Apr
22
The Appraisal Institute on April 3 announced the recognition of 15 individuals as a "Volunteer of Distinction" for the first quarter.
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On Monday, February 26, 2019, the North Carolina Appraisal Board voted to summarily suspend the registration of CoesterVMS. Coester has failed to respond to seven complaints filed against it and has failed to maintain a surety bond after its surety bond was cancelled. Effective March 1, 2019, Coester’s registration is suspended and they shall cease all activities which constitute appraisal management services in North Carolina. The suspension shall remain in effect until the Board issues a Final Decision in this matter or until the parties enter into a Consent Order that is a final determination in this matter.
Apr
15
The Appraisal Institute on March 25 opened registration for its 2019 Annual Conference, which will be held July 22-24 at the Hyatt Regency Denver near the Colorado Convention Center.
Allison Massari, an entrepreneur, celebrated artist, accident survivor and executive coach, will be the keynote speaker. Massari will address her personal journey from absolute loss, to forgiveness to understanding, and finally to success and a life beyond anything she could have imagined. Her messages give audiences the tools they need to rise above any obstacle and show them how to find peace, purpose and happiness.
The 2019 AI Annual Conference will feature an exciting lineup of speakers, extensive opportunities for networking and continuing education (with the chance to earn Appraisal Institute and state continuing education credit), an awards ceremony, vendor exhibits and numerous opportunities to explore the Mile High City.
Learn more about the AI Annual Conference and register to attend.
Apr
09
The Appraisal Institute on March 25 sent to 45-Day Notice proposed amendments to Bylaws and Regulation Nos. 8, 9 and 10.
The proposal concerns removing “Past President Designated Member” as a member status while maintaining “Past President” as a title and as an individual who doesn’t pay membership dues, and eliminating the Temporarily Non-Practicing Designated Member status and Temporarily Non-Practicing Candidate status.
AI’s Board of Directors will consider the proposed amendments at its May 9-10 meeting in Chicago.
Comments should be sent to [email protected].
Mar
18
The Appraisal Institute designated 29 members in February, including; and 12 who received MAI designations; 7 who received SRA designations; 9 who received AI-GRS designations; 1 who received AI-RRS designations.
View the list here.
Mar
11
On March 6, the Appraisal Institute and Freddie Mac announced a partnership targeted to help real estate appraisers when valuing manufactured housing, meeting an important need for homebuyers, lenders, appraisers and homebuilders.
The Appraisal Institute’s partnership with Freddie Mac will provide practical appraisal training to all appraisers, as well as specifically-targeted training and case studies to address manufactured housing valuation assignments for Freddie Mac’s CHOICEHomeSM. CHOICEHome brings conventional mortgage financing to factory-built homes to help increase the availability of quality affordable homes that borrowers want while providing lenders with the innovative financing options they need.
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Feb
28
Feb
25
The Consumer Financial Protection Bureau on Feb. 12 released its 2019 list of rural and underserved counties, which those entities can use to determine if they are exempt from certain appraisal and ability-to-pay rules.
Click here to view the list.
Feb
21
AI periodically surveys real estate appraisers to capture the current state of the real estate appraisal profession. We welcome you to take part in this important survey. Your answers will help AI serve all real estate appraisers, and increase public awareness of the appraisal profession.
This survey is anonymous and will take about 4-5 minutes to complete.
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Feb
08
The Appraisal Institute on Feb. 4 was one of six organizations signing a comment letter that “strongly opposed” a proposal from the Federal Reserve, the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency to raise the residential appraisal threshold from $250,000 to $400,000.
If the proposal is approved, nearly three quarters of residential real estate loans held in portfolio by depository institutions would be exempt from appraisal requirements. A high percentage of those loans are from rural areas.
The same proposal was evaluated and answered in 2017 as part of the process of the federally mandated Economic Growth and Regulatory Paperwork Reduction Act — a regulatory relief effort that encompassed four different notice and comment periods and six public hearings. At that time, the same agencies that are now proposing the increase said it “would not be appropriate” to increase the residential threshold considering safety and soundness and consumer protection concerns.
The “about face” is an apparent attempt by the agencies to pacify rural community banks that received discrete relief from Congress through EGRPRA. The valuation organizations that signed the comment letter have also requested a hearing on the proposal, but the agencies continue to deliberate on the issue.
In addition to the Appraisal Institute, the comment letter was signed by:
- American Guild of Appraisers, OPEIU, AFL-CIO;
- American Society of Appraisers;
- American Society of Farm Managers and Rural Appraisers;
- MBREA | The Association for Valuation Professionals; and
- RICS.
Read the comment letter.
Feb
08
The Appraisal Institute opens registration Feb. 12 for its 2019 Leadership Development and Advisory Council conference, which will take place May 15-17 at the Washington Marriott at Metro Center.
LDAC is an innovative approach to valuation leadership development, and serves as an incubator of new ideas and helps to establish an appraiser presence in Congress with a day of lobbying on Capitol Hill. Registered attendees who participate in the complete LDAC program will receive Appraisal Institute continuing education credit.
Learn more about the 2019 LDAC conference and find registration information.
The Appraisal Institute also announced that it is offering sponsorship opportunities for LDAC. All money raised will be used to sponsor one of the numerous activities at the 2019 conference. A complete sponsor list will be published at the event and online.
Find more information on sponsorship opportunities.
Feb
07
The Appraisal Institute recommends that its professionals pay close attention to investment trends associated with the Opportunity Zones that were created through last year’s tax reform legislation. The U.S. Department of the Treasury has certified 8,700 Opportunity Zones — a process performed in conjunction with state and local government agencies.
Opportunity Zones are designed to spur economic development by providing tax benefits to investors by allowing them to defer tax on any prior gains invested in a Qualified Opportunity Fund until the date on which the investment in a QOF is sold or exchanged, or until Dec. 31, 2026 — whichever comes first. There is a 10 percent exclusion of the deferred gain for QOF investments held for more than five years; when held for more than seven years, the exclusion is 15 percent and when held for 10 or more years, the investor is eligible for an increase in basis of the QOF investment equal to its fair market value on the date the QOF investment is sold or exchanged.
The rules and regulations for this economic development tool are trickling out, including materials from the IRS. As a result, valuation-related questions are materializing as market activity within Opportunity Zones begins. One issue is the use of a sale from outside an Opportunity Zone as a comparable for one inside an Opportunity Zone, and vice versa. Additionally, data lags may necessitate fully informed market conditions adjustments. Appraisers likely also will be asked to segregate building and land values for tax planning purposes.
The IRS offers more information on tax issues with Opportunity Zones.
The Treasury Department provides a complete list of Opportunity Zones through its Community Development Financial Institutions Fund site. Many states offer information on local Opportunity Zones through their departments of commerce and economic development, such as this one from Illinois.
Feb
07
The Appraisal Institute designated 72 members in January, including; 1 who received MAI AND SRA designations; and 42 who received MAI designations; 7 who received SRA designations; 17 who received AI-GRS designations; 5 who received AI-RRS designations.
Congratulations to NC Chapter Members Richard Duane Earley, MAI and William (Bill) W. Johnson, MAI.
Jan
28
The Appraisal Institute, the American Society of Appraisers, the American Society of Farm Managers and Rural Appraisers and the Massachusetts Board of Real Estate Appraisers participated in bipartisan meetings with members of Congress Jan. 15, urging them to review a proposed increase to the residential appraisal threshold.
The Federal Reserve, the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency have proposed raising the residential appraisal threshold from $250,000 to $400,000.
The Appraisal Institute is asking appraisers to voice their opposition to the proposed increase. AI created an action alert where its professionals and others can weigh in on this important matter. The action alert provides talking points that appraisers can use in their letters, and AI encourages appraisers to share their own stories and experiences when speaking against the proposal.
Use the AI action alert to make your voice heard.
If you have any questions regarding this issue, contact Bill Garber, AI’s director of government and external relations, at 202-298-6449 or by email at [email protected].
Jan
24
2019 Appraisal Institute President Stephen Wagner, MAI, SRA, AI-GRS, outlines the Appraisal Institute’s priorities for the year in the organization’s latest video.
As the Appraisal Institute continues to serve as the global valuation profession’s thought leader, the organization remains at the forefront of the most pressing issues facing appraisers today.
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Jan
18
The Appraisal Institute designated 26 members in December, including five who received their MAI designations, seven who received their SRA designations, 12 who received their AI-GRS designations and two who received their AI-RRS designations.
Click here to view.
Jan
17
The Appraisal Institute on Jan. 9 announced the recognition of one individual as a "Volunteer of Distinction" for the fourth quarter.
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Jan
15
The Appraisal Institute announced Jan. 9 that it is accepting nominations for the Lifetime Achievement Award and the Outstanding Service Award, two ways AI recognizes some of its most deserving professionals. Nominations for both awards are due May 24. Awards will be presented at the Appraisal Institute's 2019 Annual Conference July 22-24 in Denver.
Click here to learn more.
Jan
14
By Michael Tucker
After several quarters of record-breaking high rents and low vacancies, the industrial real estate sector will likely "pause" soon, said JLL, Chicago. But it said that could be good news for smart owners, investors and occupiers.
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FEMA Brings Back Flood Insurance Policies During Lingering Government Shutdown
Category: Legislative
Jan
14
By Caroline Basile
The Federal Emergency Management Agency announced late Friday that it will resume selling and renewing flood insurance policies, rescinding its initial ruling that the National Flood Insurance Program cannot be renewed amid the ongoing government shutdown.
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Jan
10
The Appraisal Institute and 15 other organizations submitted a letter Dec. 21 to the Federal Reserve, the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency requesting that they hold a public meeting as part of the process to determine whether to increase the residential appraisal threshold from $250,000 to $400,000.