Illinois Coalition of Appraisal Professionals

The letter states that our nation is reflecting on important matters of racial justice and discrimination, and this dialogue includes matters involving real estate financing and economic development and that real estate appraisers play an undisputedly important role in real estate development and financing central to taxpayer protection, safety and soundness of financial institutions and the protection of consumers

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Fannie Mae updated Lender Letter LL-2020-04

Fannie Mae updated Lender Letter LL-2020-04 extending temporary flexibilities through September 30th.  The letter states that during this COVID-19 national emergency, in many cases lenders are unable to obtain an appraisal based on a full interior and exterior inspection of the subject property. In response they are allowing temporary flexibilities to their appraisal requirements. They are working closely with Freddie Mac under the guidance of FHFA to offer these temporary measures.

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Appraiser Standards Board Chair Wayne Miller and Vice President of Appraisal Issues Lisa Desmarais walk through the ASB's Second Exposure Draft. Be sure to submit any written comments to the ASB by July 30, 2020 for consideration. View the video and download the presentation.

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Coronavirus Legal and Risk Issues for IllinoisAppraisers 

This webinar featuring Attorneys Craig Capilla and Peter Christensen who address the special legal and risk issues concerning appraisers in relation to COVID-19. They cover: 

• Whether appraisers have yet faced actual liability situations relating to COVID-19. 
• The potential future liability impacts for appraisers that may stem from the crisis. 
• Concerns about future liability in relation to appraisal work generally.
• Examples of suggested language to consider including in appraisal reports. 

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Best Practice Webinar on the NEW ALTERNATIVE Appraisal Reports for GSE’s and FHA

Trying to navigate the alternative residential appraisal forms and market conditions in the COVID pandemic? Then you must listen to this webinar featuring TJ McCarthy, SRA, ASA, IFA and Woody Fincham, SRA, AI-RRS, ASA.  This webinar discuss the guidelines and requirements for the selection of alternative appraisal reports for Fannie/Freddie/FHA.  This webinar also feature a section on market analysis – "Back to Basics": with Woody Fincham, SRA, AI-RRS, ASA. 

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Get answers about the best business practices and listen to a discussion about the challenges and concerns of appraising real estate during the  COVID-19 pandemic.  This webinar features Dr. Michael Ison the Medical Director of the Transplant & Immunocompromised Host Infectious Diseases Service, Northwestern University Comprehensive Transplant Center at Northwestern University Feinberg School of Medicine.

This webinar also features a legislative update by ICAP's new lobbyist John S. Kamis of Turing Strategies.

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The State of Illinois entered “Phase 4: Revitalization” of the “Restore Illinois” plan on June 26, 2020 under Executive Order 2020-43. This brochure is intended to address ongoing questions about permitted real estate services during Phase 4. While this brochure provides one resource for real estate professionals that complements and supplements the “Restore Illinois” plan, you are encourage you to review pertinent guidance and publications from the Governor’s Office, the Illinois Department of Public Health, and the Department of Commerce and Economic Opportunity.

This guidence from the Division of Real Estate provides best practices as we move forward in reopening Illinois. Together we can ensure that the Illinois real estate industry continues to move forward as our licensees provide critical services to Illinois residents and consumers.

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