“The March 19 UCDP effective date is here. You must submit an appraisal report form to the UCDP and must receive a “Successful” status from UCDP prior to delivery, if an appraisal report is required, for all conventional mortgages with application dates on or after December 1, 2011, and delivered to Freddie Mac on or after March 19, 2012.”

Get more information here.

Members of the SME panel will conduct their work in two subareas: 1) general background of the green movement – including definitions of green buildings, identifying respected resources, identifying green review programs (eg, LEED, Energy Star) and 2) the setting for valuers – including identifying government incentives and describing the regulatory environment. Interested SME applicants should have experience in green building from one of the following perspectives: professional valuers; related trades or professions; users of appraisal services; educators, writers and researchers; or service in a government or government-related agency.

Visit msnbc.com for breaking news, world news, and news about the economy

NAR’s comments were similar to those provided to the Federal Reserve in 2010. In the letter to CFPB, reiterated support to greater disclosure of appraisal fees, use of an expanded definition of value to include broker price opinions, and a definition for appraisal management companies (AMC) that goes beyond the number of appraisers on the AMC panel.

The document will serve as the foundation for NAR’s policy position on the various methods of valuing and pricing real property – including appraisals, broker price opinions (BPO), and automated valuation models (AVM). The policy document also includes language from NAR’s Code of Ethics as a reminder to members that REALTORS^® hold themselves to the highest professional standards in the industry.

The program includes refinance options for GSE (government sponsored enterprises, Fannie Mae and Freddie Mac) and Federal Housing Administration (FHA) borrowers. Both programs forgo the appraisal requirements in the refinance process. According to the White House Fact Sheet, “the GSEs would be directed to use mark-to-market accounting or other alternatives to manual appraisals for any loans for which the loan-to-value cannot be determined with the GSE’s Automated Valuation Model. This will eliminate a significant barrier that will reduce cost and time for borrowers and lenders alike.”

In line with the administration’s announcement last week, the US Department of Agriculture’s (USDA) Rural Development rolled out its refinance pilot for borrowers already using the Rural Development 502 program. It allows borrowers in the hardest hit rural areas who are underwater to refinance and take advantage of today’s rates. The lender does not have to submit new credit reports, appraisals, minimum property determinations or property inspections. The pilot is available in 19 states.

GAO reports that one of the challenges faced by ASC is in the area of resources and planning. GAO cites the creation of a national hotline as one example of a Dodd-Frank requirement that could strain the ASC’s resources. ASC has noted that the number of appraisers is trending downward, which will inevitably impact the agency’s $2.8 million budget. The report also discusses the $250,000 regulatory threshold. While some debate the need to change the threshold, GAO states that it has little impact on the proportion of mortgages with appraisals because the Federal Housing Administration and the government sponsored enterprises (GSE) make up most of the market and require appraisals regardless of price. However, this could change with a more privatized market.

The Federal Housing Administration (FHA) is offering appraisal training later this month and early next month. The January training is a Webinar so you can participate from anywhere. The February training is in Denver, CO so if you’re an appraiser heading for ski country this training is for you. Here are the particulars (provided by FHA):

January 17, 2012 – Webinar. Property Requirements for the FHA Appraisal. Have you ever thought, “Am I in compliance with HUD requirements if I do not inspect the subject’s attic?”  This FREE webinar training is geared towards the FHA Single Family Roster Appraiser and will cover property inspection requirements to include neighborhood influences, site analysis, and improvements.  Appraisers new to the FHA Roster, as well as seasoned professionals wishing to refresh their knowledge, will benefit from this in-depth look at property inspection requirements and HUD/FHA expectations. Register at here (this link can also be used to view the archived Webinar after January 17th). If you have questions you can E-mail the Denver HOC at denverhoc-pudtraining@hud.gov.

and

February 16, 2012 – Denver, CO. This FREE one-day “Live” class discusses FHA appraisal requirements including: FHA Appraisal Protocol, updates to FHA appraisal policy, and property eligibility. This course provides a refresher to seasoned FHA appraisers, and provides valuable information to appraisers new to the FHA roster. Industry participants including Underwriters and Loan Processors may also benefit. Attendees will receive 7-hours of continuing education acceptable for the State of Colorado appraisal licensing requirements. Class size is limited, first-come, first served. On the day of the class, check-in begins at 8:00 a.m. Class begins promptly at 8:30 a.m. Registration required no fee. More info available here.

in related news…

The US Department of Agriculture’s (USDA) Rural Development announced that the Uniform Appraisal Dataset will apply to the Single Family Housing Section 502 Guaranteed and Direct Loan Programs effective January 1, 2012. For those interested in knowing this means that UAD is required for loans insured by the Federal Housing Administration (FHA) and Rural Development and is optional for loans guaranteed by the US Department of Veterans Affairs (VA).

Real Property Valuation Committee: Earlier this year, NAR’s Leadership created a Valuation Work Group met via to discuss the creation of a structure that would allow NAR to develop policy on broader valuation issues including appraisals, broker price opinions, automated valuation models, comparative market analyses, and any other models that may be developed in the future. The Work Group presented a proposal to the Leadership Team to reconstitute the Appraisal Committee as a broader-based Real Property Valuation Committee.

The Appraisal Committee will change to the Real Property Valuation Committee starting in 2012. The new Committee will have representation from other NAR Committees including Professional Standards, Federal Housing Policy, Business Issues, and Conventional Finance and Lending. The reconstituted committee will also have representation from RPR and at least 16 seats on will be reserved for licensed or certified appraisers.

Regulatory Issues/RES Forum: The forum, held Saturday morning, focused on how the average real estate agent can best navigate the appraisal process. A panel discussed how to ensure credible valuations on real property and steps agents can take if they believe the value is not credible. The panel included NAR’s Appraisal Committee Chair, Frank Gregoire, Marty Wagar of Midwest Appraisal Management Group, Anna Ruotolo of RPM Mortgage, and was moderated by Mike McHugh of the Empire State Mortgage Bankers Association. You can read more about this topic at the Speaking of Real Estate blog.

Responsible Valuation Principles: The Valuation Work Group also unveiled an early draft of Responsible Valuation Principles for NAR. While we can’t share many details, the Principles will be the foundation for NAR’s policy on valuing real property – from appraisals to broker price opinions to automated valuation models. NAR’s Board of Directors moved the Principles to a work group that will be put together early next year. This Work Group will work out the details of the Principles and recommend them for adoption at a future date.

NAR's 2011 Appraisal Committee