News Letter November 2009
Save the Date: December 10th 2009.
All D.A.A. Members are invited to attend a FREE seminar/annual meeting of the D.A.A. which includes a FREE dinner on December the 10th 2009 at the Maple Dale Country Club.(Located at Maple Dale Lane, Dover DE 19904.
The seminar " Delaware Law Rules and Regulations" will be presented by Earl Loomis.
We chose this semiar to present so that you will be familiar with the changes made in the rules and regulations for the 2009-2011 licensing period. The semiar starts at 2pm.
A short break will follow the semiar before the annual meeting which starts at 5:15pm for the election of directors and any and other business that needs to be presented.
After the social period, dinner will start at 6:15pm. Plan to attend and socialize with your fellow professionals.
ELECTIONS
The nominating committee consists of Earl Loomis, Chairperson, Charlotte Dixon, Vice-Chair, Steve Hopkins, Tom Hoffman, and Charlie Witt. A nominating committee report will be given at the meeting and nominations will be open from the floor. Plan to be there to vote.
"FIND AN APPRAISER"
Our website www.deappraisers.org will have a "Find an Appriaser" section implemented after the first of the year. In order to be on it you must be a member of the D.A.A. Look for a mailing to be out in Mid-November. In that mailing you will find your 2010 Annual dues invoice, "Find and Appraiser" questinanaire and an attendence request form for the seminar/annual meeting/dinner. Return the forms ASAP to be sure you are included in the initial input to the "Find an Appraiser" section.
SOME ADDITIONAL NOTES
The board of directors has been working on a number of items. First, legislatively we have been watching with interest and discussions, the Real Estate Commission's efforts to implement a broad CMA and or BPO authority in their statute. We are apposed to any use of these items other than in pursuit of a listing or advising a purchaser on a purchase price. We do not feel real estate agents have the training and necessary tools to value properties for the Register of Wills when settling an estate. the bail bondsman when settling a bail bond, the Courts for a divorce proceeding, nursing homes when evaluating a property of a potential admittance, or any other function where value is to be determined. Many agents have been doing this type of work. Agents are not valuers but pricers. Your help is needed to stop this travesty.
Your Board has also been working toward obtaining name badges for all members to be used at our functions. Hopefully they will be ready for our Annual Meeting.
COMMITTEE VOLUNTEERS
Like any organizations, the D.A.A. is only as successful as the commitment of its officers and contributions of the membship both directors and committee members. Plan to participate in one of the various committees of the D.A.A. Your contribution is appreciated.
FUTURE SEMINARS
The D.A.A. is currently planning the seminat offerings for next year. We feel if you take them over a two year period in a relaxed manner, and not a pressure mode, them they will seem to be less burdensome. Email any suggestions to our Education Chairman, Rafael Delgado. rafdelgado@comcast.net
ASC UPDATING
A number of calls have been received concerning the question "When will the ASC website be updated with our license renewal information"? Many have called the Division of Professional Regulation. The answer was that the staff who normally does this is on maternity leave. More than one person should be trained to do this task.
Eventually the Division uploads to the ASC (Appraisal Sub-Committee) website on a 15th and the 31st of the month schedule. So those who sent in their license fees after the 14th were not updated prior to November 1st since the 31st was a Saturday.
If you would like to check your status with the ASC go to their website at www.asc.gov and click on the National Registry on the top row left. When the next page opens, click on Custom Query. On the next page select and enter Delaware and then enter your last and first name where indicated. At the bottom of the page, click on Submit. This will bring up the data. CLick on your name for further detail.
It is my understanding the FHA pulls from the ASC website to determine renewals, USPAP compliance, etc. What many of you may not know is that FHA has a 30-day grace period. I am thinking many lenders do not know this!
Some of the reasons other than it being free, you should take the Delaware Law Rules and Regulations class on December 10th is to start early on your continuing education for this period.
This is not an excuse for the lack of sending data more often to the ASC, but merely a helpful suggestion. We must now as the Division of Professional Regulation why this data can not be uploaded to the ASC more often.
We hope to explore a more proactive approach to serving the appraisal community by keeping you informed and up to date on various topics.
News Letter November 2009
DAA Views & News
Volume 3, No. 6. - November 2009
Download a PDF of this Newsletter »
SAVE THE DATE: DECEMBER 10, 2009
All DAA members are invited to attend a FREE seminar, annual meeting of DAA and a FREE dinner on December 10, 2009 at the Maple Dale Country Club, Maple Dale Lane, Dover, DE 19904.
The seminar, “Delaware Law, Rules and Regulations” is being present by Earl Loomis. We chose this seminar to present so that you will be familiar with the changes made in the rules and regulations for the 2009-2011 licensing period. The seminar starts at 2PM.
A short break will follow before the annual meeting starts at 5:15 PM for the election of directors and any other business that needs to be presented.
After the social period, dinner will start at 6:15 PM. Plan to attend and socialize with your fellow professionals.
ELECTIONS
The nominating committee consists of Earl Loomis, Chairperson, Charlotte Dixon, Vice-Chair, Steve Hopkins, Tom Hoffman and Charlie Witt. A nominating committee report will be given at the meeting and nominations will be open from the floor. Plan to be there and vote.
“FIND AN APPRAISER”
Our website www.deappraisers.org will have a “Find an Appraiser” section implemented after the first of the year. In order to be on it, you must be a member of the Delaware Association of Appraisers, Inc. Look for a mailing in mid-November. In that mailing, you will find your 2010 dues invoice, the “Find An Appraiser” questionnaire and attendance request flyer for the FREE seminar, annual meeting and dinner. Return ASAP to be sure you are included in the initial input to the section. This is another benefit for membership with good value.
SOME ADDITONAL NOTES
The Board of Directors has been working on a number of items. First, legislatively, we have been watching with interest and discussions, the Real Estate Commission’s efforts to implement a broad CMA or BPO authority in their statute. We are opposed to any use of these items other than in pursuit of a listing or advising a purchaser on purchase price. We do not feel real estate agents have the training and necessary tools to value properties for the Register of Wills when settling an estate, the bail bondsman when setting a bail bond, the Courts for a divorce proceeding, q nursing home when evaluating a property of a potential admittance, or any other function where value is to be determined. Many agents have been doing these. Agents are not valuers but pricers. Your help is needed to stop this travesty.
Your Board has also been working toward obtaining name badges for all members to be used at our functions. Hopefully they will be ready for our Annual Meeting.
COMMITTEE VOLUNTEERS
Like any organization, DAA is only as successful as the commitment of its officers and contributions of the members both directors and committee members. Plan to participate in one of the various committees of the DAA. Your contribution will be appreciated.
FUTURE SEMINARS
DAA is currently planning the seminar offerings for next year. We feel if you take them over a two year period in a relaxed manner, and not a pressure mode, then they will seem to be less burdensome. Email any suggestions to our Education Chairman, Rafael Delgado, rafdelgado@comcast.net
ASC UPDATING
A number of calls have been received concerning the question “When will the ASC website be updated with our license renewal information”? Many have called the Division of Professional Regulation. The answer was that the staff member who normally does this is on maternity leave. More than one should be trained this task.
Evidently the Division uploads to the ASC (Appraisal Subcommittee website) on a 15th and 31st of the month schedule. So those who sent in their license fees after the 14th were not updated prior to November 1 since the 31st was a Saturday.
If you would like to check your status with the ASC go to their website at www.asc.gov and click on National Registry on the top row left. When the next page opens, click on Custom Query. On the next page select and enter Delaware and then enter your last and first name where indicated. At the bottom of the page, click on Submit. This will bring up your data. Click on your name for further detail.
It is my understanding the FHA pulls from the ASC website to determine renewals, USPAP compliance, etc. What many of you may not know is that FHA has a 30-day grace period. I am thinking many lenders do not know this!
Some of the reasons, other than it being free, you should take the Delaware Law, Rules and Regulation class on December 10th is start early on your credits for this period, enjoy a leisurely pace for more education over two years and have all your coursework completed a couple of months early so last minute filings will not be necessary next time.
This is not an excuse for the lack of sending data more often to the ASC, but merely a helpful suggestion. We must now ask the Division of Professional Regulation why this data can not be uploaded to the ASC more often.
We hope to explore a more proactive approach to serving the appraisal community by keeping you informed of various topics.
DAA News Letter
DAA NEWS LETTER Volume 3. Edition No. 3 JULY 2009
http://deappraisers.org/Delaware Association of Appraisers Views & News
> Download the News Letter
Volume 3, No. 3……………………………………………………..………………………………..……………………July 2009
BILL DIVELEY APPOINTED
William “Bill” J. Diveley of Newark, DE has been appointed to a seat on the Delaware Council on Real Estate Appraisers. His appointment is for a three year term. Congratulations from all of us!
He joins three of our other members who are on the Council---Bradford “Brad” Levering, George Fantini and Steve Huston.
RAFAEL DELGADO APPOINTED
Rafael Delgado of Newark has been appointed to the Board of the Delaware Association to fill the remainder of the term of our departed member “Alfred “Ike” Beam, Jr.
Rafael was appointed to the Education Committee and will be coordinating our September seminar in New Castle County. Welcome aboard Rafael.
APPRAISER BUSINESS ICENSES
Many of our members received, over the past couple of weeks, notification they have not obtained a license in order to appraise in the City pf Wilmington. I have not received a letter but I understand one needs a business license and must pay the wage tax on fees earned from appraisals in the City.
In our discussions we also found the town of Lewes also has a license requirement. We have discussed this at length and the fees required by the municipalities must be paid. No way around it.
The Governor proposed quite a while ago to make Delaware more business friendly by requiring only one license to do business in the state, rather than a number of them. When you get an opportunity, talk to your legislator. Licensing would be simplified. One of our members asked the town of Lewes if they know any other towns that have a license requirement. The answer was “You need to call all of them.” As we find towns, counties and others who do, we will let you know.
EDUCATIION COURSE COMING
The Delaware Law, Rules and Regulation seminar will be offered in New Castle County sometime in September. It is approved for 3 continuing education credits. Stay tuned for date and location.
Registration will be free for all DAA members.
FREDDIE MAQC UPDATE
Freddie Mac updates its Appraisal and Valuation Requirements and Guidelines as follows:
Freddie Mac recognizes the challenges that current market conditions pose in connection with determining accurate property values. Sellers are accountable for the quality, integrity and accuracy of the appraisal and other collateral documentation. To help them address these challenges, Sellers must review Chapter 44, Appraisal Reports, Inspection Reports and the Property Inspection Alternative (PIA), including the Home Valuation Code of Conduct (HVCC), to understand our requirements for appraisals. An appraisal should provide a complete and accurate description of the property, and a supported market-based opinion of value.
Due to current market conditions, with this Bulletin we are reminding Sellers of certain existing appraisal requirements. This section covers the following topics:
■ Qualified appraisers
■ Credible appraisals
■ Comparable sales
■ Monitoring appraisal quality
We are also providing additional best practices identified in the exhibit attached to this Bulletin to assist Sellers in their determination of whether the collateral value is accurate. To help ensure that Seller/Servicers meet our appraisal requirements, Freddie Mac is recommending the adoption of these best practices.
The portion of the Bulletin that addresses appraisal issues may be downloaded here.
GEOGRAPHIC COMPETENCY
The following article appears in the current issue of the Massachusetts Board of Real Estate Appraisers newsletter. The issue of competency and, in particular, geographic competency is extremely important and critical that it be taken seriously.
"As we continue to measure the impact of the Home Valuation Code of Conduct on residential appraisal practices, there have been hundreds of stories in newspapers and on TV focused on the "problems" caused by the new guidelines.
Typically, reporters mention that appraisals are coming in low and killing deals left and right. They blame appraisers who are too conservative and use foreclosed properties and short sales for comparables. And, they blame appraisers who come from distances to appraise a house in an unfamiliar community.
The first complaint is difficult to deal with. Foreclosures and short sales make up the market in some communities and cannot be overlooked in the appraisal process.
The second complaint does have a resolution. It's the appraiser's decision about accepting an assignment within the boundaries set by USPAP.
The most recent USPAP Q&A issued by the Appraisal Standards Board, addresses geographic competency. An excerpt from the answer reads:
"USPAP Q&A - The COMPETENCY RULE in USPAP requires an appraiser to notify the client that he or she does not have the necessary competency to complete an assignment prior to accepting the assignment. Because your statement in the question states that the "time frame does not permit me to adequately research the subject property market," you have already made the determination that becoming geographically competent for this assignment is a concern. The client must be notified, appropriate steps must be taken to become competent, and the lack of competency, plus the steps taken to become competent, must be disclosed in the assignment report. If an appraiser is not in a position to spend the necessary time in a market area to attain geographic competency, affiliation with a qualified local appraiser may be an appropriate response to ensure development of credible assignment results. Alternatively, the appraiser must decline the assignment."
In addition, Freddie Mac released a bulletin that instructs lenders that:
"Appraisers must be familiar with the local market in which the property is located, must be competent to appraise the subject property type, and must have access to the data sources needed to develop a credible appraisal"
[Unlike appraisers] Appraisal management companies, who now dominate the appraisal ordering process, do not have to worry about compliance with USPAP and think nothing of asking an appraiser to travel to "foreign" territory to complete an assignment. However, in light of the guidance provided by the ASB to appraisers and instructions from Freddie Mac to its customers, each appraiser has to determine her or his competency to complete an assignment before acceptance [or risk putting their license and career on the line]."
NEW MEMBERSHIP BENEFIT
Tom Amatuzio, Vice President of DAA, is working with our website designer to come up with a plan to allow our members the option of placing their names and counties in which they appraise on it. This will be optional for the members and FREE. This is one way DAA plans to help our members grow their business. Persons looking for an appraiser in Delaware can easily access our website and look by county. We will probably have this set up by the end of the year. Now we will need to promote our website to the potential users. Your ideas please!
Visit our website at www.deapprasiers.org
ATTEND A COUNCIL MEETING
Did you ever attend a Council meeting? The Delaware Council on Real Estate has their next meeting on Tuesday, September 15th at 9:30 AM in Conference Room A, 861 Silver Lake Boulevard, Dover, DE 19904. Two disciplinary hearings are scheduled at this time to be heard. If any DAA members would like to see what goes on at a hearing meet me there. Would not it be great if we had 10-15 members in attendance? I think DAA should be making a presence at Council meetings. We are the largest appraisal organization in Delaware. Let’s now become greater and become involved. Check the Council agenda a couple of days before the meeting at www.dpr.delaware.gov
Delaware Law Rules and Regualtions
"Delaware Law Rules and Regualtions"
The DAA has put together a seminar covering Delaware Law Rules and Regualtions. Being held in New Castle County this September. The exact date and time are still being worked out at this time. The course will be taught by Charlie Witt.
For more information contact Ron Mandato @ 302-541-5556.