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The Small Business Administration issued revised guidance March 26 stating that an appraisal may be needed to evaluate the creditworthiness of commercial real estate loans below $500,000. New legislation that aligned SBA regulations with those from the federal bank regulatory agencies eliminated the appraisal requirement for commercial loans below the half-million-dollar threshold.
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The American Society of Appraisers, Appraisal Institute, American Society of Farm Managers and Rural Appraisers MBREA|, The Association for Valuation Professionals, American Guild of Appraisers, OPEIU, AFL-CIO, and RICS oppose an Increase in the Appraisal Threshold. The letter states that the proposal puts regulatory relief ahead of consumer protection or safety and soundness.
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NAR agrees that the current appraisal threshold should be evaluated but disagrees with the proposed broad increase to the appraisal threshold without consideration for specific real estate markets. NAR proposes that the Agencies create a policy in which the appraisal threshold level is set at 50 percent of the Government Sponsored Entities (GSE) conforming loan limits for each county.
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ICAP signed a letter requesting a public hearing regarding increase the threshold level at or below which appraisals would not be required for residential real estate-related transactions from $250,000 to $400,000. The letter states the history surrounding the question of the residential appraisal threshold compels a public hearing to be held for the benefit of both regulators and impacted stakeholders.
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The Appraisal Foundation believes that increasing the appraisal threshold level would negatively affect safety and soundness in real estate lending practices. It would likely prompt many financial institutions to significantly reduce attention to collateral risk management. This position is supported by the Government Accountability Office (GAO) report1 in January 2012, where no support was found to raise the current threshold amount.
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2019 Appraisal Board Meeting Schedule - The Board conducts hearings on charges against state certified real estate appraisers for violations of Real Estate License Act; recommends rules and procedures to be followed by appraisers, standards of professional conduct, and continuing education requirements.
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What is ICAP's mission statement?
ICAP works to promote the appraisal profession and its image to the general public and to users of appraisal services. ICAP initiates discussion and analysis of issues affecting professional appraisers and monitors political action with the intent to influence legislation, regulation and public opinion toward the appraisal profession.
What are the benefits of an ICAP membership?
Click here for the benefits of an ICAP membership.
Who should join ICAP?
Real estate appraisers, accountants, assessors, attorneys, and anyone else who would like to stay up-to-date on regulation, legislation and everything that has to do with the latest developments in Illinois’s real estate appraisal profession.
How much are ICAP”s annual membership dues?
ICAP’s annual membership dues are $85 per year
When does my membership start and expire?
ICAP memberships start January 1st and expire on December 31st
How can I find my username or password?
Click here to request your username or password
Where can I log in?
Click here to log in
Where can I update my account?
Click here to update your account
Where can I find information about ICAP seminars?
Click here for the latest information about ICAP seminars
Where can I make a political action donation?
You can make a political action donation here
How can I get involved?
Click here for information about Joining an ICAP Committee
Who can I contact if I have other questions?
Click here to contact ICAP
Check out ICAP’s calendar of events to see the dates of upcoming continuing education, ICAP seminars, special events, ICAP Board Meeting dates and USPAP offerings. To view ICAP’s calendar of events click here.
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Click here for the IDFPR's Homepage
Click here for the IDFPR's Appraisal Homepage
Click here to lookup your Continuing Education
Click here for the current list of AMC Registrants
Click here to contact the IDFPR
Click here for the Illinois Appraisal Newsletter
Click here for the Real Estate Board Minutes
Click here to find your lawmaker
Click here for the Appraisal Licensing Act
Click here for the Administrative rules
ICAP represents real estate appraisers in Illinois through continuing communication with our State Representatives. ICAP has advocated for appraisers and influenced Illinois State Legislation and Regulation to ensure that appraisers are represented.
ICAP's political action fund - ICAP collects contributions from members and uses those funds to help elect candidates for public office who are supportive of appraiser related issues. To contribute to ICAP's PAC visit our website at www.icapweb.org
Participating in a membership of over 1,300 members gives you real strength. ICAP serves the interests of all our members whether they specialize in residential or commercial real estate.
Through our regular ICAP E-mail Updates and Social Media Campaign (Facebook, LinkedIn, Blog and Twitter) ICAP members can connect with other Illinois appraisers and stay up-to-date on regulation, legislation and everything that has to do with the latest developments in the real estate appraisal profession.
ICAP has created a bulletin board for appraisers seeking employment and employers offering career opportunities within the appraisal community. Membership can visit our Job Search Bulletin Board at www.icapweb.org.
ICAP Members can access hundreds of relevant appraisal related links at our website www.icapweb.org. Including our Appraisal Laws and Rules.
In addition to the seven hours of continuing education awarded by the State of Illinois, ICAP provides a vast array of business networking opportunities during ICAP's annual summer seminars. Meet your peers and develop life-long connections.
ICAP members receive special member-only pricing on ICAP's annual summer seminars, special deals from OfficeMax Products & Services, and up to 40% off normal Avis Rent-A-Car Rates.
Companies and individuals looking for ICAP members can quickly find them by using ICAP's Find an Appraiser search function. Potential clients can search by Name, City, Postal Code, County or any combination thereof.
Gain leadership skills and experience by serving on committees. Get involved with ICAP and grow your business. Meet and work with appraisal professionals. To volunteer for committee opportunities send us a message at www.icapweb.org.
Now is the time for action!
As an ICAP member you represent the Illinois real estate profession. Make your concerns known to legislators.
Reasons to attend:
Receive timely news and information about our organization and services, as well as upcoming special events.
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ICAP is a political action group and so lacks the credentials to dispense professional appraisal advice. Rather, these questions should be directed to the State of Illinois or our sponsoring organizations.
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