VaCAP has been informed of a Discussion Draft of a Bill introduced into the US House of Representatives that will directly impact every appraiser,
appraiser trainee, appraisal firm, and appraisal management company..
From the discussion draft, the purpose of the Bill:
establish an independent agency to be known as the Federal Valuation Agency and real estate valuation standards and appraiser criteria, including promoting a fair, unbiased, transparent, repeatable valuation process, and for other purposes.”
VaCAP encourages everyone to read, analyze and think through how this will impact you and your business. It does not matter if you agree or disagree
with the content of the Bill, it is important to discuss the the content with all of your US Representatives. Our Representatives will be the ones who ultimately vote on this Bill and they need to understand what they are agreeing to. More importantly, how
will this impact the public.
Ideally, having a face to face conversation is preferred, but realizing that is not an easy task for most, email is convenient and provides documentation
of your opinions and observations. However, there is no guarantee your representative will actually see the email. Most have staff that filter and respond to email.
Go old school and send a letter. This is more likely to actually been seen and read by your Representative.
We realize some appraisers are still very busy and some have started to slow a bit. If you are able to have a face to face conversation with your
Representatives, please follow up highlighting your conversation either by email or letter.
The reality is the more our Representatives hear about the Bill, the more they pay attention. What we don’t want to happen is this bill, or any
bill for that matter, to be voted on by our Representatives that have no idea what they are voting on.
Find you Representatives here. https://www.congress.gov/members/find-your-member
You have a voice, please use it!
FHA TO REQUIRE SECOND APPRAISAL FOR CERTAIN REVERSE MORTGAGES
WASHINGTON – The Federal Housing Administration (FHA) today announced that it will begin requiring lenders originating new Home Equity Conversion Mortgages (HECMs), commonly referred to as reverse mortgages, to provide a second property appraisal
under certain circumstances. FHA is instructing lenders to provide a second independent property appraisal in cases where FHA determines there may be inflated property valuations.
Severe appraiser shortage hurting market
Aug. 6, 2018
By Mortgage Daily staff
A severe shortage of real estate appraisers has North Dakota officials making a request to waive appraisal reports, at least temporarily, on some residential loans. Banking regulators see the move as necessary.
In some parts of the state, appraisal are reportedly taking up to three months. As a result, some of the transactions have fallen through -- hurting timely credit availability for prospective borrowers and slowing economic development.
A joint request was made by North Dakota Gov. Doug Burgum, Department of Financial Institutions Commissioner Lise Kruse and the North Dakota Bankers Association to the Federal Financial
Institutions Examination Council's Appraisal Subcommittee.
A temporary waiver of appraisal requirements that are currently required by North Dakota law is being sought by the state for federally related real estate mortgage loans issued by banks or credit unions.
North Dakota law requires independent evaluations regardless of the transaction amount. Federal requirements allow appraisals to be waived on single-family loans up to $250,000.
The state is asking for a temporary waiver on residential loans up to $500,000.
John Ryna, president and chief executive officer of the CSBS, noted in a written statement, "The challenges experienced by lenders obtaining timely appraisals is impacting local communities and economic development nationwide. The fact that North Dakota's governor,
top financial regulator and banking community are raising it to the federal level sends an extremely important message that there is a problem in the marketplace."