Upcoming NYSSREA meetings and events
Happy summer everyone! As we gear up for the second half of the year, there are several great events coming up that I urge each of you to attend. We will hold the First Annual WNY Appraisal Conference in Buffalo on August 3. All you western New Yorkers come learn about gas leases! Also, the 59th Annual Fall Appraisal Conference will be held at the Turning Stone Resort & Casino in October. Find out more details in the article below.
The Uniform Appraisal Dataset (UAD) has been a hot topic these days since the Federal Housing Finance Agency (FHFA) announced that under its direction, Fannie Mae and Freddie Mac (GSEs) are working together to develop and implement uniform appraisal and other loan delivery data standards, as well as a joint appraisal data delivery system for the single-family loans we purchase and/or securitize.
Starting September 1, 2011, appraisal report forms must be completed in compliance with the UAD for conventional mortgage loans sold to either GSE for appraisals. I ask that you all visit the links in the article below to learn more about the requirements. NYSSREA will also be offering a 3-hour CE course on this topic at the Turning Stone Resort & Casino in September.
Also in September, we will hold our annual Board of Governors and committee meetings in conjunction with the NYSAR Fall Business Meetings. Come see us at 10 a.m. at the Turning Stone to participate in important committee and industry discussions.
Hope to see you all at these upcoming events. Have a safe summer everyone!
2011 NYSSREA President
Spring Appraisal Conference attendees keep current on green building trends
The 17th Annual Arthur G. McCartney Spring Appraisal Conference in Tarrytown, NY, featured a five-hour CE course on green building trends taught by Melanie McLane.
This course, designed for real estate appraisers and agents, focused on current trends of green building practices in the real estate industry. Students learned about green building trends, methods of rating green features in homes and how an appraiser or agent can approach the valuation or pricing of properties with green features. The goal of the course was to bring the appraiser and agent up to date on innovations in the industry with respect to green building trends, green materials, retrofitting and remodeling with green features, Smart Growth and other timely trends.
McLane is a practicing appraiser, broker and educator. With more than 34 years in the business, she has vast experience in all aspects of real estate. McLane has the following designations ABR, CRB, CRS, ePRO, GREEN, GRI, RAA, RSPS, SRES and SRS. She is an AQB-certified USPAP instructor and teaches many REBAC courses, everything from ABR to RSPS. In 2008, she was inducted into the REBAC Hall of Fame as a REBAC instructor. For more information or to contact the instructor, visit www.TheMelanieGroup.com.
First Annual WNY Appraisal Conference
NYSSREA will hold the First Annual WNY Appraisal Conference on August 3, 2011, in Buffalo, NY, at the Millennium Hotel. This conference features the course "Gas Leases - Got Gas? How do you know? What do you need to know?" and will teach salespersons, brokers and appraisers the history of gas drilling, legal issues and how to evaluate properties while meeting USPAP standards. The morning will feature basic information and case studies. Students will learn how to measure market reaction in the afternoon. (Submitted to the New York State Department of State for 6 hours of appraiser and real estate continuing education credit.) Register today
AQB releases Fourth Exposure Draft to Real Property Appraiser Qualification Criteria in response to feedback
The goal of the Real Property Appraiser Qualification Criteria (criteria) is to promote and maintain a high level of public trust in appraisal practice by establishing minimum education, experience and examination requirements for real property appraisers. With this goal in mind, the Appraiser Qualifications Board (AQB) periodically examines the criteria to determine if they are serving their intended purpose under Title XI of FIRREA. In addition, the AQB regularly receives comments and suggestions from appraisers, educators, regulators and others on how to improve the criteria. All proposed changes are intended to promote and maintain public trust in appraisal practice.
The board received a number of written comments in response to the first, second and third exposure drafts as well as oral comments at its public meetings. Based on that feedback, the AQB is now issuing this Fourth Exposure Draft. USPAP Q&As found here.
Freddie Mac and Fannie Mae release Uniform Appraisal Dataset (UAD)
As part of the Uniform Mortgage Data Program, (UMDP) Freddie Mac and Fannie Mae have worked together at the direction of their regulator, the Federal Housing Finance Agency, to develop the Uniform Appraisal Dataset (UAD) and the Uniform Collateral Data Portal (UCDP) in an effort to enhance appraisal data quality and consistency and promote the collection of electronic appraisal data.
The UAD defines all fields required for an appraisal submission for specific appraisal forms and standardizes definitions and responses for a key subset of fields.
For appraisals with an effective date (date of inspection is the effective date of the appraisal) on or after September 1, 2011, the appraisal report forms below must be completed in compliance with the UAD for conventional mortgage loans sold to Freddie Mac or Fannie Mae. These forms are collectively referred to as the "four UAD forms:"
- Uniform Residential Appraisal Report (Freddie Mac Form 70)
- Individual Condominium Unit Appraisal Report (Freddie Mac Form 465)
- Exterior-Only Inspection Individual Condominium Unit Appraisal Report (Freddie Mac Form 466)
- Exterior-Only Inspection Residential Appraisal Report (Freddie Mac Form 2055)
The following links from Freddie Mac and Fannie Mae contain more information:
Save the date!
The 59th Annual Fall Appraisal Conference will be held at the Turning Stone Resort & Casino, October 13-14, 2011. The 2010-2011 7-hour USPAP Update will be offered on the first day.
On the second day, a “Mineral Rights Valuation” course will be offered with the new information from the New York State Department of Environmental Conservation Preliminary Revised Draft Supplemental Generic Environmental Impact Statement on the Oil, Gas and Solution Mining Regulatory Program. This course will be taught by Mike Coles of Coles & Associates, Inc. Coles has a Bachelor of Science (BS) degree in Agricultural Economics from Cornell University and an Associates of Applied Science (AAS) in Agricultural Business from Cobleskill Agricultural and Technical College. He is a member of the Appraisal Institute and a candidate for an MAI designation.
By way of background, the Marcellus Shale formation is under 28 of New York’s 57 counties. The shale formation is predominantly in the lower half of upstate New York. Mineral rights are emerging as a major influence on property values in the Marcellus Shale. Oil and gas leases, rights conveyed and terms of conveyance impact a property’s sale/purchase price. This seminar presents a timeline of Marcellus Shale market events. Real estate appraisers will review source documents followed by a case study. The course objective is to provide a base level of knowledge about this emerging valuation issue for upstate New York.
Conference sponsored by:
Register for the NYSAR Fall Business Meetings
NYSAR will hold its annual Fall Business Meetings September 11-14, 2011 at the Turning Stone Resort & Casino in Verona, NY. Click here for the preliminary agenda, registration instructions, hotel information and event details. You may also sign up for NYSAR 2012 committee service. Don't wait; sign up ends July 31!
The following appraisal class is sponsored by the Staten Island Board of REALTORS and is pending approval for four hours of appraisal CE credit.
For more information, click here
Introduction to Using the Uniform Appraisal Dataset
Tuesday, August 23, 2011, 9 a.m.-1 p.m.
Staten Island Board of REALTORS