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ASA, NAIFA Submit Written Comments to House Subcommittee Looking at Appraisal Regulation

Nov 21, 2016

The American Society of Appraisers along with the National Association of Independent Fee Appraisers (NAIFA), submitted two white papers for inclusion as part of the overall record of a hearing titled ” Modernizing Appraisals: A Regulatory Review and the Future of the Industry”, held by the House Financial Services Committee, Subcommittee on Housing and Insurance. The hearing, which took place November 16th, looked at the current state of the appraisal regulatory system and what changes might be needed to update the system to match current challenges and technologies. Witnesses from across the appraisal profession, as well as home builders and consumer advocates, provided context and answered questions from members of the Subcommittee.

Recurring themes from the hearing included questions about the role and responsibilities of the Appraisal Subcommittee, intended and unintended consequences of Title XIV of the Dodd-Frank Act, and the reliability of and reliance upon alternative valuation methods. The Subcommittee chair, Rep. Blaine Lutkemeyer (R-MO), indicated in his closing remarks the likely need for “tweaks” to address changes in the marketplace since the 2010 passage of Dodd-Frank.

In their materials, ASA and NAIFA addresses many of the questions the Subcommittee had hoped to tackle with the hearing. The first white paper, which discusses broad regulatory issues, was signed by both organizations along with four other groups in April of 2015.The second white paper from ASA and NAIFA deals with ongoing confusion regarding the definition of “federally related transaction” under FIRREA and the Interagency Appraisal and Evaluation Guidelines. Taken together, both documents provide Congressional leaders with critical feedback on how to address the concerns that prompted the hearing.

To read the written testimony of all the witnesses who appeared at the hearing, click here. To read the full text of the broad regulatory reform white paper, click here. To read its covering letter, click here. Finally, to read the white paper on “federally related transactions”, click here.

If you have questions please contact John D. Russell, JD, Senior Director of Government Relations and Chief Lobbyist for ASA at jrussel@appraisers.org or 703-733-2103.