Appraisal Institute Joins Groups Calling on Congress to Address Appraisal Regulation
May 4, 2016 11:31 AM
CHICAGO (May 4, 2016) – The Appraisal Institute, the nation’s largest professional association of real estate appraisers, on Monday joined the American Bankers Association, the National Association of Home Builders, the National Association of Realtors and The Appraisal Foundation in calling on Congress to hold a hearing this year on the future of appraisal regulation.
The groups noted that the federal regulatory structure for real estate appraisal essentially has been untouched since enactment of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 and that the most recent Congressional committee hearing devoted to appraisal oversight was four years ago.
The organizations wrote to the chair and ranking members of the Senate Banking, Housing and Urban Affairs Committee and the House Financial Services Committee, in addition to leaders of the relevant subcommittees. Read the Senate letter and the House letter.
The letter noted: “With the marketplace rapidly changing, we believe that it is appropriate for the Committee to review how well the current relationship of Federal versus State responsibilities is serving consumers and market participants, as well as promoting competition in the marketplace.”
The groups asked Congress to focus on topics including the current appraisal regulatory framework, appraisal information systems, the impact of the recent regulatory reforms on the appraisal profession, and the availability of qualified appraisers, particularly in rural areas.
The letter noted that each organization holds its own unique views on appraisal regulation and related issues. However, it stated: “We believe that it is in the best interests of the profession to publicly share concerns and identify areas of common ground. Therefore, we stand ready to work with the Committee to develop a vision of appraisal regulation that serves consumers by promoting a competitive marketplace for high quality appraisals.”
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The Appraisal Institute is a global professional association of real estate appraisers, with nearly 20,000 professionals in almost 60 countries throughout the world. Its mission is to advance professionalism and ethics, global standards, methodologies, and practices through the professional development of property economics worldwide. Organized in 1932, the Appraisal Institute advocates equal opportunity and nondiscrimination in the appraisal profession and conducts its activities in accordance with applicable federal, state and local laws. Individuals of the Appraisal Institute benefit from an array of professional education and advocacy programs, and may hold the prestigious MAI, SRPA, SRA, AI-GRS and AI-RRS designations. Learn more at www.appraisalinstitute.org.