NOTE: The testimony is TODAY, March 11, 2009
To: All Members
Jim Amorin, MAI, SRA, President of the Appraisal Institute, will testify tomorrow afternoon before the House Committee on Financial Services' Subcommittee on Financial Institutions and Consumer Credit at the Subcommittee's hearing on mortgage lending reform. The hearing will stream live tomorrow, March 11, at 2:30 p.m. ET via the House Committee on Financial Services' Web site
During his testimony, President Amorin will stress the importance of appraiser independence and address what our organization perceives to be weaknesses in the mortgage lending process. Included in the points he will make are the following:
- The need for mortgage reform legislation that addresses the inappropriate pressuring of appraisers and the need for providing greater accountability and enforcement options for federal and state appraiser regulators.
- The recommendation for an immediate review of the new loan modification guidelines (Home Affordable Modification) released by the Treasury Department last week, in order to ensure that consumers and neighborhoods are being protected and that proper valuation is being utilized, including questioning the allowances of Broker Price Opinions being used in lieu of appraisals.
- The need to regulate appraisal management companies and encourage lenders to use the best qualified appraisers available to mitigate financial institutions' risk and protect the investment of both lenders and consumers.
If you are unable to tune into the hearing, a transcript of President Amorin's testimony will be made available in tomorrow's issue of Appraiser News Online.
NOTE: The testimony is available NOW in PDF format right HERE
The Appraisal Institute 550 W. Van Buren St., Suite 1000, Chicago, IL 60607 T 312-335-4140 F 312-335-4258/4222
Three panels of speakers, a total of 15, testified before the committee today. At least two should be of interest to appraisers, real estate brokers and borrowers:
Charles McMillan, President of the National Association of Realtors
Mark Savitt, President of the National Association of Mortgage Brokers
Both addressed the HVCC and the need for regulation of AMCs.
UPDATE!! May 15, 2009 - The Title/Appraisal Vendor Management Association (TAVMA) responds by questioning the truthfulness of the Professional Appraisal Associations offering testimony - HERE