CCAP – ISSUES / POSITIONS (2010)

H.R.3044 (18 month moratorium on the HVCC). Support

Members, and appraisers in general, have been encouraged, and assisted, in contacting their congressional representative, at both district offices and in Washington DC, urging members to sign on to HR3044 as Co-sponsors. Senior staff from two congressional offices have attended March and April CCAP meetings.

H.R.4173 (Section 4312, Appraisal Independence Requirements). Support

Section 4312, part of a larger and more complicated bill, sunsets the HVCC. HR4173 passed the House of Representatives and was sent to the Senate. The Senate has re -authored the main legislation and, as of this time, the language that sunsets the HVCC has not put in the Senate version of the Bill. Active contact campaign requesting house members to support amending House measure language into new Senate Bill.

S.3217 (Restoring American Financial Stability Act of 2010). Get Amendment in at Conference. Support including ‘Appraiser Independence Requirements” language from H.R.4173 in the final bill. Sponsor letter writing to conference participants. Get info from / to promotional list of CA appraisers, CA teachers and State Appraiser Coalitions (17 states). Started letter campaign 5/13/2010: support Casey Amendment (Sec.1117 by Senator Casey amends ‘Appraiser Independence Requirements” into S.3217).

SB237 (AMC Regulation). Consider 7 point “White Paper”

Passed in 2009, SB237 provides for the regulation of Appraisal Management Companies (AMC) operating in California. The measure is now in the rule writing phase at OREA. CCAP introduced, and distributed to OREA leadership, and state legislators, a 7 point “White Paper” specific to AMC operations. Points to be considered include eliminating any an all hold harmless provisions as a condition of AMC appraisal orders, appraiser fees (usual and customary), AMC bonding and more (see website).

SB1000 (Appraisal Transportability). Support (if amended).

Bill allows for appraisal transportability. CCAP believes that transportability benefits the consumer but, to insure proper protections for consumers, and other parties to a mortgage transaction, a responsible time would be “not to exceed 30 days from original signature”.

AB2257 (combine DRE and OREA functions). Oppose.

Appraisers are unique in that appraisers are the only party involved in the real estate mortgage transaction that is compensated by fee and not by commission. It is desirable to provide complete “arms length” appraiser independence thus guaranteeing the greatest protection possible for all transaction participants. In the spirit of fire walling the appraiser from undue pressure, it is considered essential that the appraiser and appraiser regulator remain apart from the other mortgage transaction participants.