According to appraisalfoundation.org, the Foundation “sets the congressionally authorized standards and qualifications for real estate appraisers.” They also serve the valuation community as the foremost authority on the profession. This past December, The Appraisal Foundation held elections for 2016 officers and appointed board members. Dave Bunton, President and Chief Executive Officer of The Appraisal Foundation, joins us with more on the elections and foundation.
Buzz: Dave, it’s wonderful speaking with you today, firstly, can you tell us a little regarding your background and how you got started in this profession?
Dave: Prior to joining The Appraisal Foundation, I worked in government for many years, serving as a Congressional Chief of Staff in the House of Representatives and as Vice President of Government Affairs and Communications for the Federal Asset Disposition Association (FADA). During my time at FADA, I gained extensive experience in the real estate and lending sectors, which eventually led me to the Foundation. I’ve worked as a senior staff member at the Foundation since 1990 and I currently serve as President and Chief Executive Officer.
Buzz: Recently, The Appraisal Foundation’s 2016 board was released, that information can be found here. Can you describe the election process? What does one have to do to be considered a candidate?
Dave: The selection process to join one of the Foundation’s four boards is comprehensive and designed to attract the most qualified candidates possible.
For the Appraisal Standards Board (ASB), the Appraiser Qualifications Board (AQB), and the Appraisal Practices Board (APB), the Board of Trustees’ Boards Nominating Committee looks for appraisers with ten years of appraisal experience and notable professional achievements, including published articles and public speaking expertise.
For At-Large Trustee positions, the Board of Trustees’ Trustee Nominating Committee is specifically looking for candidates who are business leaders with an interest in valuation.
Both nominating committees consider candidates that practice in a variety of valuation disciplines.
Applicants for all positions are interviewed in a public setting and final elections and appointments for all boards are made by the Board of Trustees. At every stage, applicants experience a transparent and open process that is based entirely on individual merit.
Buzz: Why do you think it’s so important to have these separate boards to oversee matters with The Appraisal Foundation?
Dave: The work of The Appraisal Foundation’s independent boards ensures that the valuation profession adapts to changing market conditions and continues to move forward, with each board focused on a specific aspect of the Foundation’s work. The ASB establishes, updates, and promotes USPAP while the AQB sets the qualification criteria for state credentialing, and recertification of real property appraisers. The APB provides voluntary guidance on pressing topics in the profession and the Board of Trustees oversees the work of the ASB, AQB, and APB.
Board members are experts and bring a wealth of experience to their boards, helping to ensure that the Foundation remains independent, objective, and impartial.
Buzz: The Appraisal Foundation recently awarded Rick Baumgardner with the “Chair’s Public Service Award.” What is this award and why was Rick chosen?
Dave: The Chair’s Public Service Award recognizes individuals who have worked with the Foundation to benefit the profession and who have gone above and beyond the call of duty in their service. We’re thrilled to share this honor with Rick, who has served an impressive 17 years on the Foundation’s Boards, and has worked tirelessly to advance the profession. Rick first entered the profession in 1978 as a real estate analyst, and since then he has received a number of impressive recognitions for his work.
Buzz: What are some primary goals The Appraisal Foundation has for 2016?
Dave: The Appraisal Foundation is committed to continuing to grow and strengthen the profession. Our independent boards will work diligently to provide appraisers with helpful resources and educate the public on the importance of appraisals.
In particular, the ASB will continue to update the Uniform Standards of Professional Appraisal Practice (USPAP), with a particular focus on making the document simpler and easier for appraisers to use. In direct response to feedback from the valuation community, the AQB will explore alternative tracks for meeting the new appraiser qualification requirements, as well as look into the possibility of updating appraiser trainee requirements. In 2016, the APB will offer voluntary guidance for appraisers on a number of pressing topics, including methodology used to value green residential properties.
Buzz: What do you think will be some of the biggest changes in the industry that appraisers should expect in 2016?
Dave: We’re looking forward to watching the profession strengthen in the coming years. However, there are several challenges that appraisers will continue to face as we move into 2016. Most notably, appraisers will likely struggle to receive fair compensation for their work, especially as clients demand quicker turnarounds. In 2016, we hope to see the actualization of Customary and Reasonable (C&R) fees for appraisers, as mandated by the Dodd-Frank legislation.
In addition, banks have discussed raising the loan minimum for requiring an appraisal from $250,000 to $500,000. This could have a major impact on the lending process, and might lead to home valuations that lack the credibility of an appraisal.
Buzz: Is there anything that we didn’t cover that you think appraisers need to know for 2016?
Dave: As we begin the New Year, it is the responsibility of the entire valuation community to highlight the critical importance of qualified and competent appraisers. All of us should take an active role in educating the public on how appraisers provide an independent and objective voice during the home buying process.
In addition, we’d encourage interested individuals to lend their voice by applying to serve on our independent boards or to serve as a subject matter expert for the APB. Those interested in getting more involved can find more information here.
Buzz: Dave Bunton of The Appraisal Foundation, thank you so much for joining us today. The entire list of 2016 officers can be found here. For more information on The Appraisal Foundation, click here.
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6 Comments
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Sorry to say Dave, but these boards are a joke! Do you think lenders care about USPAP? Hell no. They can and have added hours and hours of work to the appraisal and
increased liability in the process while ignoring what is required of a USPAP
compliant report (scope creep). The idea that to hold my license you now need a bachelor’s degree, 2.5 years of training, 100+ hours of pre-education, 56 hours of
continuing education, pass the trainee, residential, certified test, criminal
background checks, etc., is a joke. If hiring a college graduate to become a
trainee, what salary do you think they will demand after 4 years of college
expenses? Do you think that current appraiser who grosses $300 per appraisal
(AMC split), $150 net after business expenses, $12 to $15 net per hour, can
afford to hire a Trainee? Based on the compensation, the requirements required,
are a crime. You say the appraiser will struggle to receive fair compensation?
It’s been nearly 7 years since HVCC and the fees are only getting worse. Your
hope is worthless Dave and the 45,000 reduction is licensed appraisers over the
past 7 years, tells you all you need to know.
Dave is too busy lining his pockets at our expense, just like a good bureaucrat.
“I’m here from the government and I’m here to help.” Oh Boy.
God help us. Another government bureaucrat ruining the appraisal industry.
Everybody, remember that these bureaucrats are only aiding the organizations that are screwing the appraiser directly. The real problem lies in the fact that to this day, the money lenders(if I may borrow a biblical reference)run the show and the bureaucrats do their bidding. It’s a team effort! Remember, your fees are being reduced to line the pockets of AMC’s(which are not government agencies). Your appraisal “requirements” are, and have been for many years, defined almost exclusively by FNMA & FHLMC(secondary market LENDERS, not appraisal organizations). The Appraisal Foundation is run by people like Dave, who are not appraisers and are advised by “appraisers” who are mostly book writers and lecturers, not full time appraisers dealing with real life appraisal problems on a daily basis. What’s the answer? Get THE LENDERS OUT OF THE APPRAISAL PROFESSION. Bar them from having ANY input regarding proper appraisal practice, bar them from ANY participation in the establishment, ownership or operation of AMC’s, place ALL of the AMC costs on the lenders, because the AMC’s were allegedly formed to “protect” the appraisers from the lender’s abuses, not the other way around. It’s time to stop the madness. The inmates are running the asylum, folks, and that needs to end!
should we line them all up and shoot them ?