As the calendar welcomed 2023 onto its pages, it signaled the time to update everyone as to what the Appraisal Institute (AI) has in store for the next 12 months.
New AI President Craig Steinley took the time to share with us his thoughts on the profession, his goals as the organization’s president, and what he sees for appraisers during 2023. Steinley is proud to serve as president and is eager for what lies ahead.
“I’m very honored to have the opportunity to lead this organization during such an important time for the valuation profession,” he told Valuation Review. “The future of our profession is bright thanks to the work we’re doing to ensure its advancement.”
Initially, we wanted to discuss with the AI president where, specifically, the institute stands as far as the implementation of the organization’s strategic plan and the enhancement of the AI reputation and leadership abroad.
“The adoption of the strategic plan in 2021 was a major step forward as the organization looks to the future,” Steinley said. “Since the adoption of the plan, we have seen major steps taken on each of the five priorities, including board approval of the recommendations for improvements to modernize AI’s education delivery system and products. The board also approved several DE&I priorities, and specific plans are expected to be developed in the coming months.
“Work is underway to refresh the AI brand and website and we’ve already seen significant improvements in our communication methods, including the launch of our all-new Face Value podcast and Instagram channel. AI PAREA is another priority, along with ongoing efforts to recruit and retain AI professionals,” he added.
With regards to regulations, Steinley addressed the matter as to whether or not many of the regs and selected policies appraisers are asked to subscribe to are becoming more “up-to-date” as we head into 2023. He also discussed whether he expects more movement from Congress toward common ground when it comes to regulations.
“We’re anticipating an active regulatory environment, with the Property Appraisal and Valuation Equity (PAVE) action plan in the implementation phase, including several pertinent guidance and regulatory initiatives already underway,” he told us. “These include efforts to improve consumer disclosure and lender processes relating to reconsiderations of value and appraisal appeals; appraiser diversity; and automated valuation model quality control standards. Outside of PAVE, we anticipate the VA to engage in some cursory regulatory activity relating to a recent enacted law focusing on desktop and waiver policies; and the Internal Revenue Service will be implementing a new law relating to syndicated conservation easements.
“We believe Congress also will look at appraisal related issues, with the House potentially taking up the Portal for Appraiser Licensing Act (HR 5756 last session) and the Senate looking at broader appraisal regulatory structure issues,” Steinley added. “The divided government may be conducive to productive bipartisan legislative action, according to our analysis.”
Many people, including 2022 AI President Jody Bishop, have spoken highly of the incredible resiliency and adaptability appraisers demonstrated during the pandemic.
Steinley elaborated on this notion and spoke to his seeing an even greater need for adapting as the country, albeit not as bad as when the virus first arrived in 2020, is still dealing with COVID-19.
“I continue to be impressed by the way appraisers across the country have stepped up to face the challenges we’ve seen in the past three years,” he said. “The world changed in 2020 and appraisers continue delivering credible, reliable opinions of value that keep our profession strong.”
*Be sure to read Part II of our conversation with Craig Steinley.