Since the presidential election, there has been a shake up in the industry. In case you missed some of the headlines, we have put together a quick list of guide updates and other announcements that have been released. Don’t miss out on your opportunity to provide critically needed feedback to continue the development of industry policies.
While it is still unclear as to what will happen with Dodd-Frank, there has been a consensus that some changes are needed. Since the regulations were put in place after the 2008 financial crisis, the core of Dodd-Frank was to prevent another crisis from happening. Major revisions to the law would require Congress’s assistance so right now there seems to be no sign for panic in the industry yet.
Effective January 31, 2017, Fannie Mae has updated the Selling Guide to include changes to the following:
- Confidentiality of Information and Data Breach
- Seller/Servicer Financial Eligibility Requirements
- Comparables in New Projects or Subdivisions
- Property Inspection by Appraiser Trainee
- Adjustments to an Appraisal for Sales Concessions
- Alignment with the Servicing Guide – Various Part A Topics
- Miscellaneous Selling Guide Updates
The Appraisal Institute’s “Guide Note 16: Arbitration” addresses how real estate valuation professionals may provide services in arbitration matters as arbitrators or expert witnesses. The Guide Note explores what services a real estate valuation professional can provide in an arbitration matter, and what standards and ethical rules apply to different services.
With a new administration in place expect to see regulatory reforms which can dramatically impact the way appraisers conduct business. There is a demand from every stakeholder to modernize or reengineer the appraisal process. Hear directly from regulators and industry leaders on what is happening with policies. Appraisers can earn up to 14 hours of continuing education and network with vendors on the tradeshow floor.
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