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Congressional Subcommittee Holds Appraisal Industry Review Hearing

by Todd Paradis | Jul 10, 2019
 
The House Committee on Financial Services Subcommittee on Housing, Community Development and Insurance held a hearing entitled “What’s Your Home Worth? A Review of the Appraisal on June 20, 2019 in Washington, D.C.

Topics addressed included appraisal thresholds, appraiser independence, technology changing the appraisal industry, and the potential for discrimination in appraisal methodologies and techniques.

Witnesses providing testimony included:
  • David S. Bunton, President, The Appraisal Foundation
  • Stephen S. Wagner Senior Appraiser, Terzo & Bologna, Inc., on behalf of the Appraisal Institute
  • Jeff Dickstein, Chief Compliance Office, Pro Teck Valuation Services, on behalf of the Real Estate Valuation Advocacy Association
  • Andre Perry, David M. Rubenstein Fellow, Metropolitan Policy Program, the Brookings Institute
  • Joan N. Trice, Founder, Collateral Risk Network
Ahead of the hearing, ASA provided the Subcommittee with nearly 90 pages of information addressing the stated topics, on related issues such as the dilution of the term “federally-related transaction”, as well as direct stories from ASA members about how technology shapes their professional life.

The hearing was held in regards to proposed draft legislation H.R. 2852, the “Homebuyer Assistance Act of 2019” that would allow for licensed residential appraisers to perform appraisals in connection with loans guaranteed by the Federal Housing Administration (FHA). An additional discussion draft, also discussed during the hearing, dealt with a range of topics such as separation of the fees paid to the appraiser and AMC; listing trainee appraisers on the National Appraiser Registry; and, providing flexibility to the Appraisal Subcommittee on the fees it charges AMCs to appear on the AMC National Registry.

Click here for more information about the hearing including a recording of the live webcast and committee memorandum.