Utah Chapter News 2010 UTAH CHAPTER LEADERSHIP PRESIDENT DANIEL V. BRAMMER, SRA VICE PRESIDENT WILLIAM E. LIFFERTH, SRA TREASURER CHRISTOPHER T. DONALDSON, MAI, CCIM SECRETARY BLAKE INGRAM, SRA PAST PRESIDENT GARY R. FREE, MAI, SRA DIRECTOR ERIC J. VAN DRIMMELEN DIRECTOR JOHN T. BLANCK DIRECTOR JEREMIE T. SNOWDER, MAI ASSOCIATE LIAISON J.D. ROGERS, SRA NORTHERN BRANCH CHAIRS DON N. MUELLER MATT G. MUELLERI SALT LAKE BRANCH CHAIR RICHARD MATHESON SOUTHERN BRANCH CHAIR KENT L. VINCENT REGION REPRESENTATIVE RICK R. LIFFERTH, MAI, SRA REGION REPRESENTATIVE DANIEL V. BRAMMER, SRA RESIDENTIAL GUIDANCE/ADMISSIONS CHAIR J.D. ROGERS, SRA GENERAL GUIDANCE/ ADMISSIONS CHAIR TBD MEMBERSHIP DEVELOPMENT & RETENTION JOHN M. ROMNEY, MAI EDUCATION CHAIR JEREMIE T. SNOWDER, MAI 2010 CHRISTMAS PARTY CHAIR MATT LIMPERT PUBLIC RELATIONS CHAIR ROLAND D.ROBISON President s Message By Daniel V. Brammer, SRA I would like to start off by thanking all of the board members, Sheri, and committee members that are serving and doing such a great job this year. If any of you have served in the various chapter positions, you know what a time consuming job it is. I feel that our chapter is functioning well and in talking with other chapter presidents at regional meetings, we are leaders in the region in many ways. In the past two years when most areas of the economy have been down, and this includes our industry, our chapter has been able to survive due to decisions by the board and the hard work of our education committee headed by Jeremie Snowder who has done a great job in presenting classes and seminars that keep the chapter s head above water. Because of the success we have had with most of our classes, we have been able to provide more free and low cost offerings to the members. Some of the items of concern to the chapter and members at this time are BPOs and AMCs. Both of these issues are being addressed by National, the Chapter and the State. Our chapter has been active in voicing opinion regarding these items with the state and at Regional Meetings. National has been bringing these items up at meetings in Washington and with Fannie and Freddie. It is a tough process when we are the little man and all the money is behind the realtors and lenders. But sometimes our voices are heard and many times we do have an effect. Our State Appraisal Board recently set up a committee to get communication with appraisers and AMCs. This is a new process, so we do not have much to report yet, but at least we are working with the AMCs to try to let them know the concerns of appraisers and how we can work together to make it work better for us as well as the lenders and consumers. The Board will have some recommendations regarding the AMC requirements now in effect. The BPO issue has been another big topic at both the national level and chapter level. Na- INSIDE THIS ISSUE: Presidents Message 1 2010 Education Calendar/Inst Scholarships 2 Education 3 Highlights and Updates/Branch News 4 Utah Chapter 2010 Officers 5 President s Message/St. George/Lunch Mtg 6 AI News/Vision and Mission Statement 7/8 tional has been working with Washington to let them know that a BPO should only be used by realtors to determine value for properties they are listing and not for establishing values for the banks to rely on, for lending purposes. It seems we are making some progress in this area and from the Salt Lake Chapter meeting, David Moore the instructor, suggested that the banks are now realizing that BPOs are not the way to go and are asking for appraisals to be completed on their properties. So it seems we are making some progress in this area and will continue to work on it. The new chapter web site is now functioning and can pretty much answer any questions you may have about items pertaining to the chapter and events taking place. We are also working on getting a program similar to the national program so we can sign up for local chapter activities such as St. George, online. This should be up and running soon. Again we thank Sheri for her efforts in putting this together. As the summer is coming on, we hope that things go well for all of you and that you can afford a vacation this year.
PAGE 2 2010 Education Calendar Course No. Course Title Date Time Location CE Hours Cost RE Finance Statistics and Valuation Modeling General Appraiser Income Approach Part 1 Appraisal Curriculum Overview (1-Day Residen- tial)- September 23 & 24, 2010 8:00 am 5:00 pm Country Inn and Suites 999 North 500 West, Bountiful October 15, 16, 18, and 19, 2010 (Sunday Off) 8:00 am 5:00 pm Courtyard by Marriott 10701 S. Holiday Park Drive Sandy, Utah Nov 4, 2010 8:00 am 5:00 pm Country Inn and Suites 999 North 500 West, Bountiful 15 $275.00 Designated Mbr $325.00 AI Mbr $350.00 All Others 6 $500.00 Designated Mbr $550.00 AI Mbr $600.00 All Others 8 $155.00 Designated Mbr $175.00 AI Mbr Appraisal Curriculum Overview (2-Day General) Nov 4 & 5, 2010 8:00 am 5:00 pm Country Inn and Suites 999 North 500 West, Bountiful 15 $265.00 Designated Mbr $285.00 AI Mbr Seminar Nov 2010 TBD TBD TBD Instructor Scholarships Available The Utah Chapter of the Appraisal Institute is looking for members who are interested in becoming Appraisal Institute Instructors! The Utah Chapter Board of Directors is offering a scholarship to those individuals who are willing to take time out of their busy schedules to take Appraisal Institute instructor training. The training is scheduled for August 8 and 9 in Chicago. Please contact Sheri Zaugg with questions at execdir@ai-utah.com You may register online at www.ai-utah.com. The Utah Chapter reserves the right to change or cancel any of the above-listed offerings. Before making firm plans to attend, check with the Chapter Office.
PAGE 3 Education Committee By Jeremie T. Snowder, MAI 2010 Education Chair In promoting continuing education for the appraisal profession reflective of practiced appraisal procedures, the Appraisal Institute is requiring all practicing Designated members with continuing education cycles beginning January 1, 2007, or later, to complete an Appraisal Curriculum Overview (ACO) requirement. The requirement has also been extended to all practicing Associate members with continuing education cycles beginning on July 1, 2010, or later. Previously, this has meant completion of the specific Appraisal Curriculum Overview Course, which our chapter is hosting November 4 and 5. However, in April of this year, the National Appraisal Institute Board of Directors approved alternative courses that would satisfy the ACO requirement, including: Advanced Income Capitalization, Advanced Market Analysis & Highest and Best Use, Advanced Concepts & Case Studies, Valuation of Conservation Easements (Certificate Program), Appraising Historic Preservation Easements (Certificate Program); or Litigation (Certificate Program requiring completion of the following three courses The Appraiser as an Expert Witness; Litigation Appraising; and Condemnation Appraising). We held one of the three litigation courses in February (Condemnation Appraising), and it was well attended and received positive feedback. If members would be interested in attending any of the other required courses, please contact me or another member of the Education Committee. For those working on meeting state requirements for either certified residential or certified general licensure, or for those looking for a refresher course, our chapter is hosting the Real Estate Finance, Statistics and Valuation Modeling course in September and the Income Approach Part 1 course in October. Please check our chapter web page to see the upcoming education schedule. We are still working on offering at least one or two more seminars by the end of the year.
PAGE 4 Highlights and Updates Utah Branch News By Gary Free, MAI, SRA This is a good time to thank our Utah Branch Leaders for providing meaningful luncheons and activities for our members. We are encouraging all members to become involved in the local Branch activities. Your support and input brings vitality to our organization. Salt Lake Branch In May we had a successful turn out for the Salt Lake Branch luncheon held at the Salt Lake Board of Realtors Building. The topic of Short Sales was presented by David W. Moore of DW Moore and Associates. The meeting was well attended and the subject was presented in an interesting and insightful way. Two hours of Continuing Education was available for the attendees of the meeting. Our thanks go to Rich Matheson, Branch Chair, for putting this event into place. Rich indicates that those attending the meeting will receive their Continuing Education Credit by e-mail, so watch for it. Any questions about the Salt Lake Branch can be taken by Rich Matheson at 801-263-9700, ext. 105 Southern Utah Branch The Southern Utah Branch is planning an activity for September. The details will be announced later. If you would like to contact the Branch Chair for Southern Utah, it is Kent L. Vincent at 435-680-3074. Branch Information and Events Northern Utah Branch If you are in the Northern Branch you are lucky to have the Golf and Barbecue Social on June 24 th at the Mt. Ogden Golf Course. You should have received an invitation to this event. If you need further information you may contact Don or Matt Muller, the Northern Branch Chairmen, at 801-479- 6123. Utah Chapter 2010 Christmas Party Save the Date! The annual Utah Chapter of the Appraisal Institute Christmas Party will be held on Thursday December 2, 2009 at the Little America Hotel. It is always an enjoyable evening with food, fun, recognitions and some chapter business. Please mark this date on your calendar and watch for details! Northern Branch Branch Meeting Dates: Northern Branch Social June 24, 2010 Don N. Mueller Matt G. Mueller Co-Branch Chairs 6065 South 2400 East Ogden, Utah 84403 801-479-6123 donm@mstar.net mattmueller@mstar.net Salt Lake Branch Branch Meeting Dates: May 18, 2010 Branch Chair Rich Matheson 5107 South 900 East, Ste. 200 Salt Lake City, Utah 84117 801-263-9700 rmatheson@irr.com Southern Branch Branch Meeting Dates: September 2010 Kent L. Vincent Branch Chair 1953 Acacia Place St. George, Utah 84790 435-680-3074 kvincent8@msn.com
PAGE 5 Utah Chapter of the Appraisal Institute 2010 Officers Daniel V. Brammer, SRA President DV Brammer and Associates 801-942-5892 dvbramm@comcast.net William E. Lifferth, SRA Vice President William E. Lifferth, Inc 801-292-4382 billif@xmission.com Christopher T. Donaldson, MAI Treasurer Cushman & Wakefield of Colorado, Inc. 435-649-0238 chris.donaldson@cushwake.com Blake Ingram, SRA Secretary Blake Ingram Appraisal Group, Inc. 801-595-0747 blake@blakeingram.com Gary R. Free, MAI, SRA Past President Free and Associates 801-262-3388 garyf@freeandassociates.com
PAGE 6 Our appraisal panel followed with presentations and discussions lead by local review appraisers including Frank Clawson, MAI; John Romney, MAI; Blaine Layton, MAI; Clark Richardson; Henry Kesler, MAI and Craig Morley. The discussion included setting yourself apart as an appraiser; valuation premises; extraordinary assumptions and hypothetical conditions; AMCs; job management and appraiser/client relationships; and analyzing market value. To cap off the symposium, we had a family barbecue at Snow Park. All reports indicate an excellent symposium and weekend in St. George. A special thanks to all who contributed to make this year s symposium a success, especially our presenters. St. George Symposium 2010 By Eric Van Drimmelen We had a great weekend in St. George at our annual St. George Symposium this year. On Friday, March 26, 2010, we were favored to hear from the Utah Division of Real Estate on current state issues, the changes that are taking place and what we can do to be more involved. There was a request to the appraisers to better communicate potential problems facing us, particularly to the residential appraisers and associated issues with appraisal management companies. The state would like our input. Eric Allen, Director with Metrostudy, finished off Friday s session with a summary of current conditions of the national and local real estate market. The emphasis was on the residential segment and he provided timely statistics and projections. After our lunch and chapter meeting Friday, many went to Sand Hollow Golf Course to play golf. It is a beautiful course, although many of us learned the meaning behind the name after spending some time in the sand traps. On Saturday morning, Jason Taggert, Foundation Specialist with Davenport Foundation Repair, spoke to us regarding foundation repair and waterproofing. He provided great tips on what we can look for during inspections and in our own homes. His presentation was informative and we would like to have him back to present to us in the future. Long, long ago in a time before licensing, the Utah Chapter of the Society of Real Estate Appraisers had a monthly lunch meeting at the Chuck-A-Rama on 400 South in SLC. It was a time to get to know each other and talk about the state of real estate appraising. Sometimes there was even a guest speaker. More importantly, it was a time to gain friends and mentors. For me I came to know many in the appraisal community that would have an impact on my profession for the next 20 plus years. They are still very good friends and mentors. It was also a time to have input on how the local chapter could help all of us. With this in mind, we are going to start having a lunch meeting each month, with the exception of July and August, as a time to get together and discuss this profession. Everyone has a hectic schedule and here is a time to stop and recharge our batteries. On the third Wednesday of each month from 11:30 am to 1 pm we have reserved a room at the Golden Corral on 7200 South Street (Fort Union Blvd) and 700 East in Midvale. You will pay for your lunch and reap the benefits of getting to know each other better. The approximate cost, with a drink and tax, is $10.00. The first lunch meeting will be June 16 th and the next will be on September 15 th. Take the time from a hectic schedule and join us as we bring the party back. June 16 September 15 October 20 November 17 December 15 Lunch Meetings are Back! By J.D. Rogers, SRA
PAGE 7 Appraisal Institute Items of Interest By Blake Ingram, SRA Following is a summary of recent items in the news. Sen. Casey Introduces Appraisal Amendment to Financial Reform Bill Sen. Robert Casey, D-Pa., introduced an appraisal-related amendment to the Restoring American Financial Security Act (S. 3217) May 13. The amendment would modernize the appraisal regulatory structure, providing more resources and accountability in the area of enforcement. The provisions which include the bipartisan appraisal regulatory reforms that passed the House of Representatives in the Wall Street Reform and Consumer Protection Act of 2009 ( H.R. 4173) last December were also passed by the House in May 2009, as part of H.R. 1728, the Mortgage Reform and Anti-Predatory Lending Act. As a whole, the appraisal reform provisions of H.R. 4173 would provide additional resources for enforcement agencies overseeing the appraisal regulatory structure, hold federal and state appraiser regulators accountable for oversight and enforcement responsibilities, regulate and register appraisal management companies, and promote the use of highly qualified and competency real estate appraisers. Senate Majority Leader Harry Reid, D-Nev., hoped to wrap up debate and have a vote on S. 3217 on May 19. The results of that vote were not available before ANO s deadline, but several scenarios were possible. As one of several hundred amendments that have been offered, it could have been included in the manager s amendment, which encapsulates many of those amendments, or it may have gotten no consideration at all. Once final consideration of S. 3217 occurs in the Senate, it will require passage by the House at least one more time. The full text of Casey s amendment is available at http:// appraisalinstitute.org/newsadvocacy/downloads/ltrs_tstmny/2010/ S3217_CaseyAppraisalAmendment.pdf To read the full text of S. 3217 as introduced, visit http:// banking.senate.gov/public/_files/ TheRestoringAmericanFinancialStabilityActof2010AYO10732_xml0.pdf deficiencies or adverse conditions section of the appraisal report, according to ML 2010-17, released May 5. If the appraiser does not observe defective paint in a home that was built before 1978, an explanation is not required in the physical deficiencies or adverse conditions section of the appraisal report, the letter stated. HUD said that it will only order lead-based paint evaluations for REO properties constructed before 1978 that were purchased with FHAinsured financing. Mortgagee Letter 2010-17, effective June 1, amends Appendix A in Handbook 4150.2, Valuation Analysis for Home Mortgage Insurance for Single Family One- to Four-Unit Dwellings. To view ML 2010-17 i n i t s e n t i r e t y, v i s i t www.hud.gov/offices/adm/hudclips/letters/mortgagee/files/10-17ml.pdf. Appraisal Foundation Seeks Candidates for AQB, ASB The Appraisal Foundation announced May 13 that it is seeking qualified candidates to serve on its Appraiser Qualifications Board and Appraisal Standards Board. Completed applications for these vacancies must be received by Aug. 13. There are up to two vacancies on each of the boards. The AQB is responsible for setting minimum qualification criteria for state licensure and certification of real estate appraisers and has established voluntary qualification criteria for personal property appraisers. Familiarity with appraiser qualifications is a pre-requisite of service on the AQB, and a minimum of 10 years of appraisal experience is required. The ASB is charged with developing, interpreting and amending the Uniform Standards of Professional Appraisal Practice. Familiarity with USPAP is a pre-requisite of service on the ASB, and a minimum of 10 years of appraisal experience is required. The individuals selected for the positions will serve a term of up to three years commencing Jan. 1, 2011. Each board meets four times per year for approximately 10 days in total. Individuals serving on the boards are compensated for their time and are reimbursed for travel expenses. FHA Updates Lead Paint Disclosure Requirements Appraisers must report all areas they observe as being affected by lead paint in homes built prior to 1978, according to a new Federal Housing Agency Mortgagee Letter. The appraiser must note these in the physical Application packages are available through the Foundation website at https:// appraisalfoundation.sharefile.com/d-s231e959bb8241f8b or by contacting Anne Ramsey at anne@appraisalfoundation.org. When requesting information on the applications via e-mail, applicants should use the phrase "2010 AQB/ASB Application Information" in the subject line, and include their full name, e-mail address and phone number.
PAGE 8 Utah Chapter Vision Statement The Appraisal Institute is the organization of choice for real estate appraisers and property consultants; the Utah Chapter exists solely for the benefit of its members. Utah Chapter Mission Statement: To help members achieve the highest level of success in their chosen profession, by providing the best education, support services, technological tools and business development Utah Chapter of the Appraisal Institute P.O. Box 1287, Centerville, Utah 84014 Phone: 801-294-6715; Fax: 801-294-6716 Email: execdir@ai-utah.com Check the website at: www.ai-utah.com