As you might have seen, two studies have been released in recent years that are gaining some attention in light of recent events in Minneapolis and elsewhere. The Brookings Institution conducted a study on racial wealth gaps attributable to valuation processes. It does not review appraisals, but uses Zillow and owner estimates of value to draw inferences about appraisal. Another report was published by the American Sociological Society, which interviews several field appraisers and takes issue with appraisal neighborhood/location adjustment processes.

The body of knowledge is well established and accepted. The appraisal process is rigorous, and we must defend it to the greatest extent possible. People (and appraisers) are not perfect. We can do more to reinforce existing requirements and to help illuminate important issues. That spirit is central to our Aug. 20 letter to TAF and to the actions we are taking to improve education and awareness.

The Appraisal Institute Board of Directors adopted one 45-Day Notice item on its agenda during its Aug. 6-7 meeting, which was conducted via videoconference due to the coronavirus pandemic.

The Board adopted the proposed amendments to Appraisal Institute Regulation No. 4 regarding streamlining the requirements for readmission to Designated Membership. The 45-Day Notice was distributed to Appraisal Institute professionals June 22.

The Board also voted to send to 45-Day Notice proposed amendments to the Appraisal Institute Bylaws regarding the Audit Committee. Additionally, a project team will be created to study potential changes to Appraisal Institute Bylaws, policies and procedures regarding the nomination and election process for vice president.

Click here to read more.

Craig Steinley, MAI, SRA, AI-GRS, AI-RRS, of Rapid City, South Dakota, was elected 2021 vice president of the nation’s largest professional association of real estate appraisers Thursday by its Board of Directors during the Board’s virtual meeting.

Steinley’s one-year term at the Appraisal Institute will begin Jan. 1, followed by one year each as president-elect, president and immediate past president. He will serve on AI’s Executive Committee and the policy-making Board of Directors all four years. He also will chair the Finance Committee in 2021 and the National Nominating Committee in 2024.

“I feel privileged to have been elected vice president of the Appraisal Institute, and I’m excited to help guide the organization through these unusual times,” Steinley said. “I look forward to working hard for valuation professionals in the United States and around the world.”

Click here to read more.

The Appraisal Institute has assembled a stellar lineup of appraisers from the Top 10 Metropolitan Statistical Areas to help investors, developers, brokers, and other industry stakeholders understand initial buyer and seller reaction to COVID-19.

Residential real estate appraisers from across the country will summarize initial observations and identify considerations that appraisers will evaluate in the near and long term. We will also discuss trends in rural markets, appraiser reaction to policy changes of the GSEs, FHA and VA, and the dynamics with employee relocation appraisals, which require forecasting.

Now available!  This week's AI Answers features a discussion with Lyle Radke, director of collateral policy at Fannie Mae. We received information on a range of issues, including a partnership between AI and Fannie Mae on diversity in the appraisal profession, the strong performance of appraisers in the COVID-19 pandemic, and what's ahead for Fannie Mae for the remainder of the year.

Listen to the conversation.

• Approved appointments to the recently created University Relations Committee;
• Approved an appointment to fill a vacancy on the Women’s Initiative Committee; and
• Approved the transfer of funds from AI’s reserve fund to its operating fund.

Craig Steinley, MAI, SRA, AI-GRS, AI-RRS, of Rapid City, South Dakota, was nominated for 2021 Appraisal Institute vice president by the AI National Nominating Committee at its May 6 meeting, which was held via videoconference due to the coronavirus pandemic.

National Nominating Committee Chair Stephen S. Wagner, MAI, SRA, AI-GRS, submitted the committee’s nomination to the AI Board of Directors at its May 7 meeting. Board members may file petitions for additional nominees in accordance with the Appraisal Institute Bylaws. The AI Board of Directors is expected to elect the 2021 vice president at its Aug. 5-6 meeting.

The Appraisal Institute is devoted to helping appraisers reach their highest potential and making sure they have all the knowledge needed to work in the valuation profession, according to the latest video from the organization. In the video, Tonia Vailas, MAI, AI-GRS, and Michael V. Tankersley, MAI, SRA, AI-GRS, AI-RRS, share their experiences working with trainees.

These appraisers discuss what steps they are taking to make sure their trainees succeed in the profession and the best ways that trainees can find licensed appraisers to work alongside.

Be sure to attend this week's AI Answers, a one-hour Facebook Live session on current affairs affecting appraisers. Adam Johnston, SRA, AI-RRS, of Genworth Mortgage Insurance, will discuss strengths and weaknesses of residential appraisal virtual inspection applications, and Justin Glasser, MAI, of Cushman & Wakefield Valuation and Advisory, will address impairment accounting considerations. 

The Appraisal Institute’s April 17, 2020, webinar featured about a dozen nationally recognized commercial real estate experts who addressed changing market conditions during the coronavirus (COVID-19) pandemic. Click here or below to view.

In AI’s latest video, three Designated Members share how receiving an AI designation has enhanced their career.

Leslie P. Sellers, MAI, SRA, AI-GRS, discusses how a designation can provide knowledge, resources and networking opportunities to help valuation professionals remain successful.

The Appraisal Institute and its professionals were mentioned in more than 1,500 news stories in the last six months of 2019, with an audience of nearly 2 billion. The Appraisal Institute’s latest video outlines that coverage.

As the nation’s largest professional association of real estate appraisers, the Appraisal Institute continues to position its individuals as the go-to source for information on real property valuation.

2020 Appraisal Institute President Jefferson L. Sherman, MAI, AI-GRS, outlines the organization’s priorities for the year in AI’s latest video.

The Appraisal Institute will host its Annual Conference Aug. 3-5, 2020, in Orlando, Florida. This event promises to be a fantastic opportunity for valuation professionals to learn, network and have fun. Watch the Appraisal Institute’s latest video to learn more about the valuation profession’s biggest event of the year.

Real estate professionals from around the world are invited to join and:

Four Appraisal Institute Designated Members shares why they think others should consider pursuing a designation in AI’s latest video.

The Appraisal Standards Board of The Appraisal Foundation on Aug. 1 announced its intention to explore the creation of uniform standards for evaluations. The ASB said that since no standards exist for conducting evaluations, there is greater risk to the safety and soundness of real estate transactions and diminished protections for consumers. A concept paper is expected near Labor Day. 

Read more here.

• Approved the creation of a Women’s Initiative Committee.
• Revised the organization’s policies for AI education instructors regarding waivers, conduct and evaluations;
• Amended AI’s Statement of Investment Policy; and
• Adopted the dues and fees schedule for 2020:
  • Deadline on dues/fees invoice payment: Jan. 1
  • Late fees assessed at 15%: April 1
  • Suspensions issued: June 1
  • Terminations issued: Sept. 1.

• Matthew S. Myers, MAI, of Leeds, England, as the international member on the AI Board of Directors;
• Scott Robinson, MAI, SRA, AI-RRS, AI-GRS, as chair of the Strategic Planning Committee;
• Claire M. Aufrance, MAI, SRA, to the Strategic Planning Committee; and
• Michael J. Mignona, MAI, AI-GRS, and Craig Steinley, SRA, AI-RRS, to the Audit Committee.

More than 525 real estate professionals from around the world attended the opening session of the valuation profession’s most important annual event, hosted by the Appraisal Institute, the nation’s largest professional association of real estate appraisers.

The 2019 Appraisal Institute Annual Conference, held at the downtown Hyatt Regency Denver, featured world-renowned keynote speakers, 30 breakout sessions on trend-setting valuation topics, networking opportunities for industry professionals, an exhibit hall featuring cutting-edge products and services and an awards ceremony honoring the valuation profession’s best and brightest.