Agenda Summary National Association of REALTORS® 2012 Midyear Meetings Marriott Wardman Park Hotel Virginia Suite A & B, Lobby Level Wednesday, May 16, 2012 8 a.m. – 10 a.m.
Chair: Jonathan M. Hall, ALC, CRS, GAA, GRI (OH) Vice Chair: Susan Martins-Phipps, e-PRO GRI, SFR (RI) Committee Liaison: H. Blaine Walker, CRB, GRI (UT) Committee Executive: Heidi Henning (IL) Jerome Nagy (DC)
Purpose: 1. Evaluate, monitor, and analyze trends as they relate to real property valuation. 2. Make policy recommendations as they relate to real property valuation models. 3. Provide recommendations on valuation-related issues to the Board of Directors, via the PPCC. 4. Monitor and respond to new government regulations and legislation such as Dodd-Frank and to actions by The Appraisal Foundation, Appraisal Standards Board, Appraisal Qualifications Board, and Appraisal Practices Board and other organizations and entities that might have jurisdiction over or impact on valuation-related issues.
1. Call to Order and Introductions – Jonathan Hall • New Committee’s Scope and Composition
3. Valuation Principles Work Group Update – Frank Gregoire, Work Group Chair • Responsible Valuation Policy The Working Group put together these proposed valuation principles to serve as NAR’s statement of federal policy on valuing real property.
4. Legislative/Regulatory Update – Jerry Nagy A. TILA (Regulation Z) Interim Final Rule Update – transfer to CFPB On Friday, April 13, 2012 NAR and 11 other industry trade associations submitted a letter to the Director of the Consumer Financial Protection Bureau asking for an expanded rule-making process so that industry can properly evaluate the proposed RESPA/TILA harmonization. The industry wants to ensure that this rule is done right and does not harm consumers or the industries that serve them.
As forecast, the RESPA/TILA harmonization will be a major regulatory undertaking and many of the earlier RESPA reforms are being reviewed including the scope and rules relating to "tolerances." In some cases CFPB is asking for input on tightening rules and in others loosening rules. Also, there are many dilemmas facing CFPB on who should bare responsibility for completing settlement statements/ Truth in Lending (TIL) disclosure and the timing of issuing such documents.
Under the Dodd-Frank Wall Street Reform and Consumer Protection Act, the CPFB is required to propose a regulation by July 21, 2012 and it is expected to do so, the industry groups would like it to be an advanced notice of proposed rule-making that will give industry two chances to comment on the proposal and seek needed changes. It will also give the CFPB the ability to integrate essential elements from the forthcoming QM and QRM rules into the forms and regulations. Industry Letter
B. Congressional Hearings on Appraisals
C. AMC Registration by State
5. Realtors Property Resource™ (RPR™) Update – Marty Frame & Jeff Young
6. The Appraisal Foundation Reports • The Appraisal Foundation Advisory Council (TAFAC) – Dick Koestner • Board of Trustees – Vic Knight
7. REALTOR® University Master of Real Estate Update – Dave Overbye • Real Estate Appraisal and Valuation Services Concentration
8. REVAA (Real Estate Valuation Advocacy Association) Memorandum of Understanding with NAR – Don Kelly, Executive Director • BPOR Certification Endorsement
9. GAA/RAA Designations – Jonathan Hall • Earning GAA and/or RAA Designations • GAA/RAA eNewsletter