16A — September 11 - 24, 2015 — Financial Digest — M id A tlantic

Real Estate Journal


Southern New Jersey Chapter www.ai-snj.org Telephone 856-415-0281 • Fax 856-415-1952

Joint Meeting A Fun Success; More Seminars on the Calendar O

Southern NJ Chapter Appraisal Institute 2015 Chapter Officers

n Thursday, August 6, around 70 appraisers & friends welcomed Jimmy Rollins back home to Philadelphia at Citizens Bank Park. The ballgame was held in conjunction with a joint chapter meeting with the Southern NJ Chapter, Philadelphia Metro Chapter & Delaware Chapters of the Appraisal Institute. The weather was perfect and

President Edward T. Molinari, SRA Ed@molinari.us

Vice President Josh Garretson Joshua.Garretson@farmcrediteast.com Treasurer Albert Crosby, MAI AlbertCrosby@outlook.com Secretary Michael S. Sapio, MAI northstarappraisal@msn.com

the seats (thankfully!) were in the shade. The start of the game was exciting; by the time 1 inning was complete, the Phillies were winning 5-3! As the season of misery continues, the Phillies lost 10-8.

Our day started at McFadden’s at the Ballpark. Upon our 9:30am arrival, the facility was empty: filled only with the sounds of people cleaning and setting up for the day. By the time we were eating lunch, you could barely walk through the place!!! It was filled with great energy, and our group certainly added to that atmosphere. Attendees were informed by a 2 hour continuing education seminar: Overview of Philadelphia Metro Area/Tri-State Economy: Strengths and Weaknesses. This excellent

discussion was presented by Stephen P. Mullin, Presi- dent and Principal of Econ- sult Solutions, Inc.

After the seminar, we held a joint chapter meeting. Jack Sheehan, MAI, had the privilege of presenting a designation certificate to our newest MAI: Rob- ert Klein, MAI. (Pictured.) Rob’s speech summarized his excitement for achieving this milestone, and he was surrounded by many friends and who offered their con- gratulations. Lunch – never complete without a Philly cheese steak! --- was outstanding. Then, it was off to the game! NEW SEMINAR!!!! In September 2015, after decades of relying upon multiple sources of guidance to properly develop and report an FHA appraisal assignment (i.e. the HUD 4150.2 Handbook, the 4150.1 REV-1 Handbook, dozens of Mortgagee Letters, and Frequently Asked Questions–Valuation Protocol), HUD-FHA imple- mented its authoritative source, the 4000.1 Handbook. With the implementation of the 4000.1, some 450 Handbooks, Mortgagee Letters, and other policy documents were superseded and consolidated into this one Handbook, which FHA has described as ‘the consistent source for their Single Family Housing Policy’. Tracking changes in FHA protocol no longer involves scrutinizing multiple publications with sometimes conflicting requirements. This seminar will help appraisers develop an understanding of the FHA Handbook 4000.1 and the accompanying Appraisal Report and Data Delivery Guide. These two documents, used extensively in the seminar, provide all of FHA’s guidance and require- ments when completing an appraisal for a mortgage involving FHA insurance. While many of the requirements are specific to appraisals for FHA insured mortgages, the concepts and guidance are applicable to most if not all residential appraisal assignments. There will be 2 offerings in New Jersey of “FHA Appraising for Valuation Profes- sionals: FHA Single Family Housing Appraisal Requirements.” Both will be instructed by Mark V. Smeltzer, SRA. Southern NJ Chapter will offer it on December 15, at the Adelphia Restaurant and Conference Center in Deptford. The Metro NJ Chapter will offer it December 16, at the Days Hotel, 195 Route 18 S. in East Brunswick. Email lisamayweiss@hotmail.com or visit www.ai-snj.org for more information on this and all other events coming up. n

President Ex Officio Jake Ramage, MAI

Directors Michael Descano (Term through ’16) Samuel Levi, MAI (Term through ’16) Errett Vielehr

(Term through ’15) Robert Kirwan, SRA (Term through ’15) Jackie Marmur (Term through ’15) Timothy W. Sheehan, MAI, SRI (Term through ’15)

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