The Network of State Appraiser Organizations
Our Network of State Appraiser Organizations
Needs YOUR Help
NCREAA is a member of the Network of Appraiser Organizations / NSAO,
a 28 state strong network working together to address issues affecting appraisers across the country.
NSAO is conducting a
Contract Date / Appraisal Order Date Study
and is asking all 28 member states to participate.
We are requesting that every North Carolina appraiser participate
in order to counter the growing argument that the appraisal process is
"taking too long".
Lately, there has been a push for bifurcated (hybrid) appraisal products as well as a growing number of appraisal waivers. While these products are questionable, and clearly not in the best interest of safety and soundness in promoting the public trust, they are being promoted by claims that they will reduce the amount of time it takes to receive an actual appraisal.
With these hybrid products, we all know that splitting the process will not only not save time, but will in fact cause unnecessary delays.
More importantly, the quality of the data for these hybrid appraisal products is non-regulated with the source of that data undisclosed to the appraiser who is relying upon it. This raises huge liability risks which are of great concern to investors, consumers, insurance companies, and appraisers.
These concerns were voiced at a recent meeting of the Appraisal Foundation. Arguments for waiving the requirement for an appraisal all together are being expanded to include additional circumstances where they can be offered, raising even more concerns. As you may know, Freddie just announced that having the ability to waive appraisals for condos will save 7 to 14 days.
We all know that the real motivation behind these risky products is for the profit of those who are promoting them.
The Virginia Coalition of Appraiser Professionals (VACAP) conducted a sample study this past winter to determine the number of days from contract ratification to when the appraisal was ordered/appraiser acceptance. Both direct Lender's and AMC's orders were included.
In order to obtain a more statistically significant and credible data pool, the Network of State Appraiser Organizations has reached out to their member coalitions within their 28 state Network.
Through our joint study we can objectively dispute that assertion
through actual data and your honest reporting of the facts.
Here are the parameters to a fair report;
Determine the date the contract was fully ratified (finalized).
State whether Direct Lender or AMC ordered the appraisal. (names are helpful but not required)
Record the property address
Record the date of final contract ratification
Record the date first contacted by the party ordering the appraisal.
Record the date the appraisal was actually ordered
Record the passage of time in days.
The purpose of this study is specifically focused on timing only.
It would be helpful however, if you include the names of the lenders and AMCs, as well as the property address. This information will not be shared outside the parameters of this study.
(your identity will be kept anonymous and confidential)
Providing the names of the entities involved (i.e. lenders and AMCs)
will be helpful in supporting the credibility of our results.
Just click below;
NSAO Appraisal Study-Spreadsheet
This is an important undertaking
This study can go far in support of insuring the safety and soundness of our financial systems,
especially under current pending issues!
Please pledge support to provide this important feedback.
We need to collect as much data as possible!
is now 28 States strong and continues to GROW!
Join The North Carolina Real Estate Appraisers Association today
and help support the organizations that are supporting YOU!
Responding to these times of rapid changes are extremely time consuming and costly.
We are definitely being heard and our collective impact is clear!
Now more than ever before - we need the help of
all NC Appraisers
to ensure we can continue our efforts to keep the momentum going.
Helping to keep
strong may well be the most important investment you can make this year
in securing your professional future.
There is political strength in numbers.
Working together is a new strategy for Appraisers. Our profession is at a crossroads.
Those who wish to undermine our profession and that of the public trust
are not accustomed to dealing with us in numbers.
As NCREAA and the Network of State Appraiser Organizations / NSAO has demonstrated,
working together is accomplishing our goals.
YOUR SUPPORT IS APPRECIATED
AND DEFINITELY MAKES A BIG DIFFERENCE.
We couldn't do it without
If you are not currently an NCREAA Member
or your dues have lapsed, please consider joining or rejoining.