The Appraisal Advocacy Coalition, a collaborative effort to promote and support real estate appraisers, opens its doors

The Appraisal Advocacy Coalition, a non-profit, Washington, DC-based organization dedicated to protecting real estate appraisers from unfair competition, unjust perceptions and uncompensated misuse of their intellectual property, was formally introduced at a la mode’s Winter Convention here. With 1,700 attendees registered, the Winter Convention is the appraisal industry’s largest. Hundreds of attendees joined a panel of industry experts and participants January 17 to learn about and discuss the new organization. Dave Biggers, founder and Chairman of a la mode, is donating significant money and manpower to jump start the new effort. a la mode and the Appraisal Advocacy Coalition, a non-profit organization, will be entirely separate entities.

“We’ve introduced the Appraisal Advocacy Coalition as an appraiser-supported effort to ensure that the single most important facet of the American economy doesn’t fall prey to predatory lenders and shady ‘appraisal alternatives,’” said Ben Harris, a veteran campaign strategist who is a la mode’s Director of Public Affairs.

Appraisers are vitally important to protecting home buyers and homeowners from predatory mortgage schemes, “sticker shock” associated with spiking monthly mortgage payments and a “musical chairs” style secondary market.

“Appraisers are the auditors of the mortgage transaction,” Harris said. “But they can only do the kind of good, valuable work auditors do in other business contexts if they’re perceived as and treated like auditors.”

The economy’s need for a strong, independent stable of appraisers is illustrated by the fact that some 83 percent of victims of inflated mortgage schemes are America’s most vulnerable homeowners, living in low- to moderate-income Census tracts. More than half pay 20-50 percent more in monthly mortgage payments than they would have with an accurate appraisal, according to figures from the National Community Reinvestment Coalition.

Speaking at the Winter Convention’s keynote session, former Housing and Urban Development Secretary Andrew Cuomo praised the effort to bring appraisers’ concerns front and center. Describing appraisers several times as the keys to maintaining the integrity of the home buying process, Cuomo noted that challenges to that integrity are sometimes difficult for appraisers to overcome individually. But “as a collective, you’re strong. And as a collective, you’re right,” he said. “You will keep the American dream of homeownership pure and sound for the next generation.”

A charter member of the Appraisal Advocacy Coalition is real estate appraiser Tim Vining of Washington state. “a la mode stuck its neck out for me in a copyright infringement case last year,” Vining said, “but there are thousands upon thousands of appraisers who need help not in court but at the policymaking level. That’s where the Appraisal Advocacy Coalition comes in, and why is so great that a la mode is helping seed it and get it off the ground.”

About the Appraisal Advocacy Coalition
The Appraisal Advocacy Coalition (AAC) is a non-profit, appraiser-supported organization dedicated to protecting and supporting residential appraisers, and ensuring both a healthy housing economy and that the American dream of home ownership doesn't turn into a nightmare for individuals and families. Headquartered in Washington, DC, the AAC promotes “real equity” for homeowners – that is, an accurate, full appraisal – and for appraisers, who too often get the short end of the stick.