President Trump on April 24 signed the Paycheck Protection Program and Health Care Enhancement Act, bipartisan legislation that provides $320 billion in additional funding for small businesses affected by the coronavirus pandemic. The Small Business Administration started accepting applications April 27, and already has approved more than 100,000 loans.
Federal banking regulators last week moved to allow banks to delay getting an appraisal on a property for as many as 120 days after a mortgage closes, and now, credit unions can do the same thing.
In order to “allow credit unions to expeditiously extend liquidity to creditworthy households and businesses in light of recent strains on the U.S. economy as a result of the National Emergency declared in connection with coronavirus disease,” the National Credit Union Administration will allow credit unions to postpone obtaining an appraisal until four months after a mortgage closes.
Mecklenburg County, the City of Charlotte and the six county towns, have agreed to follow the State of North Carolina’s Stay at Home Order starting April 30.
Mecklenburg County Manager Dena R. Diorio announced the agreement to the Board of County Commissioners at its public policy meeting Tuesday afternoon, one day before the county’s current order was set to expire.
Be sure to attend this week's AI Answers, a one-hour Facebook Live session on current affairs affecting appraisers. Adam Johnston, SRA, AI-RRS, of Genworth Mortgage Insurance, will discuss strengths and weaknesses of residential appraisal virtual inspection applications, and Justin Glasser, MAI, of Cushman & Wakefield Valuation and Advisory, will address impairment accounting considerations.
The Appraisal Institute’s April 17, 2020, webinar featured about a dozen nationally recognized commercial real estate experts who addressed changing market conditions during the coronavirus (COVID-19) pandemic. Click here or below to view.
See information slides from the April 23 Briefing.
Governor Roy Cooper issued Executive Order No. 135 extending North Carolina’s Stay At Home order through May 8. The orders extending closure of restaurants for dine-in service and bars and closure of other close-contact businesses are also extended through May 8.
The federal banking agencies on April 14 issued an interim final rule to temporarily defer appraisals and evaluations under the agencies' interagency appraisal regulations. Certain appraisals and evaluations for residential and commercial properties are deferred for up to 120 days after closing a loan transaction. The interim rule excludes transactions involving acquisition, development, and construction of real estate.
The North Carolina Chapter of the Appraisal Institute (NCAI) continues to monitor developments regarding the COVID-19 (coronavirus) outbreak. The health and safety of our members and event participants is of the highest importance and we are taking this outbreak very seriously.
In an effort for us all to stay informed, NCAI has created a COVID-19 Resources Webpage that provides the latest news regarding the COVID-19 situation at the state, national, and industry levels.
Join us for our Q1 Chapter Business Meeting (CBM) via Zoom Meeting on Wednesday, March 25 at 2pm!
The Appraisal Institute issued guidance cultivated from its Professional Practice staff on March 16 to help AI professionals and other real estate valuers serve their clients during the rapidly evolving global coronavirus pandemic.
“Appraisers should take care not to put themselves in harm’s way while completing their assignments,” the guidance said, which directed appraisers to the Centers for Disease Control and Prevention’s current risk assessment.
The Appraisal Institute announced March 18 that it is aggressively engaging all primary appraisal policy makers to help guide appraisers during the coronavirus pandemic. AI expects some guidance to be released as early as this week about exterior-only and/or desktop appraisals for loans sold to Fannie Mae and Freddie Mac.
Representatives of the Appraisal Institute have raised appraisers’ concerns regarding property inspections and appraisal waivers and exemptions, seeking a measured or balanced approach to risk mitigation.
So far, most policy discussions have focused on credit issues over collateral concerns and on servicing over loan purchasing issues to keep people who will be facing financial hardship in their homes during the coming weeks and months. The Federal Housing Finance Agency, which oversees Freddie Mac and Fannie Mae, has begun to engage on appraisal-related issues with many additional issues requiring solutions, including determining how loans will close in areas where courthouses are closed and there are no e-closing procedures, a situation that reportedly affects 20% of the country.
By Michael Tucker
The real estate impact of coronavirus will likely be limited in the short-term, but it could grow should the virus aggressively spread, analysts said.
Updated 3/23/2020
The North Carolina Chapter of the Appraisal Institute (NCAI) is closely monitoring developments regarding the COVID-19 (coronavirus) outbreak. The health and safety of our members and event participants is of the highest importance and we are taking this outbreak very seriously. The Charlotte 7-Hour USPAP Update class, scheduled for March 19, and the Greensboro 7-Hour USPAP Update class, scheduled for March 26, are cancelled. Refunds will be provided.
In AI’s latest video, three Designated Members share how receiving an AI designation has enhanced their career.
Leslie P. Sellers, MAI, SRA, AI-GRS, discusses how a designation can provide knowledge, resources and networking opportunities to help valuation professionals remain successful.
Are you interested in serving the NC Chapter (NCAI) as part of the leadership team for 2021?
The North Carolina Chapter Appraisal Institute's Nominating Committee will meet soon to nominate qualified chapter members for 2021 elected positions. Committee experience is a plus but not necessary.
The Appraisal Institute and its professionals were mentioned in more than 1,500 news stories in the last six months of 2019, with an audience of nearly 2 billion. The Appraisal Institute’s latest video outlines that coverage.
As the nation’s largest professional association of real estate appraisers, the Appraisal Institute continues to position its individuals as the go-to source for information on real property valuation.
2020 Appraisal Institute President Jefferson L. Sherman, MAI, AI-GRS, outlines the organization’s priorities for the year in AI’s latest video.
By Ben Lane
Over the last several months, a number of the nation’s largest lenders and housing trade groups have called on the Consumer Financial Protection Bureau to make changes to the Ability to Repay/Qualified Mortgage rule.
The Appraisal Institute will host its Annual Conference Aug. 3-5, 2020, in Orlando, Florida. This event promises to be a fantastic opportunity for valuation professionals to learn, network and have fun. Watch the Appraisal Institute’s latest video to learn more about the valuation profession’s biggest event of the year.
Real estate professionals from around the world are invited to join and:
