AIDC News

Meet Board President David Lamb, MAI

AIDC’s president is David N. Lamb, MAI who is President of Philip R. Lamb & Co., Inc, 40+ year old appraisal firm located in Montgomery County, MD. Dave talked us about his career.

What prompted you to this profession?
I left my regular-paying computer job in 1988 and became a Realtor with my wife. We did well until the mid-end of 1989 when we had 13 listings, a pile of Realtor’s cards at each house but no deals. My father suggested I talk to my Uncle Phil who was a successful appraiser.

What keeps you motivated in this profession?
I enjoy the business itself, especially the variations in weekly work. One week I’ll be working on an industrial property and the next an apartment. I also have 3 kids in private schools (one in college) and a big boat payment…

Please share a story or item of which you are proud?
Once my Uncle and I were appraising a property in Brookeville, MD. We came across a Hispanic worker that was abandoned by his daily employer. He spoke no English, had no money and didn’t know where he was. We got him to a phone and he spoke with a policewoman who helped him. We drove him back to downtown Silver Spring where he lived, gave him some money for lunch and off we went.

What one personal item would give members an insight into who you are or one thing that most AI members don’t know about you?
I play the clarinet, although not as well as when I was in school. I got one-half of my college paid for at the first school I attended for just playing in the football band. Imagine the value of that today!

What is one word or phrase that best describes this chapter?
Rebound.

What is the biggest issue facing you in the profession or the profession as a whole?
Keeping everybody in the company busy. The bank work has slowed down, thank God for the legal and municipal work I do. It’s very important to do appraising for many different users.

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Fast-Track Audit Seminar Training is Coming

FAST is designed as an expeditious way of approving instructors for multiple seminars over two days of presentations, where abbreviated versions of seminars will be offered.  A total of 12 different seminars will be represented, with two seminars offered during each two-hour time slot.  You could be approved to teach up to seven seminars! Just mark October 17-18, 2008 on your calendar and plan to take your choice of these popular seminars: 

• Office Building Valuation: A Contemporary Perspective
• Condominiums, Co-ops, and PUDs
• Reviewing and Underwriting Residential Appraisal Reports
• REO Appraisal: Appraisal of Residential Property Foreclosure and Preforeclosure
• Subdivision Valuation: A Comprehensive Guide to Valuing Improved Subdivisions
• Forecasting Revenue
• Analytics with the Site to Do Business
• Scope of Work: Expanding Your Range of Services
• Appraisal Challenges: Declining Markets and Sales Concessions 
• Introduction to FHA Appraising: What Appraisers Need to Know about HUD Policies, Procedures, and 2008 Roster Eligibility
• Appraisal of Local Retail Properties
• Quality Assurance in Residential Appraisals: Risky Appraisals = Risky Loans

Continuing Education

Supporting Capitalization Rates Seminar

Departing from an emphasis on theory and mathematics, Supporting Capitalization Rates focuses on practical ways to incorporate judgment and market experience into the rate selection process. The full day course will be held November 14, 2008 will focus on the theme that a well-supported capitalization rate takes into account market activity, is tested for reasonableness, and demonstrates the appraiser’s consideration of the relevant factors that affect the property.

Event Details:
Instructor: Vincent M. Dowling, MAI, SRA  
Attendance Hours: 7.0 
Schedule: Registration begins at 8:30am. Seminar is from 9am-5pm with one hour lunch (on your own).
Location: Universities at Shady Grove, 9630 Gudelsky Drive, Rockville, MD 20850
Registration Fees:
$ 175.00 AIDC Member (by Aug 26; $195.00 thereafter)
$ 195.00 Non-Member (by Aug 26; $215.00 thereafter)

Register online at http://www.appraisalinstitute.org/education/more_info.aspx?id=10700.

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Mark your Calendar

• October 2008 - Market Update, Tysons Corner, VA (Date TBA)
• December 4, 2008 – Holiday Networking Party
• December 12, 2008 – 7-Hour National USPAP Update Course

Industry News

HVCC-Cuomo Agreement

A private agreement between the New York Attorney General Cuomo, the GSE’s and OFHEO is intended to reduce pressure on residential appraisers, creates a Home Valuation Code Conduct (HVCC), and creates the Independent Valuation Protection Institute (IVPI). The agreement began on March 8, 2008 and is 28 month in length.

On the positive side, the agreement helps the appraiser by prohibiting contingency issues such as: the withholding of payment and future business; promises of future business; conditioning of the order (or payment) based on predetermined value; and requesting a predetermined value before the appraisal is actually completed. The agreement also prohibits: the lender from providing the “desired value”; bribery; blackball listing without proper notice and just cause; and appraisal “shopping”. It also provides for appraisers get paid for all work.

On the consumer side, the agreement allows them the right to have a copy of the appraisal before closing, and creates a lender telephone hotline where the consumer can complain about appraisal pressure.

Regarding the lender, the agreement states the following: Commission compensated employees cannot select or talk to the appraiser, or work for the company that orders the appraisal. The lender must train employees; provide quality control processes; report (to state agencies) bad appraisals; and certify that the appraisal process complies with the HVCC. No lender appraisal departments may reside inside the bank.

The negatives include: a lack of competency recognition; AMC proliferation (It appears that it will push more appraisal assignments to the AMC’s. We have encouraged AG Cuomo to prohibit the AMC’s from taking any of the appraisal fee); in-House appraisal ban (HVCC will displace thousands of “in-house” appraisers); incentivizing replacement of appraisals with AVMs and BPOs; and a mortgage broker ban (Mortgage Companies are not excluded from ordering appraisals if the loan is “closed” in their name.)

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Appraisal Institute - DC Metro Chapter
c/o Mariner Management - PO Box 1046 - Laurel, MD 20725
301-924-1020