The Appraisal Institute remains dedicated to its diversity, equity and inclusion efforts. In that spirit, AI is working with legislators to help bring more diversity in the appraisal profession. Learn more about that, and other timely updates, from the past month.
AI Submits Letter in Support of Fairness in Valuation Legislation
The Appraisal Institute on March 9 sent a letter to the House Committee on Financial Services expressing its support for the Real Estate Valuation Fairness and Improvement Act of 2021.
The legislation would establish an interagency task force to analyze federal collateral underwriting standards and guidance and provide resources for promoting diversity in the valuation profession. Diversity in appraisal is a major focus of the legislation, and it would provide vast financing resources for promoting greater diversity in the appraisal profession.
As you may know, the Appraisal Institute has been amplifying and accelerating internal initiatives and partnerships to bring about positive changes in this area, including improving diversity within the profession through the Appraiser Diversity Initiative in collaboration with Fannie Mae and the National Urban League, and with our Minorities and Women Course Scholarship Initiative. This legislation would give a boost to this priority.
The legislation attempts to tackle many lending, underwriting, and valuation challenges, while recognizing these issues cannot be addressed in isolation. The Appraisal Institute firmly believe that dealing with issues such as promoting liquidity in “lending deserts,” or collectively promoting sustainable development and financing, extends far beyond appraisal policy to include lender underwriting, loan approval, and agency and enterprise policies and procedures.
Other News Around the Appraisal Institute
And here’s some other important news from the Appraisal Institute:
- Don’t forget that the Appraisal Institute is accepting nominations for its J. Scott Robinson Lifetime Achievement Award, Outstanding Service Award and Women’s Initiative SPOTLIGHT Award. Nominations for all three awards are due May 31. Learn more (AI log-in and password required).
- The Appraisal Institute Education and Relief Foundation is seeking nominations from AI professionals for the Y.T. & Louise Lee Lum Award. AIERF is also seeking nominations from AI’s chapters and regions for the James H. Pritchett Award. Please email the name of the nominee and a letter of recommendation to firstname.lastname@example.org. Chapters/regions can submit more than one nomination. Learn more about these awards. The submission deadline for both awards is April 23.
- The Appraisal Institute continues to expand its social media activities. Be sure to follow AI on Facebook, Twitter, Linked In, YouTube, and its blog, Opinions of Value.