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    The Appraisal Institute’s Washington Report & State News e-newsletter summarizes AI’s recent federal and state legislative, regulatory and related activities.

    Washington Report & State News December 18, 2023
    Affordable Housing Laws in Washington State, City of Spokane Pose Appraisal Challenges

    Washington Gov. Jay Inslee on May 8 signed HB 1110, known as the Middle Housing Bill, which requires cities that are subject to the state’s Growth Management Act to allow multiple units of “middle housing” on any lot zoned for residential use. Related, the city of Spokane on Nov. 20 passed an ordinance that removes all density limitations for “middle housing” on lots less than two acres.

    Washington Report & State News December 18, 2023
    New Jersey Legislature Adjourns Without Passing Appraisal Discrimination Bills

    The New Jersey State Legislature adjourned its 2022-2023 session on January 9 without passing two bills intended to address “discriminatory practices in real estate appraisals.” 

    Washington Report & State News December 18, 2023
    Appraisal Institute Offers Assistance to Illinois Valuation Task Force

    On Dec. 20, the Appraisal Institute’s Manager of State and Industry Affairs Scott DiBiasio met with the Illinois Real Estate Valuation Task Force, offering its resources and assistance as subject matter experts and thought leaders on the subject of valuation bias.

    Washington Report & State News December 18, 2023
    A Look Ahead – Agencies Seeking to Complete Work on Rules, Guidance

    The Appraial Institute reported Dec. 13 that work continues within the federal bank regulatory and consumer protection agencies on several proposals that relate to the implementation of the Dodd-Frank Act of 2010 and on housing equity issues advanced by the Biden Administration.

    Washington Report & State News December 18, 2023
    Appraisal Institute Calls on CFPB to Mandate Disclosure of AMC Fees

    The Appraisal Subcommittee on Nov. 1 hosted its third public hearing on appraisal bias, focusing on how residential appraisals are developed and reviewed, the process for reconsideration of value for residential real estate valuations and the development of rural appraisals.

    Washington Report & State News December 18, 2023
    Appraisal Institute Participates in OCC Project REACh on Key Housing Issues

    The Appraisal Institute on Dec. 13 announced that its leadership and some staff are participating in workstreams related to housing equity issues that are being facilitated by the Office of the Comptroller of the Currency’s Project REACh, or Roundtable for Economic Access and Change.

    Washington Report & State News December 18, 2023
    Appraisers Need to Protect Themselves Amid Increased Requests for Form 1007/1000

    The Appraisal Institute on Dec. 13 said it is aware of a reported uptick in lender requests for appraisers to complete Form 1007/1000 Single Family Rent Schedule, assignments that are intended to support a loan application or be layered on top of work prepared by others. The requests may be the result of consumers increasingly using rental income to qualify for a mortgage for a second home while maintaining ownership of a primary residence.

    Washington Report & State News December 18, 2023
    Biden Administration Releases Plan for Adaptive Reuse of CRE Properties

    The Biden Administration on Oct. 27 released a plan to address the growing number of vacant commercial buildings in the nation’s cities and make it easier to convert them to residential use. This is the federal government’s first effort focused on adaptive reuse and it involves the U.S. Department of Transportation and the U.S. Department of Housing and Urban Development as well as public and private stakeholders.

    Washington Report & State News December 18, 2023
    Department of the Interior Under Pressure to Speed up Appraisals

    The U.S. Department of the Interior’s Appraisal and Valuation Services Office is under increasing pressure from conservation organizations to reduce turnaround times on appraisals for the acquisition of open space. In response, the House and Senate introduced legislation that allows AVSO to utilize the services of any appraiser with a valid certified general credential — with some preference given to local appraisers.

    Washington Report & State News December 18, 2023
    IRS Proposes Rule to Limit Syndicated Conservation Easements

    The IRS on Nov. 20 announced that it’s seeking comments on proposed regulations that would clarify provisions in the SECURE 2.0 Act of 2022 aimed at preventing partnerships from claiming unwarranted tax deductions for syndicated conservation easement donations.

    Washington Report & State News December 18, 2023
    Regulators Struggle to Address GSE ‘Tips’ on Alleged Appraisal Irregularities

    The Appraisal Institute on Dec. 13 reported that through the first three quarters of this year Fannie Mae sent appraiser regulators 1,083 “tips” alleging that some appraisals submitted in conjunction with loans purchased by the government-sponsored enterprises contain “severe deficiencies.”

    Washington Report & State News December 18, 2023
    Senate Introduces Companion Bill to Reform Appraisal Licensing System

    Sens. Jon Tester, D-Mont., and Mike Rounds, R-S.D., on July 27 introduced S 2692, the Portal for Appraisal Licensing Act or “PAL Act,” legislation that is identical to HR 2771, which was introduced in the House on April 20 and addresses modernization of the real estate appraisal licensing system. The Appraisal Institute has long advocated for this type of reform because it can reduce costs and simplify processes for appraisers and those who use the services of appraisers.

    Washington Report & State News December 18, 2023
    State Adoption of PAREA Continues to Grow

    Forty-eight states have indicated that they will accept the Practical Applications of Real Estate Appraisal, known as PAREA, as an alternative way for appraisers to satisfy the experience requirements necessary to become licensed.

    July 12, 2023
    Bipartisan Legislation Targets Appraisal Licensing Modernization

    The Portal for Appraisal Licensing Act, known as the PAL Act, was reintroduced in the House of Representatives April 20. The bipartisan legislation is intended to modernize the real estate appraisal licensing system by reducing costs and cutting red tape for appraisers and those who use the services of appraisers.

    July 12, 2023
    AI Lobbies Lawmakers on Modernizing Appraisal Licensing System

    More than 120 Appraisal Institute Professionals went to Capitol Hill May 18 to urge congressional support for regulatory relief and appraisal modernization.

    July 12, 2023
    ASC Holds Second Hearing on Appraisal Bias

    The Appraisal Subcommittee on May 17 held its second hearing to address appraisal bias, focusing on the current regulatory framework for the valuation profession, including appraisal standards, appraiser qualifications criteria, barriers to entry to the profession and valuation practices.

    July 12, 2023
    Agencies Release Proposed Rule on Quality Control Standards for AVMs

    The Office of the Comptroller of the Currency, the Federal Reserve, the Federal Deposit Insurance Corp., the National Credit Union Administration, the Consumer Financial Protection Bureau and the Federal Housing Finance Agency on June 1 released a proposed rule for automated valuation models.

    July 12, 2023
    Agencies Update CRE Loan Workout Guidance

    The Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corp. and the National Credit Union Administration in consultation with state bank and credit union regulators, published on June 29 the final policy statement on Prudent Commercial Real Estate Loan Accommodations and Workouts. This bulletin rescinds the 2009 bulletin, Commercial Real Estate Loans: Guidance on Prudent CRE Loan Workouts.

    July 12, 2023
    Arizona and Florida Enact Appraiser Statutes of Repose 

    Efforts to limit real estate appraiser liability are advancing in the states as Arizona Gov. Katie Hobbs signed HB 2230 on April 18 and Florida Gov. Ron DeSantis signed HB 213 on June 12. Both bills limit the length of time during which a civil action can be initiated against an appraiser. The states became the 12th and 13th, respectively, to enact appraiser-specific statutes of repose.

    July 12, 2023
    Adoption of PAREA Continues to Grow in the States

    Forty-two states have indicated that they will accept the Practical Applications of Real Estate Appraisal, known as PAREA, as an alternative way for appraisers to satisfy their experience requirements necessary to become licensed.

    July 12, 2023
    Washington State Adopts Evaluations Law

    Washington Gov. Jay Inslee on May 15 signed HB 1797, legislation that allows real estate appraisers to complete evaluations for federally regulated financial institutions. It was amended to include a “trigger” mechanism whereby the bill will not take effect until the state adopts administrative rules related to fair housing and valuation bias established by the Department of Licensing that require appraisers and appraiser trainees to complete nondiscrimination and fair housing training as dictated by the Appraiser Qualifications Board.

    July 12, 2023
    Multiple Valuation Issues Under Consideration in State Legislatures

    While most state legislatures have concluded their work for the year, 18 are still in session and considering measures affecting Appraisal Institute Professionals and the valuation profession. In all, AI’s Washington office has monitored more than 100 state legislative proposals this year and continues to work with its chapters, regions and state coalitions to help shape public policy.

    July 12, 2023
    Federal Banking Agencies Release Proposed Guidance on Reconsideration of Value

    The federal banking agencies on June 8 released proposed guidance to address reconsiderations of value for residential real estate transactions. The guidance addresses policies that financial institutions may implement that allow consumers to provide them with information that may not have been considered during an appraisal or when deficiencies are found in an original appraisal.

    April 02, 2023
    Appraisal Institute President Testifies at ASC Hearing on Appraisal Bias

    Appearing at a Jan. 24 Appraisal Subcommittee hearing on appraisal bias, Appraisal Institute President Craig Steinley, MAI, SRA, AI-GRS, AI-RRS, testified that “As the agencies continue development of guidelines and regulations that touch on appraisal topics, we offer the resources of AI, including our Designated Members, to assist with understanding of appraisal standards, appraisal methodology and appraisal practice."

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