Washington Report

Advocacy Updates from Washington D.C.

On July 18th, 2018, NAR hosted its annual Appraisal Summit in Washington DC. The Summit brought together REALTORS® including appraisers and agents, as well as AMCs, government officials, trade associations, and private market entities, to discuss and engage on hot topics in real estate valuation. The goal of the event is to keep communication open between the interested parties in real estate property valuation and ensure REALTORS® continue to have a seat at the table when it comes to major issues concerning real estate valuation.

The 2018 Summit consisted of two panel presentations followed by group discussion. The first panel brought together an agent, an appraiser, an appraisal management company (AMC) and a lender to discuss where a traditional appraisal fits in today's market. The second panel focused on advancements in valuation technology, and included representatives from Fannie Mae, Freddie Mac, CoreLogic and HouseCanary. Major issues that were discussed included:

  • Whether appraising is an art or a science – and how much an accurate and true valuation of real estate can be done purely by data and computers?
  • The use of Fannie Mae and Freddie Mac appraisal waivers for purchase transactions
  •  Cost/benefits of using a traditional in-person appraisal to a data based valuation
  •  The regulatory burden on appraising post Dodd-Frank
  •  Best practices for communication between an appraiser and an agent

The Summit was hosted by the Commercial & Business Specialties Committee Liaison and the Chair and Vice Chair of the NAR Real Property Valuation Committee.