I’ve posted the full version of my article Why You Should Join An Appraisal Organization with links to the organizations mentioned in the article. Now is an important time for the residential appraisal industry to join together because of threats to our place in the US real estate market. We need to spread the word of the role of appraisers, especially to federal regulators who want to diminish our standing.
If you haven’t heard, federal financial oversight groups such as the FDIC, Federal Reserve, and others have proposed changing the de minimus for residential lending in the US from $250,000 to $400,000. This is exactly the wrong time to reduce oversight in residential real estate given widespread signs nationally of markets slowing and potentially nearing a peak. Did we learn nothing in the last market crash?
Ryan Lundquist has an excellent summary on his blog (link). I strongly encourage you to sign the petition started by Ryan and Jonathan Miller at change.org (link) and to comment in the federal register about why this is a bad idea.
Thanks Joe. This is crucial and I appreciate you getting behind it. I’m so glad to belong to an appraisal organization too. Go REAA!!
Thanks for stepping up with Jonathan to highlight this important issue. We need to unite as an industry and make sure our concerns are heard.
Appraisers really need to get behind this and unite by joining organizations that will fight for them. Great post, Joe.
Thanks Tom. Now’s a good time to unite.
Thankfully due to the groups that have formed both in person and socially, we can spread the word fast! What a horrible precedent that this proposed bill may potentially impact the public and appraisers.
Good point Bryan.