Industry News

Real estate appraisal licensing faulty

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The three largest professional appraisal organizations in the United States gathered this week in Washington, D.C., to deliver a cautionary message on the deficiencies in the current real estate appraiser licensing system. The Appraisal Institute used its invitation to testify in front of a subcommittee of the House Financial Services Committee to voice concerns about the state of appraiser regulation. Appraisal Institute President Gary P. Taylor testified on behalf of the Appraisal Institute, the American Society of Appraisers, and the American Society of Farm Manager and Rural Appraisers, at a hearing on "Broken Dreams in the Poconos: The Response of the Secondary Markets and Implications for Federal Legislation." "The situation in the Poconos is sad and in many ways disgusting," Taylor said. "In the past decade, lenders have brought foreclosure proceedings against 5,700 homes in Monroe County, Pa., which is more than one in five of all mortgaged homes in the county, while banks ...