AI ‘Concerned’ with Freddie Mac Policy Changes

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I hope you and yours enjoyed a wonderful Thanksgiving weekend! I’d like to extend my best wishes for a successful end to the year and a happy holiday season.

You might have heard about Freddie Mac’s plans to change its Loan Advisor Suite. Rest assured that the Appraisal Institute has passed along its reservations.

AI ‘Concerned’ with Freddie Mac Policy Changes

The Appraisal Institute on October 31 expressed “serious concerns” with changes to Freddie Mac’s Loan Advisor Suite. AI’s letter to Federal Housing Finance Agency Director Mel Watt noted similarities to previous policies that, AI said, “turned out to be disastrous for the entire economy.”

Under its new policy announced October 24, Freddie Mac will waive appraisals in lieu of an “appraisal alternative” in a host of situations, including first-purchase loans. The Appraisal Institute’s letter asked Freddie Mac to re-evaluate the new policy.

Learn more about Freddie Mac’s changes and read AI’s letter.

Congress Hears Appraisal Institute’s Ideas to Modernize Regulation

The Appraisal Institute told a Congressional hearing November 16 there is a “better, less-complicated approach” that would modernize the U.S. appraisal regulatory structure by improving quality, reducing costs and addressing fundamental concerns that drive appraisers from the profession.

AI suggested that Congress realign the appraisal regulatory structure with those of other industries in the real estate and mortgage sectors.

Learn more about the hearing and read AI’s testimony.

AI Announces Keynoter for 2017 International Valuation Conference

Physician, scientist, author and deep-sea explorer Dr. Joe MacInnis will be the keynote speaker at the 2017 International Valuation Conference being hosted June 8-11 in Ottawa, Ontario, by the Appraisal Institute and the Appraisal Institute of Canada.

A leadership and teamwork expert, MacInnis has led or participated in more than 50 of the world’s most important expeditions and has logged more time beneath the surface of the Arctic Ocean than any other scientist. He led the teams that made the first science dives at the North Pole and that built the world’s first polar undersea station. He was among the first to dive to the Titanic wreckage and has worked with the U.S. Navy, the National Aeronautics and Space Administration, the Canadian government and the Russian Academy of Sciences.

Learn more about Dr. Joe MacInnis and the International Valuation Conference.

AI Board of Directors Approves 2017 Budget, Guide Note

The Appraisal Institute Board of Directors approved the organization’s 2017 budget, adopted a proposed Guide Note and approved committee appointments for next year at its November 17-18 meeting in Chicago.

The Board adopted a balanced budget for the Appraisal Institute for 2017.

The Board also approved a proposed Guide Note, “Arbitration,” as revised by the Professional Standards and Guidance Committee after exposure of the proposed Guide Note. Additionally, the Board approved proposed 2017 committee and panel appointments, approved an appointment to fill a vacancy on the Education Committee and approved proposed appointments of 2017 representatives to other organizations.

Learn more about other actions the Board took at its meeting.

AI Participates in Key Industry Events

In keeping with the Appraisal Institute’s commitment to convey its thought leadership to real estate professionals and others, I was joined by Chief Executive Officer Fred Grubbe, CAE, MBA, at the World Association of Valuation Organizations (known as WAVO) Congress, November 1-3, in Daegu, Korea, where I presented on the impact of data of appraisals and appraisers. While in Asia, Fred and I also met with the Shanghai Real Estate Appraisers and Agents, Zhidi Alliance, China Association of Appraisers, Hong Kong Institute of Surveyors and Hong Kong University, where I presented November 8 about hot issues in commercial real estate.

Additionally, 2017 Vice President Stephen Wagner, MAI, SRA, AI-GRS, represented AI at the NAR Realtors Conference & Expo, November 4-7, in Orlando, Florida, where he co-presented on green valuation. AI also had a booth at this event. 2016 Vice President Jim Murrett, MAI, SRA, attended Valuation Expo, November 10-12, in Las Vegas.

Other News Around AI

And here’s some additional important news from the Appraisal Institute: