Wednesday, November 11, 2009

Claims Against Appraisers, the FBI and NAR Conference

It's early Wednesday morning, and I'm clearing up a few things in preparation for a flight across the country to attend the 2009 REALTORS Conference and Expo in San Diego. There was a last minute appraisal inspection today, along with an attempt to put one last assignment out the door. Efforts to clear my desk have kept me from posting, although I did update the H.R. 3044 page with the increased number of cosponsors.

Before heading out, though, I wanted to post links to two interesting posts on the Appraiser Legal Defense and Insurance Blog.

The first, Claims Against Residential Appraisers in 2009, describes the some of the major trends and issues seen in 2009:
  1. Overvaluation Claims by Borrowers
  2. Undervaluation Claims by Borrowers and Sellers
  3. FDIC Claims
  4. Claims Involving Trainees and Independent Contractors
There are some interesting observations and some good advice. It's worth a read.

The second post, The FBI is on the Phone for You, is must read. Given the heightened interest in mortgage and valuation related fraud, and the stepped up enforcement efforts of the FBI and other investigative agencies, it's nice to see some advice about what should the good appraiser do when the FBI or any law enforcement officer calls. Appraisal Scoop posted the same story a couple of days ago.

Friday afternoon (Friday the 13th and I'm superstitious), I will be attending the meeting of the NAR Appraisal Committee. Here's what the agenda looks like:

I. Call to Order and Introductions – Penny Triplett
II. Approval of Minutes from Last Meeting – Penny Triplett
III. ReportsAppraisal Foundation Trustee Report – Joe Traynor
NAR Representation on Appraisal Foundation Boards - Penny Triplett
The Appraisal Foundation Advisory Council (TAFAC) – Vic KnightIV.
New Business
A. Tentative: FHFA & Freddie Mac Speaker & FHA Speaker – Thomas Strickland
B. Legislative/Regulatory - Jerry Nagy

2. HR 1728
3. HR 2336
4. Consumer Protection Finance Agency
5. FHA Appraisal Rules

C. Report of Broker Price Opinions Work Group – Penny Triplett

V. Other Business

A. Update on Appraisal Education Workgroup – Penny Triplett
B. Breaking out Appraiser fees on HUD-1 – Thomas Strickland
C. Next Meeting: NAR MIDYEAR MEETINGS - Washington, DC

VI. Final Comments and Adjournment

Immediately following the meeting the NAR Appraisal Committee will celebrate the anniversary of the RAA/GAA designations.

It's likely there will some discussion of this, as well. It was a surprise to everyone.

More, when I return next week.


Anonymous said...


Are you back yet? I'd like to pick your brains about the most probable future of appraising that you predict.

Edd Gillespie

Frank Gregoire said...

Edd, I'm back! Redeye flight from San Diego through Atlanta. Back at my desk as of 11:00 AM. Dealing with phone calls and trying to finish up a couple reports and take care of the accumulation of phone calls and new assignments.

Give me a couple of days to get caught up.