Our own Director of Compliance, Jeff Del Rey, represented PCV Murcor as part of an amazing day on Capitol Hill, working with both Senate and Congressional staff to address the changes and challenges affecting the appraisal industry.
Jeff, as well as more than a dozen other members of the Real Estate Valuation Advocacy Association, held nearly 30 meetings with members and staff of the House Financial Service Committee and Senate Banking Committee. Engaging both sides of the aisle, the delegation covered issues which included the AMC National Registry, modernizing the federal appraisal regulatory structure, and tackling the shortage of appraisers – especially in rural markets.
“I was impressed how well committee members knew our industry,” shared Del Rey. “Avoiding costly disruptions for clients, and more importantly to a consumer’s mortgage experience, is a big part of why we actively pursue solutions with our partners in government,’ continued Del Rey. “I would encourage more voices from the appraisal industry to engage Washington. I’m just fortunate to have been one of them.”
The Real Estate Valuation Advocacy Association (REVAA), is a national 501(c)(6) nonprofit serving as the leading advocate for the residential real estate valuation industry. REVAA members are parties in the procurement and implementation of residential real estate valuation services.
REVAA is actively engaged in the issues most important to the future viability of the industry, including ensuring reasonable and responsible public policy that ensure availability, efficiency and reliability of real estate valuation products and services.
- REVAA members are committed to setting the industry standard for professional excellence.
- Uphold industry professionalism, high-quality standards and ethical conduct.
- Maintain integrity of appraiser independence.
- Create innovative valuation products.
- Ensure timely payment of appraisers and others for their work.
- Support appraiser recruitment, training and continuing educational opportunities.
The Committee oversees all components of the nation’s housing and financial services sectors including banking, insurance, real estate, public and assisted housing, and securities. The Committee continually reviews the laws and programs relating to the U.S. Department of Housing and Urban Development, the Federal Reserve Bank, the Federal Deposit Insurance Corporation, Fannie Mae and Freddie Mac, and international development and finance agencies such as the World Bank and the International Monetary Fund. The Committee also ensures enforcement of housing and consumer protection laws such as the U.S. Housing Act, the Truth In Lending Act, the Housing and Community Development Act, the Fair Credit Reporting Act, the Real Estate Settlement Procedures Act, the Community Reinvestment Act, and financial privacy laws.
The U.S. Senate Committee on Banking, Housing, and Urban Affairs is one of twenty Senate committees tasked with conducting Senate business related to specialized areas of legislative interest. Although the Senate has a longstanding history of writing and passing legislation focusing on our nation’s banks, the Senate Banking Committee was not formally established until 1913, with Senator Robert Owen of Oklahoma, sponsor of the landmark Federal Reserve Act, as its first Chairman; since then, the Committee has undergone various transformations and reorganizations. Now known as the Committee on Banking, Housing, and Urban Affairs to underscore the diversity of issues under its purview, the Committee plays an integral role in managing legislation that affects the lives of many Americans. These areas of jurisdiction include, but are not limited to: banking, insurance, financial markets, securities, housing, urban development and mass transit, international trade and finance, and economic policy (an official list of these legislative and policy issues can be found in the “Jurisdiction” section of our website). Further information about how Senate Committees generally operate can be found here.