On August 5, 2024, the Washington Court of Appeals, Division One, demonstrated the difficulty for property owners to challenge a local government’s decision to pass the cost of city improvements to them. In SHG Garage SPE et...more
In the late 1990s, former Atlanta Braves players John Smoltz and Ryan Klesko formed Big K Farms (“Big K”), a partnership that, over the years, acquired approximately 1,500 acres of land in Georgia for around $4 million. From...more
The regulations in 49 CFR Part 24 implementing 42 USC Ch. 61, generally known as the “Uniform Act,” are being updated for the first time since 2005. New regulations are set to take effect on June 3, 2024 (the “Rule”). We will...more
The CFPB published a blog discussing a few key takeaways from a series of public hearings addressing appraisal bias....more
What Happened? Building on the 2021 announcement of the Interagency Task Force on Property Appraisal and Valuation Equity (“PAVE”) and a series of federal agency actions in the intervening months, 2024 brings new efforts at...more
Consistent with concerns surrounding bias in property valuations, on June 8, 2023, the Consumer Financial Protection Bureau (CFPB), the Federal Deposit Insurance Corporation (FDIC), the Board of Governors of the Federal...more
A group of federal agencies have proposed reconsideration of value (ROV) guidance for residential real estate valuations. The agencies are the Comptroller of the Currency (OCC), Consumer Financial Protection Bureau (CFPB),...more
The CFPB and other federal agencies with the responsibility to enforce the Equal Credit Opportunity Act (ECOA) and/or Fair Housing Act (FHAct), recently sent a joint letter to The Appraisal Foundation (TAF) expressing...more
On February 14, Patrice Ficklin, the Fair Lending Director for the Consumer Financial Protection Bureau (CFPB), together with senior officials from the Federal Reserve Board, Office of the Comptroller of the Currency, Federal...more
Ask a trial lawyer what he or she would give to have an expert witness as effective as Mona Lisa Vito, the third-generation mechanic/out-of-work hairdresser whose testimony on positraction saved the day in Judge Chamberlain...more
The Consumer Financial Protection Bureau (“CFPB”) released a blog post on February 4 warning of the possibility of discrimination in the appraisal process. The CFPB explained that, although appraisal discrimination based on...more
The CFPB’s Fair Lending Director, together with senior officials from other federal agencies, have sent a letter to The Appraisal Foundation (TAF) commenting on proposed changes to the Uniform Standards of Professional...more
As we previously reported, last November the FDIC, Federal Reserve Board and Comptroller of the Currency (the federal banking agencies) proposed a rule to implement a rural residential property appraisal exemption under the...more
A&B Abstract: With recent and forthcoming changes to federal valuation requirements, the Appraisal Foundation is considering the development of standards for performing evaluations in the USPAP....more
Name: Wigwam Holdings LLC v. Madison County Assessor - Date Issued: May 8, 2019 - Property Type: 220,000 SF building, including a natatorium, auditorium and 8,996 seat basketball facility...more
The House Financial Services Committee recently passed legislation exempting appraisers from having to conduct evaluations in accordance with the Uniform Standards of Professional Appraisal Practice for loans under $250,000...more
On Tuesday, March 20, beginning at 11:30 a.m. PT, Chapter One of the International Right of Way Association (IRWA) will be holding a joint luncheon with the Southern California Chapter of the Appraisal Institute at Luminarias...more
Six weeks ago, I wrote about California Assembly Bill 624 and the Appraisal Institute’s effort to change California law that presently requires all licensed appraisers to comply with the Uniform Standards of Professional...more
Two days ago, the Appraisal Foundation issued a memorandum to “Appraisal Regulatory System Stakeholders” that warned of the Appraisal Institute approaching members of Congress to sponsor legislation that would essentially...more
Last week, the Appraisal Institute unveiled its Standards of Valuation Practice (SVP). SVP will not replace USPAP (the Uniform Standards of Professional Appraisal Practice) -- which have long-been the mainstay of appraisal...more
The following summaries of final determinations by the Indiana Board of Tax Review from the first half of 2014 were prepared by Noeli E. Serna, a 2014 summer associate at Faegre Baker Daniels who will be entering her second...more