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 MiCREA Chairman
2010 was a year of change. The Appraisal Foundationand Appraisal institute split. The MAR now has its own AMC - we hope for the betterment of all REALTORS® in the state and users of appraisal services. The federal financial regulatory agencies issued final supervisory guidance on sound practices by financial institutions for real estate appraisals and evaluations. Please see that attachment and the accompanying link. I hope the new state administration and the change in Congress signals a turn around for our economy and for more business for all REALTOR® appraisers.The Michigan Council of Real Estate Appraisers will continue to advocate for its members in 2011. Happy Holidays.
The Appraisal Standards Board of The Appraisal Foundation released its fourth exposure draft of proposed changes to the upcoming 2012-13 edition of the Uniform Standards of Professional Appraisal Practice on Dec. 10. The draft is open for public comment through Jan. 14. The latest exposure draft continues where the previous three left off – with a strong emphasis on revising USPAP reporting requirements and options. For more information visit the Appraisal Institute’s website here.
Since the first hints of problems with appraisals surfaced over two years ago, the Michigan Association of REALTORS® has been working at all levels to address the issues of rising costs to the consumer, geographic competence and third party modifications to the scope of work reducing valuation independence. Earlier this year, these problems resulted in some creative thinking about how best to provide clients with superior levels of appraisal services in full compliance with appraisal independence regulations. This culminated recently with the acquisition of Midwest Appraisal Management Group, Inc., an existing AMC located within Michigan and operating profitably within seven states.
The acquisition of Midwest AMG makes it a wholly owned “for profit” subsidiary of the MAR using only REALTOR® appraiser members. This means in addition to industry “best practices,” those doing appraisals will be held to the higher standards dictated by REALTOR membership. It is through this melding of standards that Midwest AMG and the Michigan Association of REALTORS® intend to create the “Gold Standard” for appraisal services.
Utilizing its extensive network of appraiser members, Midwest AMG maintains an environment producing the best possible appraisal experience. Perhaps most importantly, the selection of appraisers and the distribution of assignments are tailored to adhere to geographic competence by seeking those with neighborhood experience and professional expertise. Only by applying these requirements and others can the dream of home ownership be protected and the soundness of mortgage securities be promoted.
The team at Midwest AMG is under the direction of both Martin J. Wagar IFA-S, a State certified Real Estate appraiser with extensive appraisal experience and background in FNMA and FHA underwriting procedures and Robert E. Taylor, Jr., ABR, CRB, CRS, GRI & RAM and immediate Past President of the Michigan Association of REALTORS®.
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