Boomers wanted larger, more expensive homes to fit their incomes and lifestyles. Now, with much of the real estate industry reeling under the weight of foreclosures, sinking property values, failed savings and loans and deep loan losses at large commercial banks, the appraisal industry is poised for an overhaul. On Dec. 2nd, 2021, in the U.S. District Court of Northern California, one of the first discrimination lawsuits was filed against an appraiser. wq[C supported the proposal. First Lawsuit Filed. The Appraisal Foundation Appraiser Qualifications Board became the entity establishing the minimum education and experience requirements for appraisers to qualify for state appraiser licensure or certification. OBryant, director of the Florida Division of Real Estate, declined to speak about Wainers case but said that as a matter of policy all revoked appraisal license cases are reported to the Florida Real Estate Commission, which has the authority to revoke real estate licenses. For instance, the Commission . The paradigm shift spurred by the S&L crisis relates to the creation of The Appraisal Foundation, the Uniform Standards of Professional Appraisal Practice (USPAP), the Appraisal Subcommittee (ASC) that oversees the activities of The Appraisal Foundation, and the state appraiser regulatory agencies in the postFIRREA world of valuations for federally related transactions. Home Uncategorized why did congress see fit to regulate real estate appraisers? According to the agency, the rule responds, in part, to Mario M. Cuomo in September, that gives a framework for meeting the new Federal appraisal rules. Clark added that his office will review its policies to make sure the information is shared in the future. '', ''The abuses of the 1980's have led to a broad effort to make more realistic appraisals,'' said Mr. Shulman of Salomon Brothers. Black Indianapolis owner's home value more than doubles after concealing race. Department policy should have led to Wainer losing his real estate license, officials say. (ASC) maintains a National Registry of Appraisers and transmits a report to Congress Threshold Level. According to the agencies, the final rule requires institutions to obtain an Congressional testimony brought many examples to light. Appraisers were getting licensed and certified in the various states and the state appraiser regulatory agencies were taking action against the licensed and certified appraisers who were violating USPAP or otherwise egregious behaviors putting the public at risk. estimate that increasing the appraisal threshold from $250,000 to $400,000 The review paperwork confused Woolf. ''For appraisers, double-digit inflation hides a multitude of sins,'' said Mr. Bunton of the Appraisal Foundation. To whatever extent the blame lies with inflated appraisals, officials say it must be shared by banks and thrift institutions, which aggressively sought to expand their real estate loan portfolios, and often conveyed to the appraisers the values needed to make their deals. The New York State law will establish a nine-member board, with six of the members chosen from the appraisal industry, to create courses, examinations and licensing and certification standards. The lack of a central reporting system for complaints of bias has made it difficult to determine the scope of the problem. G}0}VW2{e;?^xH!tn3z\c|LyhQ'yeSMAwQ3>3Edp%mNZ._8hN>jzZy?Sg+|Y7:x}0H!NBtL2{"322@! Called the Home Valuation Code of Conduct, the agreement between the two lending giants and New York Attorney General Andrew Cuomo pushed much of the appraisal business to appraisal management companies, supposedly independent third parties who match appraisers with lenders and take a fee from the process. According to the formal accusation filed in the states case, Gluck acted both as an appraiser and as a loan agent for North American Financial Services in Simi Valley outside Los Angeles, and tried to lure an appraisal customer to apply for loans at the company. ]{jNkv%2RDFE*HpE(-BFXisfS6x eEEZ[%7kTVXW8ax7ffib. The White House on Wednesday announced new actions to counter racial and ethnic bias in home valuations. Wainer waived his rights to dispute the complaint. The NAR is a professional organization within the real estate industry that supports real estate agents. A professional appraiser will use the home inspection and current housing market to provide an appraised value, which is very important to the home loan process. The Appraisal Foundation did not immediately respond to a request for comment. Gluck still works for North American Financial Services. We dropped the ball, Clark said when asked about the 10 former appraisers working as licensed realtors in the state. d`}S?0 fJ America's Founders understood clearly that private property is the foundation not only of prosperity but of freedom itself. there were 750,000 transactions that were exempted from the appraisal VlP aXT!?e@Aa=e`t 0 O Real Estate appraisal means an analysis, opinion or conclusion relating to the nature, quality, value or utility of specified interests in, or aspects of, identified real estate. Jw3Z5FXM66 Proposed legislation prohibits appraisers who lost their licenses from owning or running appraisal management companies, but it says little about them working for the businesses. Although many appraisers are highly trained, they say a lack of uniform standards, combined with the rush atmosphere of the 80's, drew into the field many with little or no experience. She thinks the loss of an appraisers license should automatically trigger the loss any related licenses: Why bother licensing if you are going to allow them to keep hopping from one to another and keep doing the same unethical things that harm our people, harm our consumers, harm the economy?. The Texas Appraiser Licensing and Certification Board (TALCB) was created in 1991 as an independent subdivision of the Texas Real Estate Commission to license, certify, and regulate real estate appraisers in Texas (House Bill 270, 72 nd Legislature, Regular Session). Its also important to note that the rule does not entirely The Consumer Financial Protection Bureau would coordinate the development of the public database, together with the heads of the Federal Housing Finance Agency, HUD, the Department of Agriculture, the Department of Veterans Affairs, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Federal Reserve and the National Credit Union Administration. Contacted by telephone, Holzer saw no reason why his appraisal past should disqualify him from working in the real estate industry. 101 0 obj <>stream A real estate appraiser is a professional judge of property value. The communications from the lenders and their review staff back to the appraisers are not about whether they are in compliance with a federal or state law, or in compliance with USPAP, but rather whether the data in the appraisal report is consistent or inconsistent with Fannie Maes proprietary database information and consistent or inconsistent with the way in which the appraisers peers used and analyzed the same data. To learn more about the Foundation's role in real estate appraiser regulation, please visit the state appraiser regulatory agency resource webpage. Contacted by telephone, Villalobos said administrator means secretary. Giza says, rather than fighting the state over his appraisal license, he turned over his business to his son (though his name is still on the business website as an appraiser, and he still performs appraisals for non-loan informational purposes) and set out for greener pastures near the beach at Ft. Myers. Florida is one of the leading states in mortgage fraud, he said. Whats the Next Wave in Oversight for Real Estate Appraisers? Mrs. Shaffer had advocated greater state control, and objected to making appraisers a majority of the board. Crowley of Mortgage Fraud Watch List said appraisers sometimes face unfair punishment, but in most cases, states have a high threshold for revoking a license. Republish our articles for free, online or in print, under a Creative Commons license. TimesMachine is an exclusive benefit for home delivery and digital subscribers. The requirements for training in Connecticut, which take effect for appraisers on Jan. 1, establish two levels of credentials. This work is licensed under a Creative Commons Attribution-NoDerivatives 4.0 International License. Per Section 1124, the states are required to implement laws requiring AMCs to: Section 1124 of FIRREA went into effect on January 21, 2013. Business and Professions Code Sections 10000 through 11288. Appraisal and valuation are extremely important steps in any home buying and/or selling transaction. Critics remain dubious that state or federal legislation will remove discredited appraisers from the appraisal management industry. Appraisal industry executives say the new Federal rules are not the only source of pressure for change. Register with and be subject to 28 | The M Report Feature supervision by state appraiser regulatory agencies; Verify that only licensed and certified appraisers are used for federally related transactions; Require that appraisals comply with USPAP; and. There are different methods to valuing a home, and the value of the home is often . Like many appraisers in Florida and other states hit hard by the foreclosure crisis, Wainer held a real estate broker and sales license along with his appraisers trainee license. The Federal Financial Institutions Examination Council ( FFIEC) is a formal U.S. government interagency body composed of five banking regulators that is "empowered to prescribe uniform principles, standards, and report forms to promote uniformity in the supervision of financial institutions". endstream endobj 1078 0 obj <>stream generally less burdensome than appraisals and have been required since the 1990s.. The cost of hiring an expert. The lender wants to ensure the amount of money being loaned isn't more than the property is worth. agencies appraisal requirement in 2017, representing 3% of total HMDA The other method, used to appraise commercial buildings, requires complex projections of rental income and vacancy rates, the amount of time rental property is likely to be vacant between tenants, and other variables. Using advanced technology, the analysts at Fannie Mae have been able to develop a comprehensive risk management tool, and on January 26, 2015, Fannie Mae released the Collateral Underwriter making it available to Fannie Maes Corresponding Lenders. The Mortgage Reform and Anti-Predatory Lending Act, which passed the House in May and is before the Senate Committee on Banking, Housing, and Urban Affairs, includes provisions that would place appraisal management companies under the regulatory jurisdiction of states and disqualify appraisers who lost their licenses from taking high-level position in the companies. While the appraisal industry has come a long way from its Wild West roots of little oversight, this does not mean that further regulations wont continue to shape the industry. A later appraisal put the value at $300,000. for the replacement of an appraisal with an evaluation. But perhaps they have.. May 06, 2021 11:00 PM. ''The appraisers did not cause the crisis, but the various schemes by savings and loan executives would never have worked unless appraisers stepped up to the plate,'' said Peter Barash, a Washington lobbyist who last year served as staff director for the House Commerce, Consumer and Monetary Affairs Committee, which investigated the savings and loan debacle. When expanded it provides a list of search options that will switch the search inputs to match the current selection. Now, let me ask you a . Save my name, email, and website in this browser for the next time I comment. :5{~I81}zsAj9J4kv48#C/#Ba!hIX5-tr[jdQ+)(c;k5mM#[Q%+@ hoo6 Another significant TILA amendment was the mandatory reporting requirement for any mortgage lender, mortgage broker, mortgage banker, real estate broker, appraisal management company, employee of an appraisal management company, or any other person involved in a real estate transaction involving an appraisal in connection with a consumer credit transaction secured by the principle dwelling of a consumer who has a reasonable basis to believe an appraiser is failing to comply with USPAP, is violating applicable laws, or is otherwise engaging in unethical or unprofessional conduct. ''An appraisal is supposed to reflect economic reality, and the assumptions that were made in the late 80's were unambiguously wrong,'' said David Shulman, director of real estate research at Salomon Brothers, the securities firm. FIRREA Title XI was also amended in the Dodd-Frank Act, the most significant changes since enactment in 1989, which included modification to 13 of the original 25 sections and the addition of three new sections. Subtitle B: Minimum Standards for . We know. The FHFA, the GSEs conservator, said it is still weighing whether and how to release the data with the proper privacy protections. rule change. approximately 40% of home sales. When a valuation is necessary for an estate, it's usually the executor who makes the decision to call in an appraiser, says Skluzacek. 0 Financial Institutions Reform, Recovery And Enforcement Act - FIRREA: A law enacted to ensure that real estate appraisals are performed up to standard. The board revoked Wainers trainee license, but the real estate community was not rid of him. If they had their [appraisal] license revoked, typically that would call for a revocation of the real estate license, McCoig said. _2@@MB5Gc;4~}7(B`Q8AF4^EtBHBID#)fLAZBB))VrM o}=[oegr*./:}qLkb15^=Eu6w&fcFbF}o6B/+.'8XGK"|Yw)vxE Subtitle FAppraisal Activities contains revisions to TILA (Truth in Lending Act) relating to Higher Risk Mortgages requiring creditors to obtain an on-site, full interior appraisal by a certified or licensed appraiser and established requirements for a second appraisal for rapid-resale transactions. Since 2007, he has worked at several agencies, often marketing the cut-rate foreclosure sales and short sales now prevalent in the collapsed Florida market. The federal law was enacted as a result of the savings and loan disaster. Site by, The new, must-have technology thats tackling lendings greatest challenges, Housing Market Tracker: Higher rates crush purchase apps, The power of data with Mike Simonsen at Gathering of Eagles, Courtenay Dunn on mortgage technology and regulatory trends, Truework platform adds automation feature to Encompass, Polly adds Total Expert to its API integration roster, Agency MBS market is facing a supply-side threat, Opteon expands its direct-to-consumer appraisal offerings, Fannie Mae: Appraisals are no longer the default option, Announcing the 2023 Tech100 Mortgage Winners, Optimizing client engagement and communication in 2023, Shared Equity: A required intervention for home affordability. The problem is that a neighborhood that is 60% White reflects the U.S. population. These regulatory structures address multi-state licensing through technology or a common licensing platform. This company is awesome.. Under the policy, announced in Washington earlier this year, the agency will assign properties to regional asset managers who will seek appraisers through competitive bids. Department policy should have led to Wainer losing his real estate license, officials say. The Real Estate Settlement Procedures Act, or RESPA, is designed to protect home buyers from getting taken advantage of by mortgage companies, home appraisers and other service providers. Modernize Appraisal Oversight. The charges stemmed from an inflated $625,000 appraisal she gave on a Santa Ana home. In 1989 the US Congress passed Title XI of the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA), more commonly known as the Savings and Loan Bailout Bill. Anyone can read what you share. Now, the Fed has also given the rule change its stamp of approval, and with all three agencies signing off, the appraisal rule change will soon go into effect. Dixon said he knew Wainer had worked as an appraiser but assumed he had given up that license to become an agent. The agencies deliberated the rule for nearly a year, taking May 19, 202104:34. For the first time since 1994, certain home sales of $400,000 and under will soon not need an appraisal after federal regulators approved a proposal to increase the threshold at which residential home sales require an appraisal. A real estate appraiser provides an objective and unbiased estimate or appraisal of the value of a property. OI4wOhd>0xw_O!HUt7g.5_9f,^H/F}yg8-e$W;0 We have had a survey, and there is a problem with the survey. I knew nothing about that, Dixon said, when told Wainers story. In one, a savings and loan in Los Angeles had a piece of undeveloped property to be subdivided for houses appraised at $3.5 million, but its appraiser's report intentionally did not mention that the land had been used as a toxic waste dump. Without a doubt, the change will have a sizable impact on appraisers are the only objective and unbiased party in a transaction and The Act requires lenders, mortgage brokers, or servicers of home loans to provide borrowers with pertinent and timely disclosures regarding the nature and costs of the real estate . manage the proposed threshold change responsibly.. FIRREA established a real estate appraiser regulatory system involving the Federal Government, the states, and The Appraisal Foundation (Foundation). endstream endobj 67 0 obj <> endobj 68 0 obj <> endobj 69 0 obj <>stream Formed by the Indiana Legislature, the Indiana Real Estate Commission (IREC) has the legal authority to license and regulate real estate licensees. '', See the article in its original context from. e The Guidelines also state that an institution is responsible for ensuring that a third party selects an appraiser or person to perform an evaluation who is competent and independent, has the requisite experience and training for the assignment, and thorough knowledge of the subject propertys market. The regulators are currently finalizing the Rulemaking pertaining to appraisal management companies, which was a requirement included in the Dodd-Frank Act. No, we check on the real estate license, to see the status on that license, Dixon said. Below, real-life appraisers share a variety of reasons why they were drawn to . The purpose of these appraisals is to obtain an unbiased opinion of the overall value of the property to be purchased or . It is divided into four parts by subject matter as follows: Real Estate Law and Subdivided Lands Law. xWmo1^!o&M'!4^@!!>t6JJIg;c;NOCVtw@*g E?^KQxz:Q* $L'/^q=w. The numbers are unknown: since appraisal management companies are not registered by state regulatory departments and workers do not require licenses, employees are difficult to track. Site by, The new, must-have technology thats tackling lendings greatest challenges, Housing Market Tracker: Higher rates crush purchase apps, The power of data with Mike Simonsen at Gathering of Eagles, Courtenay Dunn on mortgage technology and regulatory trends, Truework platform adds automation feature to Encompass, Polly adds Total Expert to its API integration roster, Agency MBS market is facing a supply-side threat, Opteon expands its direct-to-consumer appraisal offerings, Fannie Mae: Appraisals are no longer the default option, Announcing the 2023 Tech100 Mortgage Winners, Optimizing client engagement and communication in 2023, Shared Equity: A required intervention for home affordability. This rule, named after a former chairman of the Federal Reserve, regulates the way . As a result of that crisis, Congress passed the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA), creating for the first time a federal oversight system regulating valuations conducted for federally related mortgage lending transactions within Title XI of the Act. How do you transition from QC defense to offense in 2023? One is a state license for those appraising residential real estate financed by state-chartered lenders. Click to share on Twitter (Opens in new window), Click to share on Facebook (Opens in new window), Click to share on LinkedIn (Opens in new window), Click to email a link to a friend (Opens in new window), Click to share on SMS (Opens in new window). It comprises sixteen titles, requires 243 new rules, created 12 new regulatory agencies, and will take more than five years to implement at a cost in excess of $30 billion. Moran said the two agencies have a policy to exchange information about license disciplinary actions, but that their computers systems are not linked up. Reached by telephone, Gluck said he now sells real estate. A result is likely to be much more standardized appraisal methods than those historically used. California and Florida authorities concede they dropped the ball: in most cases, they say, a violation serious enough to lead to an appraisal license revocation should also result in a lost realtors license. residential real estate transactions since that time, the change will provide No wonder why there is essentially no diversity in the appraisal profession. Duties. ),E!RPPRPP6)Z8,RRK_YQ^R|'RbH_I_HI{HGH@=))-)&R!R&R"R$R R;xBxLGxDRHI]&E@f)R< R'V)HqHqwIqwHqIqHYMR,MR( R\/F)Z)j)J)r).R).bKqMR\(z).bK!=B{y#Gc!=B{y#Gc!=B{")G!?By#G!?By#G!?By#G!?By#Gc!O;Bvy#iG!O;".pj$sH9F0$[AZi9e|YLK8o [@Rh!3|yLs0f43X giS S5ti\LS**&3Mb112Md*a4iX1LLQQL#LEg10*`g\14Ka10 dcQ0fzrLYLL1ueLi)C0)))HHXvF3E198&,LLagf Holzer now runs Global Appraisal Solutions, an appraisal management company in Clearwater. The case of Wainer and the eight other former appraisers who hold real estate licenses in the state suggests otherwise. with safe and sound banking practices. To that point, the rule establishes would have exempted an additional 214,000 residential mortgages from the One is the ''replacement value'' analysis, in which appraisers estimate land values, construction costs and other costs required to replace an existing building. exempt the relevant home sales from any type of appraisal-type action. . >51#@r1 8@}dCXC_L=zCS&ue`JgJ8Q39)%1%29:U}S>\H&KZd8;LL!\%5vL Put it into another envelope along with a fully completed "Resident Real Estate Appraiser License Background Check Consent Form" (see the last page of this document) and mail it to: Administration Division. In many cases, a revoked appraisal license would cause a real estate agent or broker to lose their license, especially if the charges included fraud, said William Moran, assistant commissioner of enforcement at the California Department of Real Estate. By creating zoning laws. Others maintain the costs will be insignificant, particularly compared to the huge price now being paid because of the inflated appraisals that contributed to the savings and loan crisis. According to the final rule, which can be read here, the change will go into effect as soon as the final rule is recorded and published in the Federal Register. Ten of the cases were in California; nine were in Florida. Perhaps the biggest problem for appraisers is that making an appraisal today is more difficult that at any time in memory. endstream endobj startxref It is about degree of risk, not compliance with laws and regulation, yet CU will have more impact upon the development of appraisals than any other law or regulation since creation of appraiser state regulatory agencies. Making New Years Plans: Operational and Regulatory Compliance for AMCs, 2023 Housing Outlook: The Economic Indicators All Appraisers Should Monitor, The Lender Perspective on Appraisal Values, Appraisal Buzz & Valuation Expo: Under New Management, Protecting Yourself from a Racial Bias Claim. ''As an appraiser, I don't think this is satisfactory procedure.''. The Foundations Appraiser Qualifications Board (AQB) sets the minimum Real Property Appraiser Qualification Criteria and the Appraisal Standards Board (ASB) develops the generally accepted standards of practice for the appraisal profession (the Uniform Standards of Professional Appraisal Practice). The policy did not work. "If an appraiser comes in . A draft discussion bill circulated this week, sponsored by House Financial Services Chairperson Maxine Waters (D-CA), would strike the Appraisal Foundation, and replace it with an independent federal agency. A New Era Begins: Introduction of DoddFrank Attn: Licensing. The most influential measure was the Dodd-Frank Wall Street Reform and Consumer Protection Act, which introduced steps designed to regulate the financial sector's activities and protect consumers . commenters stated that the increase would provide burden relief for financial Now, its important to note that the new rules do not apply It can also reduce the amount . Signed into law by President Obama in July 2010, it has been referred to as the most comprehensive financial regulatory reform measures taken since the Great Depression. As one might expect, financial institutions, financial Industry insiders believe the number of these former appraisers still in real estate is in the hundreds nationwide, but an accurate figure is elusive given the patchwork of agency oversight. One of the new sections (1124), established minimum requirements for states to establish registration requirements for appraisal management companies. The Act empowers the SEC with broad authority over all aspects of the securities industry. t 2:4& ''. It is the opinion of many in the industry that Collateral Underwriter is the next paradigm in the industry. stated that the proposal would elevate risks to borrowers, financial It looks a lot worse than it was, she said. i2U4B.D*&JQ%ybhK*qH\,.bxR/jj-T3kaZfM"E)FQL!V[ ~EO\1c'Bp?9r44RO?H"UkVZKit\|+F?S+fvW=yGMV5uJeEtb)=ja 2xP{q#m0shISAYj?{F8jqTp/wWKzQrq%\{YBJ"*K7x*kh-0l0RRP]?BMl pYt&t-'8SR*!P#{f;yjTjR.;2n?GYB'w{k zB?..&KMhZmK3`Kvg~Z%sb}zN9R?Y}7 wuo`_{e|M5:1Grg?p`NiQ%X`-va.waSu7P))A}4s;~T^T^7va~t;S The former appraiser is now listed as the administrator of Integrity Appraisal Management, Inc., an appraisal management company in El Monte, California. 400 July 6, 2012 . Real estate prices rose rapidly in some areas, then fell rapidly. After Florida revoked Serge Wainers appraisal trainee license, Wainer started selling real estate. They also consider the climate of the market. Congressman Paul Kanjorksi, the Pennsylvania Democrat behind the appraisal provisions in the bill, has long pushed to tighten up regulation of the industry. In addition, the Appraisal Standards Board published the most recent version of USPAP in January 2014, with the next revision to become effective January 1, 2016. 1083 0 obj <>/Filter/FlateDecode/ID[]/Index[1073 30]/Info 1072 0 R/Length 75/Prev 905015/Root 1074 0 R/Size 1103/Type/XRef/W[1 3 1]>>stream 0 In 1970, Congress chartered . Bankers said they, too, were encouraging their appraisers to evaluate property conservatively. ( a) An appraiser is deemed part of the AMC's appraiser . As of December 31, 2016, the Appraisal Institute's research department reported that the number of actual real estate appraisers in the U.S. stood at 73,731, a four percent decrease from 2015, which has been an ongoing trend year after year since the mortgage crisis. institutions.. Real property appraisers are accused of racism and bias, through anecdotes, rather than data used to support these claims. To stem the problem of lenders pressuring appraisers to hit the numbers that is, inflating home values to justify large mortgages Fannie Mae and Freddie Mac in May adopted new rules that ban the once common practice of lenders communicating directly with appraisers during the appraisal process. Absolutely not, he said. "Real property" means one or more defined interests, benefits Holzer declined to comment further about his case. ;RGH#u:RGH#OgL9Sg99(/4>k?g1>u:RGH#u:Lj %niQ_VM^2.6|FC4)TEitGhLJ;ipNrMKimm]m.in9+pL^I}kX0Vb0JD MS#.ZkHF~s3O]w^/vEmj$GS^ RSQWkTH-Ww{G'gu:4rP)SeQ6 4 President Clinton signed into law a bill passed by both Houses of the U.S. Congress that lifted earnings limitations on Social Security recipients. So far, 38 states - including New York and Connecticut, but not New Jersey - have conformed to the Federal rules setting up certification courses and examinations, or establishing state commissions to enforce the Federal mandate. . How do local communities regulate real estate? If such unprofessional conduct is observed by any of those named, they are required to refer the matter to the applicable state appraiser certifying and licensing agency. Align appraisal regulation with regulatory structures of other industries, such as insurance and mortgage origination recently enacted by Congress. The policy did not work. The appraisal unit is responsible for preparing reviews of all appraisals completed for condemnation cases. institutions, the financial system, and taxpayers., According to the final rule, many commenters opposed to an Despite those comments, the agencies all approved the rule, All rights reserved. "#}]qFjwell7riSV0,HM#K0"U:1Y {ce%XKas/2=Y7Qo Required fields are marked *. been an additional 214,000 sales exempted from the appraisal requirement (an A draft bill would scrap the Appraisal Foundation and replace it with an independent federal agency. It indicates a possible lack of ethical standards, he said. The . %PDF-1.5 % A recent report by the National Fair Housing Alliance found that the Appraisal Foundation, an industry-run private nonprofit group and de facto regulator of the appraisal industry, had significant gaps in fair housing training.

Kara Henderson Obituary Pa, 1969 Corvette 427 Tri Power, Articles W