WASHINGTON, D.C. (March 15, 2009) – The Appraisal Institute recently hosted its first-ever Collateral Matters Congress, an industry-wide event dedicated to improving the overall quality of collateral valuation practices in residential mortgage lending. The historic event, held March 8-10 at the Park Hyatt in Washington, D.C., brought together nearly 90 real estate industry leaders and regulatory officials to discuss and brainstorm on solutions to a variety of problems in the residential mortgage lending process.
"Every sector of the industry has a different perspective on the problems impacting our nation’s residential real estate markets and the potential solutions to those problems," said Jim Amorin, MAI, SRA, President of the Appraisal Institute. "The Congress provided public and private sector leaders with the opportunity to share their opinions and work toward creating solutions to economic issues that have been undermining the stability of the financial system."
Led by an independent moderator, Congress participants worked in breakout groups to navigate through such topics as: regulation and licensing; appraisal practice, methods and theory; systemic issues regarding collateral; and the appraisal profession and the Appraisal Institute. The groups then reconvened to present their findings and ideas to the rest of the Congress, the results of which are currently being compiled into recommendations for actions going forward.
"One of the goals of the Congress was to encourage an avenue of communication in which participants were honest, open and forthright about their opinions," explained Amorin. "The ability to have candid conversations was vital to gleaning earnest responses and will be the basis for the recommendations the Appraisal Institute is developing on behalf of the profession."
Among those invited to attend the Congress were leaders from multiple fields associated with the mortgage lending process, including: legislators and regulators, associations, bankers, lenders and real property appraisers.
Prior to the breakout sessions, a panel provided participants with an overview of industry "hot topics" from their individual perspective. Those on the panel included the following: Rachel Dollar, Esq., who runs www.MortgageFraudBlog.com; Joseph Swartz, Director of Securities of Deutsche Bank, who provided the secondary market perspective; Jeff Bradford, President of Bradford Technologies; Tim Doyle, Vice President of the Conference of State Bank Supervisors, who spoke on the SAFE Act; and Alfred Pollard, General Counsel of the Federal Housing Finance Agency.
"The Appraisal Institute would like to thank all who participated in this united effort to strengthen and improve the quality of collateral valuation processes and practices in residential mortgage lending," said Amorin. "We look forward to sharing the recommendations from the Congress with regulatory authorities, industry leaders and the public in the near future."
For more information on this and other government affairs issues, please contact Bill Garber, Appraisal Institute Director of Government and External Relations, at 202-298-5586 or firstname.lastname@example.org.
The Appraisal Institute is a global membership association of professional real estate appraisers, with 25,000 members and 91 chapters 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. Members of the Appraisal Institute benefit from an array of professional education and advocacy programs, and may hold the prestigious MAI, SRPA and SRA designations. For more information regarding the Appraisal Institute, please visit www.appraisalinstitute.org.