Welcome to WVCAP

WVCAP is an organization of professional appraisers who seek to improve the profession through association, education, and legislative influence from the perspective of the professional appraiser. Members in WVCAP include licensed, certified residential, and certified general appraisers with a unified goal of advancing the appraisal profession in the State of West Virginia.

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Bye-bye 1004MC, hello analysis

Bye, Bye 1004MC ~ “This is our opportunity to show the value that we bring as analytical researchers.”



On July 31, 2018, at the Appraisal Institute Annual Conference, Fannie Mae announced the end of the 1004MC. News quickly spread among the appraisal blogosphere, and on August 7, 2018, the new Selling Guide showed that the 1004MC was no longer required.

Rejoicing was heard throughout the land.

Although the 1004MC is no longer required by Fannie Mae, the appraiser still needs to support their opinion of market trends, supply and demand, and marketing time. The exact verbiage found in the 8/7/18 updated Selling Guide is:

The appraiser’s analysis of a property must take into consideration all factors that affect value. Because Fannie Mae purchases mortgages in all markets, this is particularly important for neighborhoods that are experiencing significant fluctuations in property values including sub-markets for particular types of housing within the neighborhood. Therefore, lenders must confirm that the appraiser analyzes listings and contract sales as well as closed or…

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House Passes S 2155

The US House of Representatives Passed S 2155 today!

Section 103 allows for waivers of appraisals by licensed appraisers in rural designated regions.

See the press release here.
See the bill here.

Other News:

Last week The National Association of Realtors held their Real Property Valuation Committee meeting. Sharing a brief over view by our friends from VaCAP.

John Brenan with the Appraisal Qualifications Board (AQB) spoke at the meeting and gave an update on the roll back of licensing requirements that went into effect May 1st.  

One of the most interesting comments Mr. Brenan made was the “appraisal simulator”!  One of the most challenge parts of becoming an appraiser is the experience requirement.  The industry is working of an appraisal simulator called Practical Application of Real Estate Appraisals (PAREA).  A demonstration will be available at the September meeting of the AQB meeting in Raleigh, NC.  PAREA will have a vast amount of simulated appraisal assignments which could count for 75% of the required appraisal experience on needs to obtain a license.

REALTOR® Property Resource (RPR) is working on a regression analysis program.

Fannie Mae announces timeline for UAD and form reporting updates. Read the announcement here.

WVCAP, along with 26 other state organizations penned a letter Arthur Lindo, Chairman of the Appraisal Subcommittee offering our assistance helping lenders find appraisers. See the letter here. 

The West Virginia Real Estate Appraisal Board Meeting is Wednesday 5/22/2018 at 10am at the board offices.

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Immediate Call to Action


We are placing an immediate nationwide call to action to oppose provisions in Senate Bill 2155 currently in the United States Senate.

Senate Bill 2155 has a provision, (Sec 103) which allows banks to waive an appraisal in rural communities which is harmful to homeowners and the real estate economy.

To see the text of S.2155, click here.

The Independent Community Bank Association has been hard at work promoting this bill.  To see what they have been sending to the legislators, click here.

This bill has bipartisan support of 25 cosponsors and we need everyone to contact their representatives and express your concerns with Section 103 which allows the potential for community banks to game the system. We need to take action quickly as this bill will be discussed and voted on within the week.

It does appear we have consumers on our side.  The AFR (Americans for Financial Reform) conducted a poll and an overwhelming majority of American oppose S.2155 and rolling back Dodd-Frank. See the poll results here.

This does not mean that Congress will listen, so we need to be vocal NOW!

A sample letter to use as a guide has been written by WV Council of Appraiser Professionals. See the sample letter here.

To find your Legislator, click here.

Please contact us if you have any questions or comments.

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Appraisers’ Economic Forum and Fest

The first official Appraisers’ Economic Forum and Festival event dates trailer is up. Check it out!!

Visit www.appraiserfest.com or NOV123.com to register for updates and event details.

Hotel room blocks will be announced soon with several hotel options. This is San Antonio, so you can take a boat to the conference center (no driving necessary). CE will be available and details will be announced soon.

Hope to see many, many from WV in San Antonio this fall!

Nov 123 dot com


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Comment period for AQB 4th Exposure Draft Ends January 12th

The comment period for Proposed changes to the Real Property Appraiser Qualifications ends tomorrow.

Interested parties are encouraged to comment in writing to the AQB by Friday, January 12, 2018.

  • College-level education requirements for Licensed Residential and Certified Residential classification, including an alternative to the Bachelor’s Degree for Certified Residential
  • Experience hours and time frame requirements for all classifications
  • Path options from Licensed to Certified classification
  • Practical Applications of Real Estate Appraising – combines experience with education

Submit email comments to:  aqbcomments@appraisalfoundation.org

The AQB Public Meeting is set for February 1, 2018 – Washington, DC. The meeting is being held in conjunction with The Appraisal Foundation Advisory Committee (TAFAC).

The meeting will be live-streamed for viewers to watch. To register, please click here:  AQB Public Meeting Live Stream Registration. 






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Call Congress about Fannie/Freddie Risky  Appraisal Waiver Program

Dear WVCAP Friends and Colleagues,

Fannie and Freddie have embarked on programs that waive appraisal requirements for purchase and refinance transactions. A collaborative ACTION ALERT was set up by the Appraisal Institute for appraisers and industry colleagues to call their respective members of Congress regarding the GSE appraisal waivers. Congress is once again turning toward housing finance reform, and as they deliberate, they should hear from appraisers as to why appraisal waivers are bad for the housing market and tax payers.

Shelley Moore Capito:  (202) 224-6472

Joe Manchin III:  (202) 224-3954

Evan Jenkins:  (202) 225-3452

Talking Points and Solutions:

THE ISSUE: As the House Financial Services/Senate Banking Committee actively debate housing finance reform, I am calling to raise concern with Freddie Mac & Fannie Mae’s new Property Inspection Waiver (PiW) program which causes unnecessary risks for property owners and taxpayers. The time and cost issues are solved by banks ordering appraisals direct, because AMCs are the inefficiency in the system, and not required by law.

BACKGROUND:  Since 1994, GSEs has been exempt from appraisal requirements established by Congress on the basis they would make responsible decisions. The market place wants government to reduce instability in housing, not create it. The objective of the GSE to capitalize faster by implementing PiWs pushes the risk of instability that could spread throughout the financial system with nothing to fall back on. Better plans exist to fulfill both lender and enterprise goals.

THE CONCERN: There is a race between Freddie Mac and Fannie Mae on who performs the least amount of care to homeowners and taxpayers. According to the Federal Reserve, the Federal Government owns 40% of the 8 trillion dollars of the Enterprises’ mortgage backed securities. Competition between Freddie Mac and Fannie Mae should not result in such power plays at tax payer’s expense. The appraisal fee is minimal in comparison to other costs associated with the mortgage marketing and servicing processes which are not being identified. The independent, visual observations and analysis of property conditions by appraisers are crucial to the stability of the housing economy for purchases and refinances backed by the Enterprises.

PiW sales exposed to the market place without proper vetting or alert present added concerns. It takes one inflated sale to ruin a neighborhood housing economy. It’s dangerous to allow the GSEs to double down against the market place and appraisers so specifically in this manner, especially while they’re still in conservancy.

This is not however the first-time the Enterprises have advanced appraisal waivers. Similar actions were taken by the GSEs in the early to mid-2000s, and the results were disastrous to our financial system and consumers. The GSEs currently hold more than 5 trillion dollars in securities in the world banking system. Reducing appraisal requirements sends the wrong signal to mortgage loan sellers about the importance of fundamental risk-management practices.

ACTION REQUESTED:  For these reasons, I ask you to call on the Federal Housing Finance Agency to prevent the Enterprises from using the PiW until they demonstrate consistent safe and sound operations with full disclosure and transparency to the market place. Also, as Congress develops housing finance reform legislation, I ask that any legislation ensures the Enterprises’ appraisal requirements are used to enhance their safe and sound operations.

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Fraud Alert: Appraiser Identity Theft

Fraud Alert

The Office of Inspector General (OIG) at the U.S. Department of Housing and Urban Development (HUD) uncovered a series of cases of appraiser identity theft. The schemes varied but resulted from someone using the State certification number of a Federal Housing Administration (FHA) roster appraiser. The FHA roster appraiser was unaware of the misuse until it came to light, usually by accident.

“Appraisal fraud, including appraiser identity theft, is a concern to the Appraisal Subcommittee (ASC).  In general, appraisal fraud appears to have declined over the past several years.  However, the specter and reality of appraisal fraud continues.  We applaud the HUD OIG for its continued diligence regarding appraisal fraud which is a potentially significant problem for the US financial system.” James R. Park, Executive Director
Appraisal Subcommittee

Appraiser identity theft has been going on for years but protecting your name requires due diligence today. Read the  Dos and Don’ts here.


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