While this continues to be a challenging time for many of us, I am deeply proud of the Appraisal Institute’s efforts to remain at the forefront of providing timely and relevant information, … and I’m very impressed by the way AI professionals across the country are staying as positive and productive as possible.
Here’s more about that and other news from the past month.
Federal Banking Agencies Defer Some Appraisals Due to COVID-19
As you may have seen in this week’s Appraiser News Online, the federal banking agencies on April 14 issued an interim final rule to temporarily defer (not exempt) appraisals and evaluations under the agencies’ interagency appraisal regulations.
Certain appraisals and evaluations for residential and commercial properties are deferred for up to 120 days after closing a loan transaction. The interim rule excludes transactions involving acquisition, development, and construction of real estate.
You can learn more via the Appraisal Institute’s Facebook Live recording from April 15.
AI Provides Essential Coronavirus Information for Appraisers
As part of the Appraisal Institute’s efforts to help its professionals and all appraisers navigate the COVID-19 pandemic, I’m pleased to share some important resources to assist you during these challenging times.
The Appraisal Institute on April 9 released “Flexibilities Guide: Permissible Appraisal Requirements During COVID-19,” which helps residential appraisers navigate a multitude of reporting format allowances and requirements issued by Fannie Mae, Freddie Mac, the Federal Housing Administration, the Department of Veterans Affairs and the Rural Housing Service. It also suggests addenda language for when appraisers are reporting third-party information.
The guide is available in two formats: AI’s Flexibilities Guide: Permissible Appraisal Requirements – Excel (April 14, 2020) and AI’s Flexibilities Guide: Permissible Appraisal Requirements – PDF (April 14, 2020).
The Appraisal Institute also has produced a comprehensive analysis of states’ stay-at-home orders and has assessed which businesses are considered to be essential services in each state. Take a look at AI’s Statewide Stay-at-Home and Non-Essential Business Closure Orders (April 9, 2020).
Many AI professionals also have asked about the CARES Act and information from the Small Business Administration to help appraisers and other small businesses address the economic hardships caused by the coronavirus pandemic. See the AI Summary of Coronavirus Emergency Aid Package (March 26, 2020).
Appraisal Institute Webinar Expands Appraisers’ Coronavirus Knowledge
Here’s some valuable information that can help your business during this crisis.
The Appraisal Institute was pleased to host a webinar April 17 that included a panel of a dozen leading commercial real estate appraisers who addressed changing market conditions under coronavirus. The webinar’s content can help appraisers – not to mention investors, developers, financiers and other stakeholders – understand buyer and seller reactions to the market. The webinar also addresses appraisers’ short- and long-term considerations when evaluating property in this environment.
The webinar is available via the following link: https://www.youtube.com/watch?v=1bcnjLH15Jg
Learn the Latest News and Updates on How COVID-19 Affects Appraisers
To help you navigate a fluid environment, the Appraisal Institute has compiled a wealth of information about the coronavirus pandemic affecting 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.
AIERF Can Help Appraisers Impacted By COVID-19, Welcomes Donations
For those of you who have been significantly affected by the coronavirus, please know that the Appraisal Institute Education and Relief Foundation stands ready to provide emergency assistance.
Originating with the 2005 Gulf Coast hurricanes, the foundation has provided more than $300,000 in emergency financial assistance to appraisers and other individuals in need – whether due to natural disaster, medical emergency or other emergencies.
The assistance provided by the AIERF is made possible through the generous support of individuals within the real estate valuation profession, so I encourage you to help if you’re able.
Learn more about AIERF.
Appraisal Institute Reschedules 2020 LDAC Conference
As you might be aware, the Appraisal Institute announced April 8 that it has rescheduled its 2020 Leadership Development and Advisory Council conference, now taking place Oct. 26-28.
The location remains the same at the Hilton Washington DC National Mall. Current registrants will remain registered and we very much look forward to seeing you in October. If the new meeting dates pose a problem and you need to cancel, please email aimeetings@appraisalinstitute.org. Your registration fee will be fully refunded. LDAC registration will reopen at a later date to fill any vacancies.
Registration for the conference is expected to open in late spring or early summer.
Learn more about LDAC.
AI, RESNET Offer Business Expansion Opportunities for Residential Appraisers
Appraisers, if you’re interested in potential business expansion opportunities, learn more about the Appraisal Institute’s cooperative relationship with the Residential Energy Services Network (known as RESNET) to provide appraisers with access to RESNET’s National Registry of HERS Rated Homes through the appraisal portal.
Other News Around the Appraisal Institute
And here’s some other important news from the Appraisal Institute:
- Have you read the latest issues of Valuation magazine and The Appraisal Journal? If not, check out the terrific content!
- The Appraisal Institute has released its 2019 Annual Report.
- 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!