NCREAA SUCCESSES BENEFITING APPRAISERS:
In its first year of existence, NCREAA succeeded in having a bill sponsored and passed through the legislature. HB565 was introduced in the 2013 session, and was ratified by the Governor on August 23, 2013. We also provided support for other bills that positively impacted the real estate industry, builders, and small business in North Carolina. As we look forward to the next session, NCREAA is preparing to have another bill sponsored that will address the statute of limitations for appraisals, as well as reasonable and customary fees, separate reporting of AMC fees and fees paid to the appraiser in the HUD statement, and banning the practice of broadcasting appraisal orders or placing them on digital bulletin boards as a means to securing the lowest fee instead of the most qualified appraiser in the local area.
NCREAA works closely with the North Carolina Appraisal Board (NCAB) to ensure that the public trust is maintained in our profession by monitoring their rules and policies. In the past year, we successfully added a “signed statement” to the complaint form, requested that NCAB take more action on complaints against AMCs, and suggested many of the rules changes they passed this year, to include:
a. Complaints over 5 years old will no longer be accepted;
b. All information in an investigation will now remain confidential until probable cause is established, thus, dismissed complaints will not be part of an appraiser’s public record.
NCREAA has also led an effort to unify other state appraiser organizations to work together on federal and regional issues affecting each of our members. To date, we have submitted two letters: the first to FHFA expressing our concerns about Fannie Mae's Appraiser Quality Monitoring, and the second to the CFPB and the OCC regarding the Federal Minimum Requirement for Appraisal Management Companies. Click the embedded links to view these letters / documents.