Appraisal Institute Urges Swift Passage of Appraisal Portal Legislation
July 21, 2020 09:57 AM
CHICAGO (July 21, 2020) – The nation’s largest professional association of real estate appraisers this month sent a letter urging swift passage of the Portal for Appraisal Licensing Act of 2020 in the 116th Congress, which would amend the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 to establish a portal for appraisal credentialing and AMC registration information, and for other purposes.
“Appraisers need help reducing their administrative burdens and servicing clients, particularly in a socially distant workplace where clients may be located in other states,” said Appraisal Institute President Jefferson L. Sherman, MAI, AI-GRS.
The Appraisal Institute told Reps. David Kustoff (R-Tenn.) and Ed Perlmutter (D-Colo.) that “The organization applauds your effort to modernize the real estate appraisal licensing system by reducing administrative costs and eliminating red tape by authorizing the establishment of a Portal for Appraisal Licensure.”
The letter said: “Appraisers often work in many states and are faced with increasing regulatory obligations, including state-by-state background checks and keeping track of continuing education requirements.”
The Appraisal Institute also noted in its letter that “the Portal for Appraisal Licensing Act of 2020 addresses all of these concerns by authorizing the Appraisal Subcommittee – a federal agency – to work with state appraiser regulatory agencies to establish a portal to provide appraisers one-stop shopping capabilities in applying for and renewing appraiser licenses and certifications. Enactment of the Portal for Appraisal Licensing Act of 2020 will dramatically improve the business and regulatory environment for appraisers and help attract and retain qualified practitioners to the appraisal profession.”
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The Appraisal Institute is a global professional association of real estate appraisers, with over 17,000 professionals in almost 50 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.