Legislative & Regulatory Update - Recap
Metro DC Area appraisers convened in Tysons Corner, VA on June 6 to hear Bill Garber, Director of Government and External Relations and Scott DiBiasio, Manager of State and Industry Relations for the Appraisal Institute report on legislative and regulatory proposals affecting the real estate valuation profession. During their two hour presentation, Garber and DiBiasio covered the following topics:
- Proposed and finalized regulations relating to appraisal, including AMC minimum operating requirements, and AVM quality control standards
- New guidance from the OCC relating to third party relationships and CRE Lending
- Small Business Administration “going concern” appraisal policies
- Congressional legislation relating to SBA going concern appraisals, bank regulatory relief, housing finance reform, and tax reform
- Appraisal review credentialing changes
- Final Virginia AMC regulations
- DMV reciprocal licensing requirements
Click here to view their slide deck.
Don Boucher, SRA made a strong case for the AI Political Action Committee. The AI PAC supports candidates who are committed to the principles that drive the appraisal profession. By providing this support, AI PAC helps develop strong congressional advocates for the appraisal profession and helps ensure that those advocates can continue working to promote the interests of appraisers for many years to come. Click here for more details and the contribution form.
The event also served as an opportunity to introduce three new designated members. William E. Culbertson joined the ranks of SRAs, Carolyn Kakareka, MAI added MAI to her credentials and Dave Lenhoff became the chapter’s first AI-GRS. Lenhoff encouraged members to pursue a review designation noting that the AI-GRS and AI-RRS had recently been created in response to the growing and critically important role that appraisal review plays in risk management and mitigation for many clients/users of appraisal services. Click here for more details about AI review designations.
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