On Aug. 20th the OCC, Board, and FDIC (collectively, the agencies) adopted a final rule to amend the agencies’ regulations requiring appraisals of real estate for certain transactions. The final rule increases the threshold level at or below which appraisals are not required for residential real estate transactions from $250,000 to $400,000.

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ICAP along with 27 other state appraisal organizations signed a letter supporting House Resolution 3619 the Appraisal Reform Act of 2019.  The letter states that the issues addressed with H.R.3619 bring much needed relief to areas of concern that have been a focus of the appraisal and lending communities. Consumers will ultimately benefit from the directives found in H.R.3619 as they will become more aware of fees associated with the appraisal and lending process. Veterans will be represented and have additional oversight of the profession with inclusion on the Appraisal Subcommittee and trainees will be legitimized and represented on the Appraisal Subcommittee's registry.

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On July 18th, 2018, NAR hosted its annual Appraisal Summit in Washington DC. The Summit brought together REALTORS® including appraisers and agents, as well as AMCs, government officials, trade associations, and private market entities, to discuss and engage on hot topics in real estate valuation. The goal of the event is to keep communication open between the interested parties in real estate property valuation and ensure REALTORS® continue to have a seat at the table when it comes to major issues concerning real estate valuation.

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The Subcommittee on Housing, Community Development and Insurance will hold a legislative hearing on June 20, 2019 entitled, “What’s Your Home Worth? A Review of the Appraisal Industry” on Thursday, June 20, 2019. Among other things, the memorandum states that appraisals are a critical part of the mortgage lending process and the overall safety and soundness of the housing market.

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ICAP and 27 other State Appraisal Organizations reached out to the House Finance Services Committee concerning the upcoming Subcommittee meeting entitled “What’s Your Home Worth,? A Review of the Appraisal Industry” on June 20th.
 
The letter  outlines some of the flaws, inconsistencies  and realities of the effects of appraisal management companies and how the GSE’s current  “appraisal modernization plan ” is actually harmful to consumers, investors, lenders, the housing market and the economy as a whole.  Fannie Mae’s own publications are being used as documentation. Hopefully the committee members ask the right questions on consumer protection.

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On April 5, 2019, the Appraisal Standards Board (ASB) adopted modifications to theUniformStandards of Professional Appraisal Practice(USPAP). This action began in earnest with theissuance of a Discussion Draft in January 2018, followed by four exposure drafts with specificproposed revisions to USPAP. Written comments were received in response to each document, and oral comments were provided at each of four public meetings. Each member of the ASB readand carefully considered every comment. Based on the feedback received, the Board adopted revisions for the 2020-21 edition of USPAP

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If a licensee has successfully completed all required continuing education for the license renewal period ending September 30, 2019 on or before the continuing education completion deadline of June 30, 2019, then credit for all continuing education courses taken between July 1, 2019 and September 30, 2019 may be credited toward the license renewal period ending September 30, 2021

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