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A letter from the Franklin Law Group aims to reduce the probability of potential liability or license complaints, when developers and investors are looking to deconvert condominium projects into rental apartments.
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The letter states that if there was one clear takeaway from the comments received by the ASC during the TriStar Bank appraiser waiver process, it is that numerous appraisers were ready and willing to provide TriStar with the appraisal services they experienced difficulty obtaining on their own. Additionally the letter states that these organizations can work within their respective states to inform appraisers of the need of the financial institutions and encourage qualified individuals to reach out and offer their services.
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This rule change has the force and effect of law. These amendments have updated references to the latest USPAP Standards edition, amended various provisions to coincide with federal regulatory guidelines at the request of the Appraisal Subcommittee, established a new continuing education completion deadline, made changes to the disciplinary process and criminal background check requirements. These amendments have been adopted, effective 03/23/18. They were published in the April 6th Illinois Register.
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The letter expressed ICAP's strong opposition to the waiver request sought by TriStar Bank, and stated that "not only that there is NO shortage of appraisers in the Nashville MSA which TriStar lends in, but that the broad impact of the granting of a waiver in this MSA would be catastrophic in its impact to the overall safety and soundness of the underlying lending transactions and the broader public trust". The letted urged the Subcommittee to deny TriStar’s application.
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The letter states that a statute of repose that is specific to claims against real estate appraisers will provide appraisers and appraisal companies with the certainty of knowing the time during which a suit or disciplinary action might be filed.
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The letter states that reducing appraisal requirements increases risks to the taxpayers, who stand behind FDIC-insured institutions. The letter encourages the Committee on Banking to examine adherence to existing safety and soundness regulations by financial institutions and the underlying business and regulatory environment of real estate appraisers, finding ways to make the appraisal regulatory structure more efficient and attractive to the next generation of appraisers.
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The letter states that TriStar’s Temporary Waiver Request is a shocking attempt to sidestep one of the most basic and integral safeguards for housing and the economy at large: verifying and certifying the value of the collateral that is securing a mortgage. Further, the letter contends that the ASC’s authority to “temporarily waive certification or licensing requirements” in a particular area should not be provided in order to make it more convenient for a lender to conduct its business or resolve issues which arise from its business practices.
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What is ICAP's mission statement?
ICAP works to promote the appraisal profession and its image to the general public and to users of appraisal services. ICAP initiates discussion and analysis of issues affecting professional appraisers and monitors political action with the intent to influence legislation, regulation and public opinion toward the appraisal profession.
What are the benefits of an ICAP membership?
Click here for the benefits of an ICAP membership.
Who should join ICAP?
Real estate appraisers, accountants, assessors, attorneys, and anyone else who would like to stay up-to-date on regulation, legislation and everything that has to do with the latest developments in Illinois’s real estate appraisal profession.
How much are ICAP”s annual membership dues?
ICAP’s annual membership dues are $85 per year
When does my membership start and expire?
ICAP memberships start January 1st and expire on December 31st
How can I find my username or password?
Click here to request your username or password
Where can I log in?
Click here to log in
Where can I update my account?
Click here to update your account
Where can I find information about ICAP seminars?
Click here for the latest information about ICAP seminars
Where can I make a political action donation?
You can make a political action donation here
How can I get involved?
Click here for information about Joining an ICAP Committee
Who can I contact if I have other questions?
Click here to contact ICAP
Check out ICAP’s calendar of events to see the dates of upcoming continuing education, ICAP seminars, special events, ICAP Board Meeting dates and USPAP offerings. To view ICAP’s calendar of events click here.
Click here for the IDFPR's Homepage
Click here for the IDFPR's Appraisal Homepage
Click here to lookup your Continuing Education
Click here for the current list of AMC Registrants
Click here to contact the IDFPR
Click here for the Illinois Appraisal Newsletter
Click here for the Real Estate Board Minutes
Click here to find your lawmaker
Click here for the Appraisal Licensing Act
Click here for the Administrative rules
ICAP represents real estate appraisers in Illinois through continuing communication with our State Representatives. ICAP has advocated for appraisers and influenced Illinois State Legislation and Regulation to ensure that appraisers are represented.
ICAP's political action fund - ICAP collects contributions from members and uses those funds to help elect candidates for public office who are supportive of appraiser related issues. To contribute to ICAP's PAC visit our website at www.icapweb.org
Participating in a membership of over 1,300 members gives you real strength. ICAP serves the interests of all our members whether they specialize in residential or commercial real estate.
Through our regular ICAP E-mail Updates and Social Media Campaign (Facebook, LinkedIn, Blog and Twitter) ICAP members can connect with other Illinois appraisers and stay up-to-date on regulation, legislation and everything that has to do with the latest developments in the real estate appraisal profession.
ICAP has created a bulletin board for appraisers seeking employment and employers offering career opportunities within the appraisal community. Membership can visit our Job Search Bulletin Board at www.icapweb.org.
ICAP Members can access hundreds of relevant appraisal related links at our website www.icapweb.org. Including our Appraisal Laws and Rules.
In addition to the seven hours of continuing education awarded by the State of Illinois, ICAP provides a vast array of business networking opportunities during ICAP's annual summer seminars. Meet your peers and develop life-long connections.
ICAP members receive special member-only pricing on ICAP's annual summer seminars, special deals from OfficeMax Products & Services, and up to 40% off normal Avis Rent-A-Car Rates.
Companies and individuals looking for ICAP members can quickly find them by using ICAP's Find an Appraiser search function. Potential clients can search by Name, City, Postal Code, County or any combination thereof.
Gain leadership skills and experience by serving on committees. Get involved with ICAP and grow your business. Meet and work with appraisal professionals. To volunteer for committee opportunities send us a message at www.icapweb.org.
May 21, 2018
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ICAP is a political action group and so lacks the credentials to dispense professional appraisal advice. Rather, these questions should be directed to the State of Illinois or our sponsoring organizations.
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