VaCAP has learned over the weekend that HB 3619 has been introduced in the US House of Representatives. HB 3619, Short titled “Appraisal Reform Act of 2019” amends the Financial Institutions Reform, Recovery and Enforcement Act. The main change to FIRREA deals with appraisal management company and appraiser trainee registries and the addition of a member of the Veterans Affairs on the Appraisal Subcommittee.
The bill also modifies Section 2603, the Uniform Settlement Statement, by changing one simple word from may to shall. This bill requires appraisal management companies to disclose their fee on the settlement statement. as well as the fee they paid to the appraiser. Full transparency!
Will this impact appraisers? Not at first, but in time, consumers will notice this third party fee and questions will be asked. Lenders will have to explain. Could this be the beginning of the end of AMC’s? See the bill below.
Please take moment and contact the US House Financial Services Committee and express your support for HB 3619.
Committee Address and E-mail
U.S. House Committee on Financial Services Democrats
2129 Rayburn House Office Building
Washington, DC 20515
Phone: (202) 225-4247
Fax: (202) 225-6952
Virginia Real Estate Appraisal Board Meeting
The Virginia Real Estate Appraisal Board Quarterly Meeting will be held on July 30th @ 10:00 AM
Department of Professional & Occupational Regulation
9960 Mayland Drive
Richmond, Virginia 23233
This meeting will be of particular interest as the Proposed Hybrid Appraisal Guidance Document will be discussed and voted on. In case you did not get a chance to view all the public comments that were posted on Town Hall, there were 153 comments posted, with all but a few were against these products and cited public trust concerns. The comments can be viewed here.
See the meeting on Town Hall and make plans to attend this meeting.
VaCAP has grown significantly since its beginning and continues to grow. We have initiated legislative change impacting appraisers and continue to monitor the profession for ways to better protect appraisers and consumers. We are a founding member of the Network of State Appraisal Organizations, members of the Appraisal Foundation Advisory Council, participate in AARO conferences and attend every Virginia Real Estate Appraiser Board Meeting. We have attending Federal Congressional hearings, met with representatives keeping them abreast to our Profession and pain points. VaCAP is representing, you the Real Estate Appraiser.
We are 100% volunteer and rely on membership dues and donations to cover expenses. Recently VaCAP started sponsoring continuing education and currently in the planning stage of more continuing education after the first of the year.
If you have not joined VaCAP, now is the time to join. Many changes are on the horizon for the profession and VaCAP helps keep you informed.
If you are a member of VaCAP, now is the time to renew your membership.
To join or renew your VaCAP membership, visit our website now.
Thank You for being Part of VaCAP