AGENDA

Secretary's Report
Treasurer's Report
President's Report
REAC Meeting at Summit on Thursday Morning, August 19
ACOW AT THE SUMMIT VI starts Thursday Afternoon, August 19
FNMA’s proposed changes to Form 1004, 2055, and SEVEN OTHERS!
Web Site enhancements underway. www.acow-wa.org
ACOW membership growth
LEGISLATIVE AFFAIRS: 2005’s successor to 2SHB 1897 "Real Estate Appraiser Trainees”

ACOW AT THE SUMMIT VI

ACOW at the SUMMIT VI will begin after the Thursday morning REAC Meeting (see that item below), beginning on the afternoon of Thursday, August 19, and continuing all on day Friday, August 20, 2004. Fliers have been mailed. If you did not get one, go to www.acow-wa.org for up to date posting of the details, and to http://www.dol.wa.gov/app/appfront.htm for contact info to UPDATE YOUR ADDRESS. The ACOW Administration Office did the annual mailing list update from data obtained in July from DOL . Send your registration requests now to the ACOW Administration Office via e-mail to seaop@qwest.net to be sure of a seat.

The THURSDAY AFTERNOON FORUM will update attendees with a presentation by DOL’s new Appraisal Program Manager, David Santhuff < dsanthuff@dol.wa.gov > on the State of the Appraisal Program and Future Expectations. Marc Campos will moderate this panel. One of our Commissioners and a Washington appraiser will join in.

A delicious DINNER BARBECUE will be our evening in the mountains.

The FRIDAY MORNING FORUM is an interactive discussion of Fannie Mae’s Proposed Revisions to its Form’s 1004, 2055 and seven others. This is the newest of the hot topics in the appraisal world in many of our minds and on our lips. The goals are to develop responses to be sent to Fannie Mae before the September 15 deadline, and to work up our ideas of best and worse practices in use of the forms. They can be used right now. See Announcement 04-02 dated June 1, 2004, at < http://www.efanniemae.com/singlefamily/sf_forms.jhtml >. Afterwards, we break for our usual DELI BUFFET LUNCH.

The FRIDAY AFTERNOON FORUM has been developed by Richard Hagar and Sheridan Shaffer. It will examine what appraisers can learn from recent instances of Mortgage Fraud that have involved a few appraisers in Washington State. Share your biggest headache or your remedy for the headaches which clients or others cause appraisers will be good meat for the concluding discussion of this forum.

The conclusion will be our usual Adjustment Hour.

USPAP INSTRUCTOR RECERTIFICATION PROBLEM

The Appraisal Foundation (TAF) now requires that previously Certified USPAP Instructors must attend a one-day Instructor Recertification Course every two years by June 2005. Our problem is that TAF has not recognized the Pacific Northwest by scheduling an offering here. This may lead to a shortage of instructors in the PNW. The solution might be for ACOW and/or an adjoining/adjacent state coalition to sponsor a PNW offering, just as the North Carolina Professional Appraisers Coalition is doing in September. Chris Eldred < cseldred@hotmail.com > is in touch with TAF staff to get further details on what would need to be done. We will talk about it at the Summit VI. In the meantime, talk to your local chapters and appraiser community about this situation and its impact on you. Also, please go to < http//www.appraisalfoundation.org/html/events/2004recert.asp > the current schedule. Questions should be sent to Mavis Kleso < mavis@appraisalfoundation.org >.

ACOW MONTHLY MEETING SCHEDULE – PLAN AHEAD

ACOW normally meets Every Month on the Thursday after First Monday (some years except July 4 week). 2004 MEETINGS DATES: August 5, September 9, October 7, November 4, and December 9. Then, January 6, 2005, followed by February 10, March 10, April 7, May 5, June 9, July 7, and, August 4, 2005. NOW, Odd months will be in Seattle, and Even months in Federal Way. Meetings are open to all appraisers, so please plan ahead and come. NOTE: LHL WILL BE RELOCATING TO NEW OFFICES AT 655 ± ± SOUTH ORCAS STRET, OPPOSITE THE U.S. POST OFFICE IN GEORGETOWN 98108 (T. BRO. 595-A6), BETWEEN FOURTH AVENUE SOUTH AND I-5 ( CORSON AVENUE SOUTH EXIT, #162)

STAY ALERT

HUD remains under continuing intense pressure to revisit its withdrawn proposed new rule to change its implementation of the Real Estate Settlement Procedures Act (RESPA). THE ISSUE IS FAR FROM DEAD. Read the national press and real estate industry publications. Lending and Title industry leaders are still lobbying for bundled services in spite of opposition from the Appraisal profession and other providers outside of the packagers’ loop who will get hammered! Consumers will loose what little protection they have left in the home-buying system because appraisers and others will fall captive to the packagers to stay in a declining business.

REGISTERED TRAINEE APPRAISER PROGRAM

ACOW will put forth a 2005 sequel to 2003-2004’s 2SHB1897. Get to know your legislators and those new candidates and the candidates for Governor and Lt. Gov. that are now campaigning for the September primaries. A PDF file of the 2SHB 1897 is at < http://www.leg.wa.gov/pub/billinfo/2003-04/House/1875-1899/1897-s2.pdf >. The staff reports and the fiscal note are available at < http://www.leg.wa.gov/pub/billinfo > as is information on all bills before the legislature. Study it and ask questions now or at the Summit in August.

ACOW MATTERS

CHAPTERS , become an active Organization Member. Your participation will benefit your members by strengthening the Appraisal Profession in our state. PLEASE SEND YOUR ACOW DUES ($25.OO per appraiser member) for 2002, 2003 and 2004. Thank you to the Seattle and Columbia Basin Chapters of AI for strong support during 2003. Funding and participation by all appraisers and chapters is the key to a successful ACOW.

ACOW needs the help of all chapters and individual appraisers with the essentials of Time, Talent and Treasure as we prepare for the future. Please do your part. Remember that our efforts through ACOW have won us an Expert Review Panel, a Commission rather than an Advisory Committee, a Dedicated Account for our fees, and much, much more. There is still a lot of work to do in order to build on these successes. Dues and donations are needed.

CHAPTER LEADERS : Please pass this newsletter on to any and all of your appraiser distribution lists so everyone knows what is going on, and please try to have a representative of your chapter attend.

CHAPTER SECRETARYS : Please send your chapter leadership and membership lists with current e-mail addresses to ACOW at seaop@qwest.net

EVERYONE: ACOW’s mailing list is only as up-to-date as you make it! Postal and electronic mailings can only go to those who keep both ACOW and DOL advised of their whereabouts. Please contact the ACOW Administration Office by E-mail at seaop@qwest.net or by Fax at 206-623-4474 or by Voice at 206-622-8425 or by USPS mail at 6351 Seaview Avenue Northwest, Seattle, Washington 98107-2664 for the detailed information.

Appraisers' Coalition of Washington

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