It was a pleasure to see so many of you this month in Ottawa, Ontario, for the International Valuation Conference! This year’s event was particularly special as we had the opportunity to co-host with the Appraisal Institute of Canada for the first time in 13 years.
IVC Highlighted by Speakers, Education, Networking
The 2017 International Valuation Conference drew more than 600 attendees from 15 countries to Ottawa, Ontario, June 8-11. The “Valuation Beyond Borders”-themed event featured seven general session speakers, 35 education sessions with continuing education credit, exhibits of valuation products and services, networking opportunities and an awards program.
Keynote speaker Dr. Joe MacInnis – a physician, scientist, author and deep-sea explorer – spoke to IVC attendees about teamwork on deep-sea dives and on the International Space Station. I was fortunate enough to moderate a panel discussion of experts from Altus Group, CBRE Limited, Newman Grubb Knight Frank, and Colliers International on North American valuation trends.
Luncheon speaker Sir David Tweedie, chairman of the International Valuation Standards’ Board of Trustees, discussed the role of international standards. And closing luncheon speaker Ed Parsons, a London-based geospatial technologist at Google, addressed Google’s mission to organize the world’s information using geography.
IVC networking opportunities included a welcome reception, a golf outing, a downtown valuation tour, morning group walks, a reception at the Canadian War Museum and a microbrewery tour.
Appraisal Institute Honors 14 National Award Winners
The Appraisal Institute honored 14 valuation professionals June 10 at the International Valuation Conference in Ottawa, Ontario. William T. Anglyn, MAI; and Donald S. Boucher Sr., SRA, were honored with the Lifetime Achievement Award, and Woody R. Fincham, SRA, AI-RRS, received the Outstanding Service Award. President’s Award recipients were César Servando Cantú Martinez, MAI, SRA; and Pledger M. Bishop III, MAI, SRA.
The Appraisal Institute Education Trust honored Frank E. Harrison, MAI, SRA, (Dr. William N. Kinnard Jr. Award); Laurence A. Hirsh, MAI, (George L. Schmutz Award); J. Carl Schultz Jr., MAI, SRA, (James H. Pritchett Award); and Michael V. Tankersley, MAI, SRA, AI-RRS, (Y.T. and Louise Lee Lum Award).
The Appraisal Journal’s annual awards, sponsored by the AI Education Trust, went to Sandra K. Adomatis, SRA, and Ben Hoen (Armstrong/Kahn Award); Stephen D. Roach, MAI, SRA, AI-GRS, (Swango Award); and K.F. Man, Ph.D., and Peter P. Y. Mok (Richard U. Ratcliff Award).
Read more about the award winners.
FTC Files Complaint Against the Louisiana Real Estate Appraisers Board
The Federal Trade Commission filed a complaint against the Louisiana Real Estate Appraisers Board on May 31, alleging that the group is unreasonably restraining price competition for appraisal services in Louisiana, contrary to federal antitrust law. In response, the Louisiana Real Estate Appraisers Board, through its executive director, stated, “Respectfully, the FTC is just plain wrong. By issuing this legally faulty and factually incorrect complaint, the FTC is seeking to punish a Louisiana state agency for following federal regulatory mandates. Specifically, Dodd-Frank regulations – intended to protect consumers by ensuring the integrity of home mortgage appraisals – require that state appraisal agencies ensure Appraisal Management Companies (AMCs) pay ‘customary and reasonable’ fees for home appraisals.”
The Appraisal Institute will continue to closely monitor this case as it moves through the FTC proceeding. As you know, the Appraisal Institute believes that the “customary and reasonable” fee language is an instrumental part of the safety and soundness structure that exists in the market today.
IAAO “Big Box” Task Force Seeks Comments
The International Association of Assessing Officers recently released a draft document on the valuation of “big box” properties for assessment purposes. The deadline to provide feedback to IAAO is today. I encourage all AI professionals to download the document, review it and comment – especially if you practice in this space. The IAAO draft may be found here.
AI Expresses Concern About Possible Appraisal Waivers
The Appraisal Institute, represented by Vice President Stephen S. Wagner, MAI, SRA, AI-GRS; CEO Frederick H. Grubbe, MBA, CAE;, Director of Government and External Affairs Bill Garber and me, was one of several organizations that met with officials from Fannie Mae and Freddie Mac on May 23 to discuss concerns about initiatives under consideration that would waive appraisals in purchase and refinance loan transactions. AI followed up its meeting with a letter to the government-sponsored enterprises reiterating its position against the waiver.
Read AI’s letter.
Other News Around AI
And here’s some additional important news from the Appraisal Institute:
- The list of presentations from the 2017 International Valuation Conference is now available.
- AI posted three new videos this month to its YouTube channel. Robert P. Caringella, MAI, SRA, AI-GRS; Jean W. Moss, MAI; and Kenneth M. Konrath, MAI, discussed how being designated has enhanced their career prospects. Reaves C. “Trip” Lukens, MAI, SRA; Jean W. Moss, MAI; and Allen W. Gardiner, SRA, addressed how receiving their AI designations has expanded their professional opportunities. And, David W. Binz, SRA; Rob P. Caringella, MAI, SRA, AI-GRS; Allen W. Gardiner, SRA; and Jean W. Moss, MAI, talked about the benefits of volunteering with the Appraisal Institute.
- If you haven’t already done so, I encourage you to check out the latest quarterly editions of Valuation magazine and The Appraisal Journal, which contain timely and informative articles about relevant topics.
- The Appraisal Institute continues to grow its social media presence. Be sure to follow AI on Facebook, Twitter, LinkedIn and YouTube.
Have an outstanding month!