The Real Estate Appraisal Industry: Hearing Before the Subcommittee on Housing and Transportation of the Committee on Banking, Housing, and Urban Affairs, United States Senate, One Hundred Eighth Congress, Second Session, on Certain Private Entities as Outlined in Title IX of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, that Establish Uniform Rules for Real Estate Appraisals and Set Minimum Criteria for Certifying Appraisers, March 24, 2004, Volume 4 |
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Appraisal Foundation Appraisal Institute appraisal profession Appraisal Standards Board Appraisal Sub Appraisal Subcommittee Appraiser Qualifications Board appraiser regulatory agencies approval ASB and AQB bank believe certified appraisers Chairman Charles Clark Clark committee complaints compliance with Title Congress continuing education ensure entities established Estate Appraisal Board estate appraisal industry Fannie Mae Federal financial institution Federal oversight federally related transactions financial institution regulators Freddie Mac FRITTS funding Government Sponsored Enterprises HUMMEL issue jurisdictions KACZKOWSKI lenders licensed appraisers licensing and certification monitoring mortgage brokers mortgage loan National USPAP Courses perform appraisals praisal praisers predatory lending pressure problem Professional Appraisal Practice programs qualification criteria real estate ap real estate appraisers registry regulate appraisers regulatory structure residential responsibilities Senator ALLARD Senator MILLER Senator REED Society of Appraisers Standards of Professional State-certified temporary practice tion Title XI requires Uniform Standards valuation Wayne Allard XI of FIRREA
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Page 33 - FFIEC is a formal interagency body empowered to prescribe uniform principles, standards, and report forms for the federal examination of financial institutions by the Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), the Office of the Comptroller of the Currency (OCC), and the Office of Thrift Supervision (OTS...
Page 50 - ... Board) under title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) (Pub. L. No. 10173. 103 Stat. 183 (1989)), 12 USC 3310. 3331-3351, and section 5(b) of the Bank Holding Company Act, 12 USC 1844(b). (b) Purpose and scope. (1) Title XI provides protection for federal financial and public policy interests in real estate related transactions...
Page 54 - PROHIBITION AGAINST DISCRIMINATION. — Criteria established by the Federal financial institutions regulatory agencies, the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation, and the Resolution Trust Corporation for appraiser qualifications in addition to State certification or licensing shall not exclude a certified or licensed appraiser for consideration for an assignment solely by virtue of membership or lack of membership in any particular appraisal organization.
Page 50 - Iowa and 2003 President of the Appraisal Institute. I am pleased to be here today on behalf of the Appraisal Institute and American Society of Appraisers, which together represent more than 25,000 real estate appraisers in the United States.
Page 50 - A professional appraiser's objectivity, training, experience and ethics are fundamental in helping participants in residential and commercial real estate mortgage transactions assess the value of real estate and understand the risks involved in collateral lending. Trillions of dollars are Invested In real estate in the United States, so It is of paramount importance that appraisers be qualified and adequately trained and have sufficient experience in the type of property under consideration. Also...
Page 33 - Title XI established the Appraisal Subcommittee as the principal federal agency responsible for monitoring the activities of the other components of the real estate appraisal industry oversight structure. Specifically, the subcommittee is responsible for • monitoring and reviewing the practices, procedures, activities, and organizational structure of the Appraisal Foundation — including making grants in amounts that it deems appropriate to the Appraisal Foundation to help defray costs associated...
Page 29 - Chairman and members of the subcommittee: I appreciate the opportunity to be here today to discuss our work on US efforts to combat nuclear smuggling.
Page 35 - Decertification prohibits all licensed or certified appraisers from that state from performing appraisals in conjunction with federally related transactions. Because this action is so severe and could significantly affect a state's real estate market, the subcommittee has never used it, and its impact has not been tested. In addition, the decertification action can be taken only for the limited purposes specified in Title XI and is subject to proof requirements and judicial review.
Page 53 - ... his attorney, he answered the question honestly because In the federal system, one is not convicted until sentenced, and the appraiser was not sentenced until February 2004. Thus the Maryland Commission of Real Estate Appraisers and Home Inspectors renewed his license last October for another three years. A spokesperson for the Maryland Commission said to the Baltimore Sun. "All we have to go by Is the honesty of the licensee. We are not required to perform background checks; moreover, the financial...
Page 39 - I would be happy to answer any questions at this time. PREPARED STATEMENT OF HON.