A snapshot of what we learned while attending the 2008 Fall Conference of the Association of Appraiser Regulatory Officials (AARO) here in Washington, DC
Pressure on Appraisers: Appraisers will be happy to know that generally lenders have greatly reduced pressure on appraisers. However, many lenders are pressuring AMCs who pass the pressure down to the appraiser.
Education: There was discussion in more than one session about university-level programs and the consideration of their curriculums for USPAP qualifications. Several colleges and universities offer some coursework that is or could be considered before taking the USPAP exam.
HVCC: An announcement is expected by month’s end. It will likely be implemented March 1, 2009. Given the short time between an announcement and implementation HVCC is not expected to be particularly substantive.
FHA: The Housing and Economic Recovery Act (HERA) requires FHA-approved appraisers to be state certified or part of a national organization. FHA is expected to only consider certified appraisers for the roster but this could vary state by state for the next 12 months. States with high numbers of certified appraisers (approximately 29) will be required to implement the new rule immediately. The remaining states will have up to 12 months for licensed appraisers to get certification.