News/Minutes

Are ND Appraisers Under Attack? See President Rylander's Letter to the Membership on the Newest Development

See the attached letter from NDAA President Dean Rylander regarding a BRAND NEW proposal by the Federal agencies to reduce the appraisal requirements of ND banks and credit unions.

This action will be one of the ‘hot topics’ discussed at the upcoming NDAA Annual Conference and Education Event in Bismarck on December 6-7, 2018, along with the current status of the appraisal waiver request filed by the ND Governor’s Office.

Will you be there to protect your profession and your own interests?

Early bird pricing ENDS TODAY. To register for the NDAA Conference and Education Event in Bismarck, or to find out more, go to www.ndappraisers.org

NDAA letter.pdf

2018 Annual Meeting and Education Event - Event Calendar

Please join us in Bismarck for the NDAA Third Annual Conference and Education Event: See the attached Event Schedule for details. Register Now!

Event Calendar Dec2018.pdf

NDAA Joins Other ND and SD Appraiser Organizations to Oppose HR 6347 and HR 6348

NDAA President's Letter updating the Membership on the Temporary Waiver Request

Fannie Mae no longer requires the Form 1004C as part of their appraisal reports

Effective immediately, Fannie Mae no longer requires the Market Conditions Addendum (1004MC) form as part of appraisal reports. The Selling Guide has been updated to reflect this change. Appraisers remain responsible for analyzing market conditions and accurately reporting them in the Neighborhood section of Fannie Mae's appraisal forms.

Collateral Underwriter® (CU®) now provides robust market trend information for Fannie Mae and lenders, enabling measurement and management of market risks in a more rigorous way. Removing the 1004MC requirement will make it easier for lenders to originate loans and easier for appraisers to complete assignments by simplifying the appraisal and appraisal review processes.

Please note that this is a change to Fannie Mae's requirements; other investors may still require submission of Form 1004MC. For details see Selling Guide Announcement SEL-2018-06.  

 https://www.fanniemae.com/content/news/carlos-perez-announcement-2018-06-updates-080718.pdf

Visit our website - https://www.fanniemae.com/singlefamily/index- for more appraiser news and resources.  

North Dakota Appraisal Waiver Request Packet

The attached appraisal waiver request was sent to the Appraiser Subcommittee and signed by the Governor, the ND Bankers Association, and ND Department of Financial Institutions. This will affect all ND Appraisers.

North Dakota Appraisal Waiver Request Packet.pdf

“Fannie and Freddie Will Update UAD and their Residential Forms – News Release”

The Appraisal Foundation Press Release - AQB Adopts 4th Exposure Draft

AQB Adopts Sections 1, 2, and 4 with an implementation date of May 1, 2018

Click on link for the complete exposure draft document.

AQB Fourth Exposure Draft RPAQC FINAL.pdf

National Board Adopts Revised Criteria for

Real Property Appraiser Qualifications

FOR IMMEDIATE RELEASE

February 1, 2018 

Contact:

Paula Douglas Seidel

paula@appraisalfoundation.org, 202.624.3048

Washington, DC -- The Appraiser Qualifications Board (AQB) of The Appraisal Foundation (Foundation) adopted revisions to the Real Property Appraiser Qualification Criteria (Criteria). These changes will provide additional methods for entry into the real property appraisal profession in the United States. The Criteria will become effective on May 1, 2018.

Today’s changes were the result of a nearly three-year process of deliberations, which included the issuance of a discussion draft, concept paper, and four exposure drafts. The proposed changes were publicly vetted at a formal hearing, focus group session, and at several public board meetings. The proposed changes generated over 1,300 comment letters. 

Today’s changes include a number of options for entry into the residential appraisal profession. Additionally, the number of experience hours and timeframe for obtaining that experience have been modified.

In the coming months, the AQB will further develop a concept that was outlined in previous exposure drafts: Practical Applications of Real Estate Appraisal (PAREA). PAREA will provide an alternative method for appraisers to gain experience towards obtaining a real property appraiser credential by performing USPAP-compliant appraisals on real properties as well as virtual properties via emerging classroom technology. 

Mark Lewis, Chair of the Appraiser Qualifications Board, said of today’s action, “The importance of qualified appraisers performing solid valuations on residential and non-residential real property cannot be understated.” He continued, saying, “The Real Property Appraiser Qualification Criteria is a living document that needs to fully reflect ongoing changes in the marketplace. These changes were adopted with the ultimate goal of protecting the public trust.” 

NDAA Comments on AQB's 4th Exposure Draft

Appraisal Waiver Programs - Letter from NDAA