I’m pleased to report that the Appraisal Institute continues to advocate in Washington, D.C., on behalf of its membership and the entire valuation profession. Here’s more about that, and other timely updates, from the past month.
AI Opposes Banks’ Residential Appraisal Threshold Increase
As you might have heard, federal banking regulators on Aug. 20 approved a final rule to increase the residential appraisal threshold from $250,000 to $400,000.
The Appraisal Institute continues to oppose this effort by bank regulators that threatens consumer protection and safety and soundness. While not surprised, we are very disappointed that the regulatory agencies have focused on regulatory relief at the expense of protecting homebuyers. The consequences could be substantial.
The Appraisal Institute fought to retain the existing threshold level during its review of the Economic Growth and Regulatory Paperwork Reduction Act several years ago, warning — and continuing to warn — federal banking agencies and congressional allies that the threshold increase could harm financial institutions and consumers.
‘My Account’ Online Changes to Launch Oct. 1
I’m pleased to tell you that on Oct. 1, AI will launch changes to the My Account portion of the organization’s website, which will enhance your online user experience; however, from Sept. 26-30, significant service functionalities will not be available to you either via the AI website or through contacting AI staff. Among the functionalities that will not be available are:
- Registration for most AI courses, seminars and other education events
- Purchases of textbooks, webinars and other items in the AI online store
- Self-service features available in My Account.
From Sept. 26-30, education certificate availability also will be limited.
Access to AI’s public website, online learning features and access to education transcripts will remain available. Important note: while online learning will be available, if you complete a program between Sept. 26 and Oct. 1, the program completion will not be recorded until after Oct. 1. If you have a license renewal on Sept. 30, you’ll want to complete your program before the end of Sept. 25.
Please plan for this service disruption.
AI, Fannie Mae Join to Foster Diversity in Valuation Profession
It’s my pleasure to share that the Appraisal Institute is serving as co-lead on Fannie Mae’s Appraiser Diversity Pipeline Initiative to enhance diversity in the valuation profession with the National Urban League and Altisource.
The initiative is intended to attract new entrants to the residential appraisal field, overcome barriers to entry (such as education, training and experience requirements) and to foster diversity.
AI Opens Registration for Education Opportunities
Registration is now open for three exciting Appraisal Institute education offerings.
Artificial Intelligence, AVMs, and Blockchain: Implications for Valuation premiered nationally Aug. 23 in Denver. The four-hour seminar, now being offered by chapters, will help valuation professionals understand the components of artificial intelligence including the internet, big data, machine learning and the internet of things.
A Look at Supporting Adjustments with the Three Approaches is a two-hour webinar that will take place Sept. 3. Developed by the Appraisal Institute’s Residential Appraiser Project Team, three residential appraisers will discuss using the three approaches to derive and support adjustments. Topics include:
- Supporting adjustments by group data analysis.
- Cost analysis techniques.
- The income approach and tips for supporting rents, producing a viable GRM and organizing your data.
Rural Valuation Basics will premiere Sept. 13 in Kennewick, Washington. The seven-hour seminar will teach residential and commercial appraisers the fundamental skills they will need to complete rural appraisal assignments. Instruction focuses on land mix analysis, valuing improvements with extraction and allocation and developing adjustments.
Risk Management Book Published by Appraisal Institute
Risk typically is part of appraisers’ daily lives, and the Appraisal Institute has a new book that can help manage those situations.
“Risk Management for Real Estate Appraisers and Appraisal Firms,” by Peter T. Christensen, Esq., with contributing author Claudia L. Gaglione, Esq., provides practitioners with suggestions for managing the risks associated with valuation assignments. The book also will help appraisers assess their liability and take steps to lessen their risk and protect their appraisal practices.
Appraisal Institute, RESNET Create Business Opportunities for Appraisers
If you hadn’t heard, the Appraisal Institute and the Residential Energy Services Network (commonly known as RESNET) have launched an appraisal portal that allows AI professionals to access data for properties with the Home Energy Rating System Index score.
With over 2 million HERS-rated homes in the U.S., business expansion opportunities exist for appraisers, and I encourage you to check out the portal.
Appraisal Institute Media Coverage Seen by Nearly 1 Billion
I’m excited to report that media coverage of the Appraisal Institute and its professionals was potentially read, heard or seen nearly 1 billion times in the first half of 2019, and that the coverage was worth more than $1.2 million.
A new video with highlights of the media coverage from January through June 2019 is available on the Appraisal Institute’s YouTube channel.
AI and its professionals appeared in 1,204 stories that ran in 430 unique media outlets. The coverage was potentially read, heard or seen 893,602,825 times and had a publicity value of $1,207,058, according to a proprietary formula used by a third-party vendor.
Other News Around AI
And here’s some other important news from the Appraisal Institute:
- Presentations and session handouts from AI’s 2019 Annual Conference are available on the website. Check out the content.
- In collaboration with Freddie Mac, the Appraisal Institute has added new offerings around the country of its practical appraisal training for appraisers to address manufactured housing valuation assignments for Freddie Mac’s CHOICEHomeSM. See the new offerings of this great initiative.
- AI posted a new video to its YouTube channel during the past month featuring photos from the 2019 Annual Conference.
- The Appraisal Institute also recently posted to its “Opinions of Value” blog a guest post from Doug Potts, MAI, AI-GRS, chair of AI’s Government Relations Committee: “AI Calls for Bank Regulators to Reject NCUA’s Decision.”
- The Appraisal Institute continues to grow its social media activities. Be sure to follow AI on Facebook, Twitter, LinkedIn and YouTube.