At the June 24, 2026 Virginia Real Estate Appraiser Board Meeting an attorney representing Financial Asset Services and Brandon Sison asked the Board to reconsider the discipline ruled by the Board at the March 16, 2026 meeting. Neither Financial Asset Services or Brandon Sison were present.
On March 16, 2026, The Virginia Real Estate Appraiser Board unanimously voted to suspend the license of Financial Asset Services and their Chief Review Appraiser Brandon Sison for 6 months and be placed on probation for 18 months following the suspension.
The cases revolved around appraiser independence. Clear documentation was presented; threats to turn the appraiser into the State Board, threats to withhold payment and emailing the appraiser the reweighted comparables indicating a lower value. All activities that violate appraiser independence in Virginia Statutes and Regulations as well as Federal Regulations. You can view all the public case documents on the Virginia Department of Professional and Occupational Regulations website.
On June 24, the attorney representing Financial Asset Services and Brandon Sison stated the reasons for a reconsideration to include:
- The consequences of the disciplinary actions have reached far beyond Virginia,
- Neither Financial Asset Services or Brandon Sison have ever been disciplined by any other state and
- Financial Asset Services has changed their process and all value disputes are now handled by the CEO.
While all these statements maybe true, are they legitimate reasons to ask a State Regulatory Board to reconsider a decision? Should the after effects of disciplinary action be a reason to overlook the reason the discipline was given? Does the fact no other state has disciplined them matter? Does the fact the CEO is now handling value disputes make a difference?
The Board went into closed session to discuss the reconsideration request. Only the Board members and staff know the conversation that occurred in closed session. Once out of closed session, a motion to deny the reconsideration was made and seconded. Another unanimous vote, this time to deny the reconsideration.
Appraisers should not be afraid to turn in appraisal management companies, nor should they be afraid to turn in reviewers. The only way to stop illegal and bad behavior is to enforce the laws that are already in place.
And as a reminder to all the lenders, per the Dodd-Frank Act, lenders are responsible for the actions of the appraisal management companies they use. Appraisal Management Companies are an agent for the lender and the lender is responsible for their agent’ This is outlined in sections 1472 and 1473, and in CFPB Regulation Z.
Legislative Update Impacting Real Estate Appraisers
The Virginia General Assembly recently passed legislation that impacts Real Estate Appraisers. The Governor has signed them into law.
HB170 – The bill requires additional education for licensure (not CE) concerning fair housing and appraisal bias. This two-hour course is in addition to the 8 hour (7 with exam) that is already in place. This education must cover:
- the legacy of segregation, unequal treatment,
- the historic lack of access to opportunities in housing; unequal access to amenities and resources on the basis of race, disability, and other protected classes,
- Federal, state, and local fair housing laws; and anti-bias practices.
HB796 & SB680- The bill allows DPOR to charge an administrative fee to cover the cost of an investigation resulting in a disciplinary action. The fee is capped at $500. This administrative fee is in addition to any monetary fine approved by the Board.
HB1305 – This bill allows regulatory Boards to take a disciplinary case against a licensee
- under advisement,
- defer a finding,
- dismiss the action under certain terms and conditions,
- and clarifies this action could be in addition to other actions, such as monetary fines.
HB1102 & SB252 – This bill mandates continuing education for renewable energy and the impact on the value of real property. Topics that must be covered:
- Solar Energy Systems,
- Geothermal Energy Systems,
- Solar Water Heating System.
The common theme in all of this:
Virginia is not messing around! They are supporting Real Estate Appraisers and insuring Appraisers are prepared for the future!