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Showing posts with label #Appraisers. Show all posts
Showing posts with label #Appraisers. Show all posts

Thursday, March 18, 2021

Fair Housing Education Now Mandatory for Appraisers

On March 17, 2021, NYS adopted a new regulation to be effective January 1, 2022, that mandates fair housing education as a condition of license renewal for appraisers.

The following subjects and number of hours are required under this new regulation:

(A) 7 Hour Introduction to Fair Housing and Fair Lending Instruction

        (1) Fair housing, fair lending requirements, and the history of lending, 2 hours

        (2) Development of appraisal (standard 1 USPAP), 1.5 hours

        (3) Reporting of appraisal reports (standard 2 USPAP), 1.5 hours

        (4) Case Studies, 2 hours

(B) 4 Hour Update to Fair Housing and Fair Lending Instruction

        (1) Fair housing, fair lending requirements, and the history of lending, 1 hour

        (2) Development of appraisal (standard 1 USPAP), 1 hour

        (3) Reporting of appraisal reports (standard 2 USPAP), 1hour

        (4) Case Studies, 1 hour

While it may be important to have additional fair housing education, how much education on fair housing is considered enough?

Should a 7-hour course on the introduction and a 4-hour update necessary to renew a license or certification, or should it be more or less?

Do you agree with NYS or how would you do it differently if you were in charge?