Fall 2017
Quarterly Edition

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Autumn is Upon Us!
NSREA would like to take this opportunity to thank all who attended our 2017 Recertification Conference in New Orleans! During our conference we received quality instruction, engaging conversation, garnered useful information concerning advancing trends in our industry and how to use this information to enhance our businesses.

In this same vein, our quarterly newsletter strives to provide you with the latest news and updates in the appraisal industry to keep you informed. This edition features the recent merger of two of the largest single-family rental landlords, the GSEs' expansion of no-appraisal mortgages and potential consequences thereof and industry response to this change. One thing is clear, residential appraisers should certainly consider becoming proficient in various types of assignments.

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We offer consolation and encouragement to our NSREA family and friends who have experienced tragedy and devastation during these past few weeks.  







'17 Recertification Conference

Since our conference we have received loads of positive feedback.
We encourage you to continue to send us your comments, articles to post and requests for future course offerings. 

We are very pleased to announce that subsequent to our 14 hour Appraiser CE approval, we recently received approval from the Louisiana Real Estate Commission for 14 hours of CE credit. If you attended either of these sessions, hold a real estate sales or brokers license and would like to receive this continuing education credit, please e-mail your  contact information and real estate  license number to membership@nsrea.org. 
 

While this conference was an excellent opportunity to sharpen our skills and enhance our businesses, it provided an environment for us to connect as NSREA members and colleagues face-to-face. 

We broke bread with one another, inspired each other, and truly gave the sense of community within this stalwart organization. 

Click here to view the '17 Recertification Conference photo gallery.

"As one of the younger attendees, I found this conference to be invaluable to my growth as an appraiser. I was able to network with so many long-time professionals in the business and received much needed advice and encouragement." - Lea L from Austin

"I think what surprised me most was the engaging instruction. How exciting could a USPAP update course be, after all? Well, Mr. Wilson somehow made that happen. We were given real-world scenarios, able to ask important questions and really dive into the curriculum in meaningful ways. Never thought I'd say this, but I'm really looking forward to more courses!" -  Ashley V from Chicago

"The instruction was phenomenal, Mr. Stewart and Mr. Wilson took the time to break down the course concepts and made it easy to grasp. I appreciated that an outline was distributed during the class; it made note-taking and reviewing the information a breeze." - Abbi L from Indianapolis
  
How do Corporate Landlords affect Homebuyers?

In early August, Invitation Homes and Starwood Waypoint closed the deal, a merger worth billions, forming the nation's largest single-family rental company.
Click here to watch video of Barry Sternlicht, Starwood Capital Group chariman & CEO, discussing the merger. Such a deal raises the question of whether or not purchasing a home will have the same appeal to the American public as it once did. The Urban Institute reports that the trend of renting among consumers is growing, but Brianna Gilpin, editor of DS News, explores why this doesn't necessarily equate to Americans no longer wishing to purchase a home of their own. There several other factors that affect the rate of homeownership to consider including the state of our economy. Brianna Gilpin explores this and more in her piece, SFR: How Does It Affect Homebuyers?
Fannie Mae and Freddie Mac: Cutting the Appraiser out of the Home Buying Process?

Freddie Mac recently announced its new loan product which will allow home purchases that fit certain criteria to be conducted without an appraisal. Later that same day, Fannie Mae announced it would do the same. While this idea of removing an appraiser from the process is not new for Fannie (the product was used on refis in 2016) or Freddie (used on refinances beginning in June), it certainly marks a significant expansion with its application to home purchases. What exactly determines whether or not a traditional appraisal is needed and how is this an improvement on the home buying process? Click here to read all you need to know about Fannie Mae and Freddie Mac's no-appraisal mortgage products.
Effect of No-Appraisal Mortgages

While some are championing Fannie and Freddie's decision to forgo a traditional appraisal when purchasing a home, likely due to the promise of lowering fees and reducing turn times, it is apparent to many that these decisions could be the precursor to a major housing disaster. Click here to read Tom Horn's 9 Unintended Consequences from No-Appraisal Mortgages. 
Industry Response to Appraisal Waiver Programs

The Illinois Coalition of Appraisal Professionals in addition to 36 other industry groups signed a letter to The Committee on Banking, Housing and Urban Affairs to express the growing concern of the appraiser waiver programs created by Fannie Mae and Freddie Mac. In the letter these groups call attention to the recklessness of posing such a risk to taxpayers and homeowners. They also call attention to the special privilege these GSEs have had in that they have been exempted from appraisal requirements established by Congress under the assumption that these Enterprises would exceed the requirements and act responsibly. Click here to read the letter and the concerns that were in the forefront of these groups' minds when composing it. 
The Appraisal Foundation: Events & Updates 

Comment Deadline Approaching!

The Appraisal Foundation has issued the following: 
Second Exposure Draft - Valuation of Green and High-Performance Property: Commercial, Multifamily and Institutional Properties


All interested parties are encouraged to comment in writing before the deadline. Respondents should be assured that each comment will be thoroughly read and considered.  Submit your comments today! 
 
Written comments requested by September 19, 2017.
 
 
Questions? Please contact:
Staci Steward,  Practices Board Program Manager

USPAP Updates & Suggestions: Your Help is Needed

The ASB seeks your help as the Board attempts to resolve remaining concerns regarding USPAP, Advisory Opinions, and FAQs. Topics that have been mentioned in comments, surveys, and public meetings include:
 
  • Reporting Options - potential changes to report types
  • Scope of Work Rule - more flexibility in the disclosure section
  • Standards Rules - possible change to the current structure
  • Definitions - possible additions and/or deletions
 
The ASB understands that these topics are complex, which is why your insight is so important. Your opinions matter, so please provide us with as much input as possible. 

 

Webinar on Performing Evaluations in Compliance with USPAP
Date: October 11, 2017
Time: 1:00PM ET

This webinar will include audio and a PowerPoint presentation.
Registration is $39. Space is limited, click here to register.
For more info click here.

Please submit your questions in advance to  webinars@appraisalfoundation.org .

Appraisal Standards Board Public Meeting
Date: October 13, 2017
Time: 9:00 AM-12:00 PM
Location: The Darcy Washington DC, Curio Collection by Hilton
1515 Rhode Island Ave NW, Washington, DC 20005
(202) 232-7000

Click here to register.

The Board is seeking feedback from government regulators, educators, appraiser organizations, practitioners, and users of appraisal services. The Board will be issuing a survey on potential discussion topics that will be announced in early September. Stay tuned!

Questions? Please contact: Aida Dedajic, Standards Board Program Manager, at  aida@appraisalfoundation.org
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