Stay strong! Many of us are busy professionally, while I’m sure we’re all dealing with some challenges as well. Keep up the good work, continue turning to the Appraisal Institute for the most current information about the coronavirus, and know that we’ll get through this together.
Here’s more about that and other news from the past month.
Appraisal Institute Webinars Deliver Vital Coronavirus Information
Here’s some timely and important information that can help your business during this pandemic.
As you might be aware, the Appraisal Institute has been hosting a weekly AI Answers session every Wednesday. I encourage you to check out the recordings of these sessions. Those sessions previously were conducted via Facebook Live, and as of May 20, were done so via GoToMeeting.
The Appraisal Institute was pleased to host a Facebook Live session April 29 featuring Adam Johnston, SRA, AI-RRS, director, operations, chief appraiser, with Genworth Mortgage Insurance, discussing residential appraisal virtual inspection applications.
The session is available via the following link: https://www.youtube.com/watch?v=3AZCL95jbpg&t=183s
Attendees of the May 6 Facebook Live session heard Appraisal Institute Director of Government and External Relations Bill Garber address the May 17 deadline for appraisal flexibilities, new guidance issued by the Consumer Financial Protection Bureau about appraisals and legislation on inspections.
The session is available via the following link: https://www.facebook.com/watch/live/?v=292239941786448&ref=watch_permalink
During the May 13 Facebook Live session, Melanie Sieger, MAI, AI-GRS, SVP, appraisal manager for Pacific Western Bank, and Tom Boyle, MAI, chief appraiser of US Bank, covered initial impacts and expectations for appraisers.
The session is available via the following link: https://www.youtube.com/watch?v=VROmLl6iXIc&t=8s
The May 20 session was highlighted by a discussion about impairment accounting issues in real estate with Melissa Lofing, MAI, and James Farrer, MAI, of Cushman and Wakefield’s Valuation and Advisory practice. Appraisal Institute Director of Education Sue Siradas also joined a conversation with Jim Park of the Appraisal Subcommittee on appraisal licensing and education flexibilities during the COVID-19 pandemic.
The session is available via the following link: https://www.youtube.com/watch?v=0C4XR-5QkBI
Also, during this month, AI hosted a May 27 session with Lyle Radke, director of collateral policy at Fannie Mae. The information in this session covered a range of issues, including a partnership between AI and Fannie Mae on diversity in the appraisal profession, the strong performance of appraisers in the COVID-19 pandemic and what’s ahead for Fannie Mae the remainder of the year.
The session is available via the following link: https://www.youtube.com/watch?v=fTHM-OQJdDA
Get the Latest News and Updates on How COVID-19 Affects Appraisers
As I mentioned in last month’s message, to help you navigate an ever-changing environment, the Appraisal Institute has compiled a wealth of information about the coronavirus pandemic impacting appraisers. You’ll find news and updates from the GSEs, FHA, VA, USDA, SBA and others. You’ll find information about state-specific issues, in addition to industry news from the ASC and others. And you’ll find a trove of important information generated by the Appraisal Institute.
Please visit the Coronavirus Updates page on AI’s website.
Appraisal Institute Among Valuation Organizations Questioning New IRS Procedures
As reported in Appraiser News Online, the Appraisal Institute on May 18 joined 10 valuation organizations in submitting a letter to the U.S. Department of the Treasury questioning procedural changes related to how the IRS determines violations of the valuation misstatement provisions of Section 6695A of the Internal Revenue Code. The organizations said the changes “run counter to the notion of due process and administrative restraint.”
Appraisal Institute Announces Cancellation of 2020 Annual Conference in Orlando
As you may be aware, the Appraisal Institute announced May 18 that, due to the coronavirus pandemic, it has canceled its 2020 Annual Conference, which had been scheduled for Aug. 3-5 in Orlando, Florida.
The Appraisal Institute’s top priority for this event is the health, safety and well-being of its professionals and other attendees. AI’s leadership decided that the fluidity and severity of the pandemic prevented the necessary assurance that the event could be held safely.
Additionally, the Joint Region Meeting scheduled for Aug. 2 in Orlando will not take place in 2020, and the AI Board of Directors meeting set for Aug. 6-7 in Orlando now will be held virtually.
An announcement of the site and dates for the 2021 Appraisal Institute Annual Conference is expected in the coming weeks.
AI Board of Directors Approves Both 45-Day Notice Items on Agenda During Meeting
The Appraisal Institute Board of Directors adopted both 45-Day Notice items on its agenda during its May 7 meeting, which was conducted via videoconference due to the coronavirus pandemic.
The first item adopted was proposed amendments to Appraisal Institute Regulation No. 5 and the use of Appraisal Institute designations by non-practicing Designated Members. The Board also adopted the other 45-Day Notice item on its agenda, addressing proposed amendments to the Appraisal Institute Code of Professional Ethics and relevant governing documents relating to the deletion of “Service” as a defined term, the addition of the term “Valuation Practice” and the resultant conforming changes to other terms.
Learn about other actions taken by the Board.
National Nominating Committee Nominates Craig Steinley as 2021 AI Vice President
I’m pleased to share that Craig Steinley, MAI, SRA, AI-GRS, AI-RRS, of Rapid City, South Dakota, was nominated for 2021 Appraisal Institute vice president by the AI National Nominating Committee at its May 6 meeting, which was held via videoconference due to the coronavirus pandemic.
National Nominating Committee Chair Stephen S. Wagner, MAI, SRA, AI-GRS, submitted the committee’s nomination to the AI Board of Directors at its May 7 meeting. Board members may file petitions for additional nominees in accordance with the Appraisal Institute Bylaws. The AI Board of Directors is expected to elect the 2021 vice president at its Aug. 6-7 meeting.
The 2021 vice president will serve as the Appraisal Institute’s 2022 president-elect, 2023 president and 2024 immediate past president, in addition to chairing the Finance Committee in 2021 and the National Nominating Committee in 2024.
Learn more about Craig Steinley, MAI, SRA, AI-GRS, AI-RRS.
AI Project Team to Enhance Find An Appraiser
In an effort to improve the Appraisal Institute’s Find An Appraiser function on the website, I’ve created a project team to analyze and optimize that popular tool.
The idea came to me from the Residential Appraiser Project Team (commonly known as RAPT), and I’m grateful to the following Designated Members who have agreed to lend their time and talent to the team:
- R. Wayne Pugh, MAI, chair
- John S. Cirincione, SRA
- Ryan M. Hlubb, MAI, SRA
- Adam B. Johnston, SRA, AI-RRS
- Becci Nelson Curry, MAI
- Melanie Sieger, MAI, AI-GRS
- Wayne A. Nygard, MAI
The project team will evaluate Find An Appraiser from a client and member perspective, and updates will be provided accordingly.
New AI Conservation Easements Book is a Landmark Text for Appraisers
I’m excited to tell you that the Appraisal Institute on April 28 published “Appraising Conservation and Historic Preservation Easements,” second edition, by Richard J. Roddewig, JD, MAI, CRE, FRICS, and Charles T. Brigden, MAI, CRE, FRICS.
This is a landmark text for appraisers, land trusts, historic preservation organizations, tax professionals, attorneys and state and federal agencies involved in the creation, donation and valuation of easements.
Learn more and order your copy!
Other News Around the Appraisal Institute
And here’s some other important news from the Appraisal Institute:
- The Appraisal Institute is offering a 15% discount for on-demand online CE during the months of May and June. AI online courses are available the same day you sign up. Take a look at AI’s education catalog with over 35 discounted courses to choose from! Use code 15ONLINE when registering. Offer ends June 30, 2020. Learn more: http://ow.ly/URkR50zHwTN
- The Appraisal Institute continues to expand its social media activities. Be sure to follow AI on Facebook, Twitter, LinkedIn and YouTube.
Have a safe month!