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Capital
Update
http://www.appraisalinstitutedc.org
Capital Update is a service of the DC
Metro Chapter of the Appraisal Institute.
If you would like to share some
news, e-mail info@appraisalinstitutedc.org
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change? Click here and log in to update your membership
record.
Spotlight
Last Chance to
Register for February Events!
AIDC News
Meet Board Member William Moroney,
MAI
AI
News
Appraiser
News Online Headlines –
Continuing
Education
Last Chance to Register for February
Events!
February 19, 2009
-
The New
Residential Market Conditions Form, Rockville, MD - a special 3
hour “Spotlight” seminar that goes over the November 14, 2008 release of the new
Fannie Mae “Market Conditions Addendum to the Appraisal Report” (Form 1004MC).
This new form will be required with all appraisals of one-to-four unit
properties effective
Event
Details:
Instructor:
Mark
V. Smeltzer, SRA
Attendance
Hours: 3.0
Schedule:
Registration
begins at
Location: Universities at Shady Grove,
Fees:
$85.00 Member; $105.00 Regular *includes
$10.00 Late Fee
Click here to Register
on-line.
February 20,
2009 - Introduction
to FHA Appraising: What Appraisers Need to Know About HUD Policies, Procedures,
and Roster Eligibility, Rockville, MD - With constant
changes in Federal Housing Administration policy and requirements, the recent
elimination of the FHA exam, and FHA and Fannie Mae appraising becoming
increasingly similar to one another, appraisers need to keep abreast of the
latest information on the FHA appraisal process. In Introduction to FHA
Appraising: What Appraisers Need to Know About HUD Policies, Procedures and 2008
Roster Eligibility, both experienced FHA appraisers and those new to FHA
appraising will gain a high level of understanding and knowledge regarding FHA
appraisal policy without having to read through myriad documents from the U.S.
Department of Housing and Urban Development (HUD). While participants will learn
from the expertise of accomplished Appraisal Institute instructors, they also
will receive a resource CD and other course materials containing essential FHA
components and detailing the requisite policies and procedures of FHA appraisal.
Information presented in this 7-hour seminar applies to ALL areas of residential
appraising and will benefit any residential appraiser.
Event Details:
Instructor: Mark V. Smeltzer, SRA
Attendance Hours: 7.0
Schedule: Registration begins at
Location: Universities at Shady Grove,
Fees: $185.00 Member; $205.00 Regular *includes $10.00 Late
Fee
Click here to Register on-line.
AIDC
News
Meet
Board Member William
Moroney, MAI
William W. Moroney MAI, President,
Moroney & Associates, Inc. is the 2009 Education Chair of the DC Metro Area
Chapter. Bill graciously took the time recently to answer a few questions
regarding his chosen profession.
What prompted you to this profession?
I was
attempting to sell residential real estate in 1979 when the prime rate was
almost equal to my age at that time. I took an appraisal course with the old
Society of Real Estate Appraisers to broaden my knowledge of the business since
nothing was being sold, by me anyway. I found the class very
interesting and decided appraising was the part of the business I wanted to be
in.
What keeps you motivated in this
profession?
I still
find appraisal work very interesting. Each assignment is different and
presents its own challenges.
Please share a story or item of which you are proud?
The
way our grown daughter has matured and is making her way in the
world.
What is one word or phrase that best
describes this chapter?
Improving;
moving forward.
What is the biggest issue facing you
in the profession or the profession as a whole?
Maintaining
integrity and credibility. Many appraisal assignments bring the
appraiser into contact with someone who would like the value conclusion to be at
a particular level. Suggestions, wheedling, threats, promises and
pressure must be ignored. This is easier said than done but is essential
if we are to be true professionals.
Next Month, we’ll talk with Donald S. Boucher, SRA, President of Boucher
& Boucher, Inc. and 2009 Secretary of AIDC.
Your
Turn! Have a story to share? … send it to capitalupdate@appraisalinstitutedc.org!
Appraiser
News Online Headlines - February 11, 2009
AI
Joins RE Groups Calling on Dodd, Shelby to Address Liquidity Crisis:
In a
February 10 letter to Sens. Christopher Dodd, D-Conn., Chairman, U.S. Senate
Committee on Banking, Housing and Urban Affairs, and Richard Shelby, R-Ala.,
Ranking Member, AI along with several real estate groups called on the Senate
for policy action on “innovative lending facilities” as part of the overall
national economic recovery plan. To view the full letter, click here.
$50
Billion Earmarked for Foreclosure Mitigation: The Bill currently
under consideration includes an
amendment to direct $50 billion from the Troubled Asset Relief Program to a
foreclosure mitigation program. If enacted, the new program could prevent
approximately two million foreclosures.
Fannie Mae Eases
Appraisal Requirements; Too Early to Assess Impact: Starting
April 4, Fannie Mae will no longer require appraisals or property inspections
from some borrowers who are refinancing mortgages. Instead, Fannie Mae’s Desktop
Underwriter system will validate property values through automated valuation
models. The new requirements most typically apply to existing appraisals on file
and for loans that already contain risk for Fannie Mae.
To
view these stories and others in their entirety, click here.
Any
burning issues regarding the appraisal industry you’d like to appear in next
month’s update? …
send to capitalupdate@appraisalinstitutedc.org!
- What information is needed to
test for highest and best use?
- Where is this information found?
- How is
this information applied?
Click here for details and
registration.
This
seminar offers you critical skills necessary to better inspect, describe, and
analyze commercial property. Once you have taken this program, you will better
identify building characteristics, conditions, and deficiencies; succinctly
describe what you see in an appraisal report; and then factor your insights into
the replacement cost, income capitalization, and market comparable calculations.
Participants have highly praised the seminar for its useful content and
relevance to commercial real estate appraisal, brokerage, and
lending.
Click here for details and
registration.
This seminar will improve your confidence to
inspect, characterize, and critique a new or existing residential property. You
will better identify and describe the quality and condition of a house that
affect its market appeal and probable value. Participants have given this
seminar high marks for its practicality and benefit to real estate appraisers,
brokers, and mortgage lenders.
Click
here for details and registration.
Click
the links below to view offerings from our regional Appraisal Institute
neighbors to the North and South.
Maryland
Chapter
Hampton Roads Chapter
Stonewall Jackson Chapter
Virginia
Commonwealth Chapter
**Keep up to date on upcoming
training classes and seminars by visiting the DC Metro Area Chapter
Website.
Appraisal
Institute – DC Metro Chapter
c/o Mariner
Management -
301-924-1020