There is an article in the New York Times about the four major appraisal organizations calling on Congress in a letter to reform the appraisal regulatory structure. The letter was written in light of the recent AP article that exposed inaduquecies in the current appraisal system.
Led by the Chicago-based Appraisal Institute, the groups said Wednesday they want the Congress to approve more money so that state appraisal boards can boost enforcement efforts. They also called on lawmakers to increase the oversight authority of the federal agency charged with monitoring the appraisal industry.
”We have been deeply troubled by the lack of responsiveness by some federal and state appraiser regulators in carrying out (the law),” said Bill Garber, the director of governmental and external relations at the Appraisal Institute, the nation’s largest association for real estate appraisers.
It will be interesting to see if this recent AP expose actually prompts Congress to act. Whether you agree with the appraisal organizations proposed changes or not, I don’t think it takes a brain surgeon to recognize that something needs to be done. The current system just isn’t working.