I’m excited to report that the Appraisal Institute has once again enhanced its role as the valuation profession’s thought leader!
Appraisal Institute Opposes Bills Raising Thresholds for SBA Loans
Once again, the Appraisal Institute’s advocacy efforts are at the forefront of the profession. AI urged the U.S. House of Representatives on Sept. 24 to turn back legislation that would virtually eliminate appraisal requirements for the Small Business Administration’s two largest loan programs.
In its letter to Congress, AI said the legislation – which passed the House on voice votes – may result in the elimination of nearly all appraisal requirements in one of the highest risk lending programs in the United States. AI will continue its opposition in the Senate.
AI Unveils Property Use Classification System
As you might’ve seen, the Appraisal Institute on Sept. 11 unveiled an information system that classifies and describes property uses and assists real estate analysts and others with their property use data storage and analysis.
AI’s Property Use Classification System, known as PUCS, can assist appraisers, appraisal firms, data companies and vendors to the valuation profession and the real estate industry sort or organize real estate property information.
Learn more and see how PUCS can help your business.
Appraisal Institute Reviewing Proposal to Repeal GSEs
The Appraisal Institute’s Government Relations Committee is reviewing a discussion draft bill released Sept. 6 by Reps. Jeb Hensarling, R-Texas, and John Delaney, D-Md., that would reform the government sponsored-enterprises and the housing finance system currently backed by Fannie Mae and Freddie Mac. The bill would repeal the GSEs’ charters and adopt a system allowing qualified mortgages to be securitized through Ginnie Mae.
Registration Opens for AI Education Premieres
As I mentioned in last month’s message, registration is now open for two education offerings that the Appraisal Institute will unveil in October.
Ignorance Isn’t Bliss: Understanding an Investigation by a State Appraiser Regulatory Board or Agency will debut at Valuation Expo in Las Vegas on Oct. 1 and will be released to AI chapters Oct. 8. The four-hour seminar discusses who files complaints, due process for an appraiser and the steps to take when a valuation professional is named in a complaint. As an added benefit, anyone who already has registered for Valuation Expo can receive a 30 percent discount off the regular price of $185, for a reduced price of $130, but that offer ends today!
Valuation by Comparison: Residential Analysis and Logic will premiere Oct. 5 in Milwaukee. The seven-hour seminar uses, and is based on, “Valuation by Comparison” second edition, and attendees will learn why clients need an appraisal, why valuation professionals must have appropriate market data and why it is imperative that appraisers know their market. Attendees also will discover how to find the information needed in markets where data is scarce, inconsistent or misleading.
CRE Senior Executives Attend President’s Council at AI
I’m proud to report that the Appraisal Institute once again showed its leadership of the real estate valuation profession Sept. 20 when we hosted the President’s Council at AI’s national office in Chicago.
The event brought together nearly two dozen senior executives from influential major firms to discuss commercial real estate issues facing the valuation profession. I was joined by President-Elect Stephen Wagner, MAI, SRA, AI-GRS; Vice President Jeff Sherman, MAI, AI-GRS; 2019 Vice President Rodman Schley, MAI; and CEO Jim Amorin, MAI, SRA, AI-GRS, in hosting the event.
AI Contributes at Major 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 2016 President Scott Robinson, MAI, SRA, AI-GRS, AI-RRS, at the Association of Romanian Valuers (commonly known as ANEVAR) Valuation Conference, Sept. 7-8, in Bucharest, Romania, where I presented “Valuer Ethics in Brokerage and Audit Roles” and Scott addressed “Appraisal Institute and IVSC Competence Requirements for Valuers.”
Additionally, Vice President Jeff Sherman, MAI, AI-GRS, spoke at the Relocation Appraisers & Consultants Conference, Sept. 13, in Dallas, on “State of the Valuation Profession.”
I also presented at the International Association of Assessing Officers (commonly known as IAAO) Annual Conference on Assessment Administration, Sept. 23-26, in Minneapolis, on “When Fee Simple is Not So Simple.” AI also exhibited at this event.
Other News Around AI
And here’s some additional important news from the Appraisal Institute:
- The Appraisal Institute continues to grow its social media activities. Be sure to follow AI on Facebook, Twitter, LinkedIn and YouTube.