some funding to the states - with strings attached - to go with it.

 

[Bob Ipock]

George,

Who benefits most from appraisal regulation and enforcement? I would say it is the states because he states suffer the consequences of incompetent, unethical and dishonest appraisers.

Funding an appraisal board is no different from funding a contractor's board, real estate board, electricians board etc. Fund the damn boards and it will cost less than funding the consequences.

State appraisal boards need to be looking for state legislators for more funding except is considered to be unwise to criticize those that appointed you in the first place

 

[George Hatch]

I think a good start would be if those appraisal boards where it happened could persuade their states to leave the licensing fees at the state board instead of absorbing them into the general fund. I'm also dead serious about the feds providing some funding too, possibly on a matching funds basis.

 

[Bob Ipock]

How about if the federal funding was based on compliance and success of the state boards? Some reasonable method of evaluating state board success could be prepared.

 

[Francois K. Gregoire]

Most appraisal boards (if not all) have forgotten their mission and failed to succeed. However, they want to place the blame somewhere else.

How do you define success? Is there an objective standard?

 

[Mike Kennedy]

Here is the GAO Report referenced by Charles Clark:

http://www.gao.gov/new.items/d03404.pdf

Take a look at page 42 for the survey of states.

FTR, state regultors often must take an oath of office pledging to support, protect and defend their state constitution, laws, rules and regulations. Protecting the rights of their state is one of those obligations. Surrendering the rights of the state to the ASC, the AF, the ASB and/or the AQB is not part of the oath in my state.

Frank, I agree (see 6 above). Mr. Clarks' statements re continuing to divert $$$$ to the Feds away from the States when, rightly so, it IS the States' responsibility to Enforce State Law, IMO, rang the $$Bell Loudly. :icon_idea:

excerpt from GAO Page 42 >>>>>

"Achieving Title XI’s purpose depends in part on the ability of ASB and AQB
to ensure that appraisal standards and qualification criteria for appraisers
are reflective of changes in the real estate mortgage industry and
marketplace; these entities’ ability, in turn, depends in part on the amount
of funding provided to them annually by the Appraisal Subcommittee.

Achieving Title XI’s purpose also depends on actions taken by the states.
The lack of funding and resources cited by state appraisal regulatory
agencies suggests that some states may be unable to adequately enforce appraiser compliance with the minimum standards envisioned by Title XI.

At the same time, the Appraisal Subcommittee—the primary federal entity
in the oversight structure created by Title XI—has accumulated an
operating surplus of almost $4 million, generated from the fees levied and collected by the states on behalf of the federal government."

-------

If anyone has the CURRENT $$$ GAO numbers..... please do post. Thanks. ​

 

[Mike Kennedy]

OF entirely relevant Interest are Pages 65 & 66 in the 2003 GAO report:

Disciplinary Actions by State - IMO inadequately funded THEN, indequately funded NOW.

Table 4

http://www.gao.gov/new.items/d03404.pdf

Thanks for the link Frank.

 

[Francois K. Gregoire]

Mike,

See page 21 of the ASC Annual Report at the link below. The audited financial statements of the ASC start there.

http://www.ASC.gov/html/frameSet.aspx?assetPath=/uploads/Annual Reports\ASC2006AnnualReportFinal.pdf

The Appraisal Foundation publishes their financial statement in an annual report too.

http://www.appraisalfoundation.org/s_appraisal/bin.asp?CID=5&DID=1044&DOC=FILE.PDF

The 2006 Report is at the link above. Page 16 for the Financial Statement. The Appraisal Foundation, a not-for-profit educational foundation, has netted over $1,000,000 (income over expenses) in the past two years. Their assets in "investments" are nearly $2,000.000. Grants from the ASC to the AF are nearly $1,000,000 annually.