New members recap of the Collateral Risk Network 1st Quarter Meetings and Compliance Event
A few weeks ago, CRN members converged upon an unusually rainy and cold San Diego, CA. The weather luckily improved throughout the week and the meetings were warm and welcoming from the start. For Northeastern Appraisal Associates, it was our first official CRN meeting we have attended. Being a hybrid 40+ year appraisal company that also provides AMC services in 23 states we looked for a group of dedicated industry partners to compare best practices for the future of a changing valuation climate. The CRN 1st Quarter meetings let us know we found that group. With so much information covered from many leaders in the industry, this recap below will give you a taste but please consider joining us for the whole meal the next time.
Joan Trice of the Allterra Group kicked off the compliance meeting on Tuesday, January 24th as the moderator and first presenter. She prepped the group with her update on fee panel management and legislative reform. Luckily you can get some facts by watching the video of her Nov 16th, 2016 testimony before congress. You can access it from this link Congressional Testimony by CRN Founder, Joan Trice.
Peter Christensen of LIA Administrators jumped in early for his report on best practices for service level agreements. Peter also highlighted some of the most common sources for AMC claims from lenders, borrowers or appraisers. He even provided all attendees with a zip drive to take home with example agreements and presentation facts.
After a quick lunch, Greg Stephens of Metro-West Appraisal dug into USPAP and what non-appraisers (AMC staff) need to know. Recognized as a Valuation Visionary for his service to the industry, you can just imagine the great information provided.
Greg filibustered until our final two presenters could overcome some weather delays and deliver a one- two punch to close the first day. Nanci Weissgold from Alston & Bird had various updates from her engaging presentation on State AMC Laws and Enforcement Action. Then Janine Bjorn from Core Logic delivered us to happy hour with information on engagement letters. As the evening rolled in, members spent time exploring San Diego along with networking and conversation.
Day two found the CRN members breaking off into their various committee meetings to get action plans together for 2017. This struck up intense conversations and plans for various parts of the industry. The AMC Committee and the Government Affairs Committee we joined had some amazing groundwork in place to address the integrity and continuity of our profession for years to come.
Committee and chair list:
AMC Committee, Michael Simmons, AXIS Appraisal Management
Lender Committee, Crispin Bennett, B2R Finance L.P
Best Practices, Paul Chandler, Property Sciences
Emerging Issues, Karin Trost, Wells Fargo
Data & Technology, Leland Trice, Valucentric
Government Affairs, Greg Stephens, Metro-West Appraisal
Industry Relations, Ernie Durbin, Clarocity
After some catching up on phone calls and emails everyone was treated to a fantastic evening courtesy of George Opelka and ACI. Members who made the short walk to the San Diego Wine and Culinary Club enjoyed some delicious wines, microbrews and food. Best of all was the chance to converse, network and create some great friendships and expanded business relationships.
Our final day concluded with the full day general meeting lead by moderators Ken DeFeo of Union Bank and Al Yeargin of InHouse US. Jim Park, the Executive Director of the Appraisal Subcommittee kicked us off with his presentation Modernizing Appraisals: A Regulatory Review and the Future of the Industry. From the title alone you can see trends to where the industry is heading.
Rachel Dollar from Smith Dollar, PC followed with some Fraud updates and some telling charts on the history of the ups and downs in the mortgage lending industry. Jim Martin, BREA Director came on next to give an update on California including some encouraging stats on appraiser trainee’s trends.
After a nice lunch served again by the US Grant staff we closed out the day strong. Ann Regan from Core Logic reviewed some big data trends and group questions gave some insight on additional ways to help the industry identify curious trends. Then Hamilton Fout of Fannie Mae concluded our speakers list with very interesting feedback and stats from his 2017 Fannie Mae Economic Update.
We wrapped up the afternoon with committee goal updates and afterword the group started to dwindle down as people made follow up plans and some checked out for the return home.
Everyone left filled with information from the live presentations, various printouts provided by the CRN, and goals from committees to keep the groups connections and momentum moving forward till we convene again.
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