FOR IMMEDIATE RELEASE
October 2, 2017
Contact:
Paula Douglas Seidel
Board & Communications Program Manager
202.624.3048
Washington, DC —Leading valuation-related organizations recently met to discuss trending valuation issues and determine where, collectively, consensus can be reached. These organizations, while holding divergent opinions, are committed to openly and informally discussing important valuation topics with the end goal of improving the profession and promoting public trust.
The group, recognizing improvements can be made, overwhelmingly supported the unique structure of the current appraiser regulatory system and the strong partnership that has developed over many years of cooperative effort. Additionally, the group recognized the strengths of the current system and the continued need for one set of professional standards, the Uniform Standards of Professional Appraisal Practice (USPAP), to maintain consistency throughout the states.
Other topics discussed included the need to develop a uniform process for requests for reconsideration of value. As part of this discussion, the group reviewed the Tidewater Initiative, a successful program of the U.S. Veterans Administration. Changes in the market since implementation of this initiative were noted as well as the ongoing availability of technology to real property appraisers. A small work group was appointed to study this issue and possibly develop a set of voluntary best practices.
“I think it is very beneficial to have appraiser practitioners, users of appraisal services, and state and federal appraiser regulators in the same room discussing issues of mutual concern,” stated David Bunton, President of The Appraisal Foundation. “We were very pleased about the number of issues where there appeared to be consensus among the participants.”
The Appraisal Foundation recognizes the importance of open dialogue and collaboration and thanks the following organizations for their ongoing participation in the discussions.
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American Bankers Association
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Appraisal Subcommittee
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Association of Appraiser Regulatory Officials
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Mortgage Bankers Association
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National Association of Home Builders
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Network of State Appraisal Organizations
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National Association of REALTORS®
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Real Estate Valuation Advocacy Association
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The Appraisal Foundation
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U.S. Veterans Administration
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Representatives from the State Regulatory System and The Appraisal Foundation Sponsoring Organizations
This was the second meeting of the roundtable, with the first one held earlier this year. The Valuation Roundtable hopes to meet on a quarterly basis.