On March 11, the Appraisal Institute participated in the U.S. Department of Housing and Urban Development’s Green Mortgage Appraisal Roundtable at the White House to help identify ways in which the mortgage appraisal process can be improved.
The Appraisal Institute was represented by 2014 President Ken P. Wilson, MAI, SRA, and representatives from AI’s Washington office.
Meeting attendees also heard from Sandra Adomatis, SRA, owner of Adomatis Appraisal Service, Punta Gorda, Fla., who discussed ways in which the valuation profession has advanced relative to the appraisal of high-performance homes. She also talked about key issues that still require attention by policymakers, lenders and real estate agents, including limited data, inadequate populating of energy-efficiency fields in data systems, a lack of standardized reporting of energy ratings and information, a lack of mortgage industry knowledge and understanding and of weaknesses within the appraisal ordering process. Adomatis said that these issues constrain the ability of valuation professionals to analyze the impacts of high-energy performance in the real estate market.
Meeting participants generally agreed that more attention should be paid to bridging the gap in green and energy-efficiency information, and that more education for all parties involved in these transactions would address many issues relating to the mortgage process.
This roundtable followed a similar one that the Appraisal Institute attended last July.
View Adomatis’ presentation at the Green Mortgage Appraisal Roundtable.