Only a few days left to post your comments concerning the hybrid appraisal document on Town Hall.
VaCAP can not express enough the importance for each appraiser to voice their opinions. This is our profession and each of us, individually and collectively, are the best ones to advocate for the profession. If you will not speak up, others that do not have the consumer or your interest in the forefront will be the one speaking for you.
We do not get opportunities like this often and if you do not speak up, others will control the conversation.
As most of you know, hybrid or bifurcated appraisals are a very controversial topic currently. Virginia statutes and regulations have language which gives many of us pause on the compliance of hybrid appraisals as they are being presented in the industry. The Board has published a proposed guidance document in the hopes to clarify the language in our laws. Unfortunately, the proposed guidance document falls short of providing any meaningful guidance or clarification.
Per Virginia statute, the document has been published on Virginia Legislative Town Hall for public comments. At the end of the comment period, it is our understanding the Virginia Real Estate Appraisal Board will have an opportunity to revise the document prior to it being adopted by the Board for publication.
We encourage each of you to add your own comments about the proposed hybrid guidance. Take the time to really analyze the statutes and regulations that are impacted and make sure any doubt of compliance is addressed in your comments.
Public trust is at the forefront and consumer input is imperative. Please have a conversation with your friends and neighbors about hybrid or bifurcated appraisals. Ask them to comment. Not one consumer we are aware of has thought a hybrid of bifurcated appraisal is a good idea! Not one Broker or Agent we are aware of has thought a hybrid or bifurcated appraisal is a good idea!
To see the comments and post your own, click here.
The Subcommittee on Housing Community Development and Insurance:
“What’s Your Home Worth? A Review of the Appraisal Industry”
The speakers are:
- David S. Bunton, President of The Appraisal Foundation
- Stephen S. Wagner Senior Appraiser of Terzo & Bologna, Inc. on behalf of the Appraisal Institute
- Jeff Dickstein, Chief Compliance Office of Pro Teck Valuation Services on behalf of the Real Estate Valuation Advocacy Association
- Andre Perry, David M. Rubenstein Fellow, Metropolitan Policy Program, and the Brookings Institute
- Joan N. Trice, Founder of Collateral Risk Network
Live Stream Below @ Thursday June 20th at 2:00 PM Eastern.
Don’t Forget to Renew Your VaCAP Membership!