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NEW VIDEO: Valuation Impacts Of COVID-19

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.

New NCAI COVID-19 Resources Webpage

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. 

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AI Issues Coronavirus-related Direction for Appraisers

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.

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Appraisal Institute Seeks Guidance from Policy Makers

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.

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Coronavirus and the CRE Effect

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.

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New video: AI Designations Enhance Valuation Careers

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.

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Appraisal Institute Media Coverage Seen by Nearly 2 Billion

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.

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New AI video: Appraisal Institute Plans for 2020

2020 Appraisal Institute President Jefferson L. Sherman, MAI, AI-GRS, outlines the organization’s priorities for the year in AI’s latest video.

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Save the Date for the 2020 Appraisal Institute Annual Conference!

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:

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AI Honors Sheri Colvin, MAI with Volunteer of Distinction Award

On January 8, 2020, the Appraisal Institute honored Sheri Colvin, MAI, with the Volunteer of Distinction Award. The Appraisal Institute’s recognition program honors volunteers for their service to the Appraisal Institute, to the real estate valuation profession and to their local communities.

Sheri Colvin, MAI, has been appraising since 1994, and was the 2019 president of the North Carolina Chapter of the Appraisal Institute. She is a founder and principal with Colvin, Sutton, Winters and has been with the company since its inception in 2006. She is a graduate of the University of N.C. at Greensboro, holds an N.C. State Certified General appraiser license, an NC Real Estate Broker license, and the MAI designation from the Appraisal Institute. For the North Carolina chapter of the Appraisal Institute, she currently serves on the Executive Board as well as chairing and participating in various committees. Other associations include being a guest speaker for the 2013 annual CCIM Triad Market Forecast, former board member of the local chapter of CREW (Commercial Real Estate Women), former LDAC participant/chapter representative through the Appraisal Institute (Leadership Development and Advisory Council), and current member of TREBIC (Triad Real Estate & Building Industry Coalition).

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Pursuing an Appraisal Institute Designation

Four Appraisal Institute Designated Members shares why they think others should consider pursuing a designation in AI’s latest video.

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FHFA Issues Request for Input on Fannie Mae and Freddie Mac UMBS Pooling Practices

The Federal Housing Finance Agency (FHFA) today issued a Request for Input (RFI) about Fannie Mae’s and Freddie Mac’s (the Enterprises’) pooling practices for the formation of “To-Be-Announced” (TBA)-eligible Uniform Mortgage-Backed Securities (UMBS).  FHFA is also seeking public input about other policies and practices that might affect UMBS fungibility, including the Enterprises’ oversight of UMBS prepayment speeds and alignment.

This RFI follows on the successful launch of UMBS and seeks to ensure that UMBS remain a source of stable, affordable liquidity for the U.S. housing finance system.  The requested input will help FHFA determine whether further action or alignment is necessary to ensure reasonably consistent security cash flows and continued fungibility of the Enterprises’ UMBS.

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Governor Roy Cooper Appoints Lynn Carmichael, MAI, and Claire Aufrance, MAI, SRA, to the North Carolina Appraisal Board

The North Carolina Chapter of the Appraisal Institute would like to inform our members that Governor Roy Cooper has appointed Lynn Carmichael, MAI, and Claire Aufrance, MAI, SRA, to the North Carolina Appraisal Board. We congratulate both Lynn and Claire on their appointments and we thank them for their willingness to be leaders in the appraisal industry. We wish them all the best in their endeavor to promote the highest standards for real estate appraisal practice for the protection of the public trust. 

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Appraisers Provide a Wide Variety of Services, Appraisal Institute Says

Hiring a Designated Member of the Appraisal Institute can provide a broad range of benefits to commercial and residential clients, the president of the nation’s largest professional association of real estate appraisers said today.

“When hiring a valuation professional, clients should first understand the role of an appraiser,” said Appraisal Institute President Stephen S. Wagner, MAI, SRA, AI-GRS. “The appraiser’s role is to provide objective, impartial and unbiased opinions about the value of real property — helping those who own, manage, sell, invest in and lend money on the security of real estate.”

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Wide Range of Big-Box Values Raises Concerns: The Appraisal Journal

Courts, market participants and valuation professionals have expressed widespread concern about the broad range in real estate values presented by opposing litigation experts regarding single-tenant, big-box properties, according to an article published this week in The Appraisal Journal.

The Appraisal Journal is the quarterly technical and academic publication of the Appraisal Institute, the nation’s largest professional association of real estate appraisers. The materials presented in the publication represent the opinions and views of the authors and not necessarily those of the Appraisal Institute.

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Banking Committee Leaders Seek Answers on Appraisal Waiver

Rep. Maxine Waters, D-Calif., and Sen. Sherrod Brown, D-Ohio, on Sept. 24 submitted a letter to the Appraisal Subcommittee seeking answers about its July decision to grant a waiver of appraiser certification and licensing to the state of North Dakota. The letter expressed “surprise and concern” about the “unprecedented” waiver.

Waters chairs the House Financial Services Committee and Brown is ranking member of the Senate Banking, Housing and Urban Affairs Committee.

“It is so concerning that the ASC, the primary federal organization with oversight over appraisal and appraiser standards, has acted to waive appraiser certification requirements with minimal justification,” the letter stated, noting that appraisals are essential to safety and soundness and consumer protection. The letter explains that the move is unprecedented because the ASC has not granted any waivers since the Federal Financial Institutions Examination Council first fully implemented appraisal rules. In granting this one, the ASC ignored the objections of the North Dakota Real Estate Commission.

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New Passwords Required for ‘My Account’ Section of Appraisal Institute Website

The Appraisal Institute launched a new online association management system, or AMS, on Oct. 1. AI professionals and customers must change their passwords in order to access the My Account section of the AI website.
 
A short training video on AI’s YouTube channel shows users how to change their My Account passwords.
 
The new AMS online membership database and customer relationship management software platform is the foundation for almost every service and product that AI offers. It provides an intuitive, much-improved online experience with a more modern look and feel, allowing AI professionals, customers and staff to more easily access information.
 
Users will enjoy benefits such as:
  • Increased user accessibility to data;
  • Improved business processes and efficiencies;
  • Integrated web experience; and
  • Self-service capabilities that will make interactions with AI simpler and more convenient.
The My Account area of the AI website is completely new, including improvements to education search and registration, the online store, membership profiles, and Find An Appraiser profiles. AI professionals also will find improvements to self-service functions such as printing a transcript, paying dues and fees, candidate checklists, and volunteer information.

58 Members Received Designations from the Appraisal Institute in August & September

The Appraisal Institute designated 26 members in August, including one who received his MAI and SRA designations. Additionally, 17 received their MAI designation, four received their SRA designation and four received their AI-GRS designation. The Appraisal Institute designated 58 members in September, including; and 39 who received MAI designations; 6 who received SRA designations; 10 who received AI-GRS designations; 3 who received AI-RRS designations.

Special congratulations to NCAI members William M. Best, MAI; Stephen M. Worthy, AI-GRS; and John C. Palmer, MAI.

View the list here.

ASB Mulls Evaluations Standards; Paper Expected Soon

The Appraisal Standards Board of The Appraisal Foundation on Aug. 1 announced its intention to explore the creation of uniform standards for evaluations. The ASB said that since no standards exist for conducting evaluations, there is greater risk to the safety and soundness of real estate transactions and diminished protections for consumers. A concept paper is expected near Labor Day. 

Read more here.

Court Grants Stay of Motion in FTC Case Against LREAB

A Louisiana court on July 29 granted a motion to stay in the Federal Trade Commission's case against the Louisiana Real Estate Appraisers Board in which it alleged the LREAB illegally determined a floor for appraiser prices. The court ruled that, among other things, continuing the case would hamper the state's ability to make and enforce policies.

Read more here.