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

The Federal Housing Finance Agency (FHFA) today issued a Request for Input (RFI) about Fannie Mae’s and Freddie Mac’s (the Enterprises’) pooling practices for the formation of “To-Be-Announced” (TBA)-eligible Uniform Mortgage-Backed Securities (UMBS).  FHFA is also seeking public input about other policies and practices that might affect UMBS fungibility, including the Enterprises’ oversight of UMBS prepayment speeds and alignment.

This RFI follows on the successful launch of UMBS and seeks to ensure that UMBS remain a source of stable, affordable liquidity for the U.S. housing finance system.  The requested input will help FHFA determine whether further action or alignment is necessary to ensure reasonably consistent security cash flows and continued fungibility of the Enterprises’ UMBS.

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NCAI is offering multiple National USPAP Update Courses throughout the year. Save the date for the upcoming USPAP courses below. Click on the course for more information.

*All courses are NCAB and NCREC Credit approved.

The North Carolina Chapter of the Appraisal Institute would like to inform our members that Governor Roy Cooper has appointed Lynn Carmichael, MAI, and Claire Aufrance, MAI, SRA, to the North Carolina Appraisal Board. We congratulate both Lynn and Claire on their appointments and we thank them for their willingness to be leaders in the appraisal industry. We wish them all the best in their endeavor to promote the highest standards for real estate appraisal practice for the protection of the public trust. 

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It's with great sadness that we report the passing of Ted Anglyn, MAI. Ted's influence on the appraisal industry and specifically LDAC cannot be overstated. Ted used his own money and resources to make sure LDAC not only survived, but thrived. Our deepest sympathies go out to Ted's family, his appraiser family, and the North Carolina Chapter.

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Hiring a Designated Member of the Appraisal Institute can provide a broad range of benefits to commercial and residential clients, the president of the nation’s largest professional association of real estate appraisers said today.

“When hiring a valuation professional, clients should first understand the role of an appraiser,” said Appraisal Institute President Stephen S. Wagner, MAI, SRA, AI-GRS. “The appraiser’s role is to provide objective, impartial and unbiased opinions about the value of real property — helping those who own, manage, sell, invest in and lend money on the security of real estate.”

Courts, market participants and valuation professionals have expressed widespread concern about the broad range in real estate values presented by opposing litigation experts regarding single-tenant, big-box properties, according to an article published this week in The Appraisal Journal.

The Appraisal Journal is the quarterly technical and academic publication of the Appraisal Institute, the nation’s largest professional association of real estate appraisers. The materials presented in the publication represent the opinions and views of the authors and not necessarily those of the Appraisal Institute.

By Barbra Murray

The first half of 2019 proved to be yet another strong period in the big-box segment of the industrial sector, and despite certain challenges, more of the same is the likely scenario for the remainder of the year, according to Colliers’ 2019 midyear big-box market report.

By Ann Saphir

The rise in co-working spaces, like those offered by WeWork, may be a source of financial instability that could make the next U.S. recession worse by sparking a run on commercial real estate, Boston Federal Reserve Bank President Eric Rosengren said.

Rep. Maxine Waters, D-Calif., and Sen. Sherrod Brown, D-Ohio, on Sept. 24 submitted a letter to the Appraisal Subcommittee seeking answers about its July decision to grant a waiver of appraiser certification and licensing to the state of North Dakota. The letter expressed “surprise and concern” about the “unprecedented” waiver.

Waters chairs the House Financial Services Committee and Brown is ranking member of the Senate Banking, Housing and Urban Affairs Committee.

“It is so concerning that the ASC, the primary federal organization with oversight over appraisal and appraiser standards, has acted to waive appraiser certification requirements with minimal justification,” the letter stated, noting that appraisals are essential to safety and soundness and consumer protection. The letter explains that the move is unprecedented because the ASC has not granted any waivers since the Federal Financial Institutions Examination Council first fully implemented appraisal rules. In granting this one, the ASC ignored the objections of the North Dakota Real Estate Commission.

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The Appraisal Institute designated 26 members in August, including one who received his MAI and SRA designations. Additionally, 17 received their MAI designation, four received their SRA designation and four received their AI-GRS designation. The Appraisal Institute designated 58 members in September, including; and 39 who received MAI designations; 6 who received SRA designations; 10 who received AI-GRS designations; 3 who received AI-RRS designations.

Special congratulations to NCAI members William M. Best, MAI; Stephen M. Worthy, AI-GRS; and John C. Palmer, MAI.

View the list here.

In the aftermath of a natural disaster, such as a hurricane, appraisers can help their clients by providing expert market analysis, according to the nation’s largest professional association of real estate appraisers.

The Appraisal Institute’s “Guide Note 10: Development of an Opinion of Market Value in the Aftermath of a Disaster” addresses how real property markets in affected areas often exhibit instability, even chaos, and how analyzing data in such markets presents an array of challenges. The Guide Note, revised last year, also discusses how valuation professionals can develop credible opinions of market value in the aftermath of a disaster.

 ATTOM Data Solutions, curator of the nation’s premier property database and first property data provider of Data-as-a-Service (DaaS), today released its Q2 2019 U.S. Home Sales Report, which shows that U.S. single family homes and condos sold for a median price of $266,000 in the second quarter, up 10.8 percent from the previous quarter and up 6.4 percent from a year ago — reaching a new median home price peak.

Meanwhile, the report also shows that homeowners who sold in the second quarter had owned an average of 8.09 years, reaching a new peak, up 3 percent from last quarter and up 4 percent from Q2 2018. Homeownership tenure averaged 4.21 years nationwide between Q1 2000 and Q3 2007, prior to the Great Recession.

By Jessica Guerin

The Department of Housing and Urban Development issued a notice to lenders announcing the formal suspension of its rule change to down payment assistance guidelines.

By Alina Ptaszynski

Opendoor and Redfin, two of the nation’s largest technology-powered real estate companies, today announced home sellers in Phoenix and Atlanta can now request an Opendoor offer through Redfin’s site and mobile apps. By coming together, we are giving homeowners more options for selling their home in a simple and convenient way. Redfin will also continue to expand RedfinNow, its own instant offer service.

The International Valuation Standards Council on July 31 announced that the latest edition of the International Valuation Standards is available. The new standards, which take effect Jan. 31, 2020, include updates to development property, limitations, and valuation models; numerous technical revisions; and a revised glossary with new terms and clarifications. 

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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.

A Louisiana court on July 29 granted a motion to stay in the Federal Trade Commission's case against the Louisiana Real Estate Appraisers Board in which it alleged the LREAB illegally determined a floor for appraiser prices. The court ruled that, among other things, continuing the case would hamper the state's ability to make and enforce policies.

Read more here.

The Appraisal Institute designated 30 members in July, including eight who received their MAI designations, six who received their SRA designations, 12 who received their AI-GRS designations and four who received their AI-RRS designations. A special congratulations to NCAI members Kyle Saylors, MAI, SRA; Lynn Carmichael, MAI, AI-GRS; and Terri Patton, MAI,  AI-GRS for being recognized.