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Notes from Regulatory Road

Notes from the Regulatory Road 

Late last month, SVI’s Director of Valuation Policy Jeff Dickstein spent the day on Capitol Hill with other members of the Real Estate Valuation Advocacy Association (REVAA) for their annual fly-in.

The meetings with House and Senate members and staff included discussions on appraisal, valuation and related Appraisal Management Company (AMC) issues.

REVAA has worked on a number of bills over the past few years; however, we have had to reintroduce each of these bills due to the evolving landscape in Washington D.C. — and this new U.S. Congress is no exception.

REVAA is working with Sen. John Thune’s office on reintroducing a bill containing the following items:

  • Add trainees to the National Registry.
  • Allow the Appraisal Subcommittee (ASC) to reduce the AMC National Registry Fee.
  • Permit licensed appraisers to perform FHA assignments.
  • Add a representative from the Department of Veterans Affairs (VA) to the ASC.

We also reiterated our support of the bill brought forth by The Appraisal Institute called the PAL Act (The Portal for Appraisal Licensing Act), which would create a cloud-based licensing portal for AMCs and appraisers at the Appraisal Subcommittee; if implemented, state adoption is voluntary.

All the items noted above have bipartisan support, and we look forward to working with all lawmakers in passing these initiatives.