The Appraisal Foundation, in a press release has announced the temporary suspension of activities of the Appraisal Practices Board (APB). The board was to develop and assist appraisers with guidance on valuation methodology and techniques. It seems the ROI in developing a third Appraisal Foundation Board, at least at this juncture was not strong, and a review and analysis was necessary. In addition to the APB, the Appraisal Foundation includes the Appraisal Standards Board (ASB, responsible for USPAP) and the Appraisal Qualifications Board (AQB).
The Appraisal Foundation reported
Source: The Appraisal FoundationThe Appraisal Foundation Reexamines Valuation Advisories
Activities of the Appraisal Practices Board Temporarily Suspended
For Immediate Release
Contact: John Brenan, 202.624.3044, john@appraisalfoundation.org
Washington, DC – January 26, 2017 -- The Board of Trustees (BOT) of The Appraisal Foundation (Foundation) recently voted to temporarily suspend the activities of the Appraisal Practices Board (APB), citing the desire to examine the current needs of appraiser professionals related to guidance on recognized valuation methods and techniques. In putting APB activities on hold, the BOT determined that two advisories under development in the area of financial reporting would continue under the auspices of the BOT, as would the third in the series of advisories on valuing green and high performance properties being developed under agreement with the U.S. Department of Energy. Each of the three advisories is nearing completion.
Chair of the BOT, Tom Boyer, stated, “The actions taken give the BOT time to fully analyze the financial impact of developing advisories and to better understand the effect of these advisories on the profession. This vote should not be misconstrued as a negative reflection on the work of the many Board members and subject matter experts who have contributed to the APB since its inception in 2010, for each has given of their time and talents for the betterment of the profession, and we are very grateful for them.”
In the coming weeks, Foundation trustees and staff will conduct outreach activities to solicit feedback about valuation advisories from appraisers, users of appraisal services, regulators, and other stakeholders. The focus of the February 24, 2017 Public Meeting in Torrance, CA is now an open forum to explore the topic with attendees, as well as provide an update of Foundation activities.
David S. Bunton, President of the Foundation recalled that the origin of the APB was based on the housing crisis of 2008. “At that time appraisers were struggling with how best to deal with declining markets, and the Foundation was encouraged to publish voluntary guidance to help all appraisers, especially those who did not have access to such information via association with a professional membership organization." He continued, saying, “We all know that the market is now very different, access to information through technology has dramatically changed, and we need to take a close look at our continued investment in providing this service to the profession: Is the need still there?”
For more information on attending the February 24 open forum, please click here.
Questions or comments can be directed to John Brenan, Director of Appraisal Issues, john@appraisalfoundation.org, 202.624.3044.
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