A Letter To Our Members

By Beth Graham, ePRO, LTG, TRC, PMN, 2008 MiCREA Chairman

Tools you can use –

The staff at MAR have created a great Web site for our appraiser members to utilize in their everyday business. Please check out the MiCREA area at www.mirealtors.com.

-Click on links to data to find assessor data links throughout our state.
-Click on find an appraiser to search for licensed appraisers throughout the state to place referrals or gather data.

Please tell all the REALTORS® you know about these links to make their jobs easier and to encourage the use of appraisers who are geographically competent to appraise in their local markets.

If you have helpful Web site links that we can add to the MiCREA site please forward them to mar@mirealtors.com.

Have you created your Facebook account yet? Over 150 REALTORS® have; please sign up today to start networking with others across the street. After you create your account add yourself to the Michigan Association of REALTORS® group. It’s fun….

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Mortgage Loan Officer Licensing Legislation Passes House, Senate

The Michigan House and Senate passed legislation to strengthen the regulation of the mortgage loan industry in Michigan. This bipartisan, bicameral legislative package provides licensing and education requirements, along with mandatory background checks for mortgage loan officers in Michigan. It also allows the Office of Financial and Insurance Services (OFIS) to keep better track of individuals within the industry as they may move around. Given increased real estate fraud and foreclosures in this state, the passage of these bills is a big step forward in addressing the root of these problems.

This legislative package represents a compromise from many facets of the real estate community, including banks, credit unions and mortgage brokers. The bills now move on to the Governor’s desk. The passage of these bills is a positive step in halting mortgage fraud, while keeping industry standards high.

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Your Appraisal Questions Answered

Q: Does USPAP require an appraiser to include a “competency statement” in all reports?

A: No. USPAP does not require that an appraiser provide a statement of competency in all reports. Only when the appraiser accepts an assignment with a lack of knowledge and/or experience does the COMPETENCY RULE require the appraiser to describe the lack of knowledge and/or experience and the steps taken to complete the assignment competently in the report.

Source: The Appraisal Foundation

MiCREA would like to answer your questions. Please send your question to abates@mirealtors.com and it could be featured in an upcoming MiCREA enews with the answer. Let MiCREA be a resource for your professional needs and submit your questions today.

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MiCREA Monthly
February 2008

• Chairman's Letter

• Mortgage Loan Officer Licensing Legislation Passes House, Senate

• Appraisal Industry Q&A