In my ever increasing attempts at getting updates and information posted before I forget, I finally asked for help. In getting to all of the critical meetings I had to enlist Burton Lee as a fellow attendee. He went to the key appraisal meetings in San Diego while I attended the education meetings. Worked great, but his reports are better than mine. We’ll start with his and then close with my report from the Professional Development meeting.
NAR National Conference – HVCC Session – November 13, 2009
A panel discussion that included FHFA, FHA, Freddie Mac, Fannie Mae, and LSI (an appraisal management company) left the audience with a clear understanding that they like the HVCC. The perception is that complaints about pressure on appraisers has been reduced and the overall level of risk associated with faulty appraisals has been reduced.
NAR representatives from the Risk Management & license Law Forum and the Appraisal Committee highlighted the unintended consequences of the HVCC which include,
- Lack of geographic competency associated with some AMC ordered appraisals, and
- Appraisers fee reductions which have resulted in the more competent appraisers being unwilling to perform appraisals for AMC’s leaving the less experienced appraisers to do the work.
Since the HVCC is scheduled to sunset in one more year, does not appear to be actively pursuing legislation to suspend enforcement of the HVCC for 18 months. Most people in attendance were frustrated about the prospects for the future associated with HVCC related issues.
NAR National Conference – Appraisal Committee Meeting – November 13, 2009
The Good News – Mr. Thomas Strickland reported that HUD will be requiring appraiser fees to be separately identified on the HUD-1 and that AMC’s will be required to be required to compensate appraisers based on the customary fees for the region. Timing and details were not otherwise presented.
FHA will accept appraisals for a period of 4 months instead of the previously acceptable 6 months. Additionally two unit condominium units will now be eligible for FHA financing.
The Not So Good News – NAR has developed the REALTORS Property ResourceTM which will include a comprehensive, catalogued database of real estate information on every parcel of property in the United States. Part of this resource will include a REALTOR Valuation Model (“RVM”). The RVM will be used to produce a best-in-class automated valuation product. Most of the appraisers in attendance at the meeting posed the question, why are appraiser members of NAR funding a product that will compete with the services that the appraiser members provide and why weren’t appraisers included in the development of this product? The concerns of the committee were to be presented to the Executive Committee.
NAR National Conference – Professional Development Committee – November 14th, 2009
The PDC had a presentation of “The Shift” as well as covered the written reports from the family of designations. After which, I had no choice but to mention that there seemed to be a lack of committee business on the agenda and that the presentation should probably have been delivered to the General me
Want more information? Visit www.realtor.org/conferencelive for all of the updates and information from NAR in San Diego.
