Appraisal Public Policy Update

Real Estate Enforcement Fund – HB 6267 – Support

This bill would streamline the process for appropriation of monies from the Real Estate Enforcement Fund (REEF) by placing the fund under the control of the AG. Additionally, the bill would expand the scope of the fund by allowing the AG’s office to investigate and prosecute mortgage fraud as well as unlicensed real estate practice.

UPDATE: The bill passed through the house unopposed and is currently in the Senate Committee on Small Business and Economic Development.

Mortgage Fraud Protection Act – HB 6432, 6433, 6434, 6435, 6436 – Support in Concept

This legislation is high priority of the House majority caucus. Michigan is among the states leading the nation in incidents of mortgage fraud. The bills are currently works in progress with representatives from all stakeholders at the table. MAR has been active in the discussions in seeking to protect consumers and the real estate market from this ever growing threat. The primary focus of the bills is to provide guidelines for the AG and local prosecutors to follow in prosecuting mortgage fraud as well as limit the types of conversations that can be held between the mortgage and appraisal industries.

UPDATE: The bills passed the House shortly before their legislative break. The sponsors are committed to working on all issues as the bills begin the process in the Senate.

Appraisal Licensing Standards – SB 1016 – Support

Legislation aimed to do two things: 1) Allow appraisers, come 2008, to continue to perform federally related mortgage transactions by increasing Michigan’s education standards to those recommended by the national AQB 2) Increase education to elevate the level of professionalism in the industry and reduce the amount of fraud.

UPDATE: The bill was signed by the governor and is now Public Act 414

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Appraisers Talk About Valuation Fraud

The Appraisal Foundation tackled the growing problem of mortgage fraud head-on by hosting its first Valuation Fraud Symposium in Washington, D.C. Find out what the event’s diverse group of panelists had to say about the problem and some possible solutions.

Read entire story here.

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NAR Releases Appraisal Survey Results

During August 2006, NAR Marketing Research Department invited 86,777 appraiser members and recipients of the Appraisal Section of the weekly NAR ListServe message to participate in an online survey.

View the survey here.

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MiCREA Monthly
November 2006

• Appraisal Public Policy Update

• Appraisers Talk About Valuation Fraud

• NAR Launches Appraisal Campaign