REVAA Membership

The Real Estate Valuation Advocacy Association (REVAA) is a nonprofit trade association dedicated to the maintenance and further development of high quality standards within the real estate valuation industry and the advocacy of related causes. REVAA promotes high ethical standards, political awareness, and the growth of the real estate valuation industry as a whole.

REVAA is comprised of companies that produce and sell, or benefit from, real estate valuation products including Appraisals, Broker Price Opinions (BPOs), Automated Valuation Models (AVMs) and other innovative approaches that benefit mortgage investors, servicers, originators and borrowers.

A key element of REVAA's philosophy is that homeowners, the mortgage lending industry, and the economy as a whole are best served by a diversified array of real estate valuation products. Given the growing need for multiple perspectives of value in today's challenging real estate markets, it is vital that end-users have the ability to choose from a wide range of products in order to match the appropriate valuation tool to the need.

Vision:

REVAA envisions an industry wide and national regulatory environment that understands the value and benefits of a wide variety of valuation products including BPOs, AVMS and Appraisals, and advocates their diversified uses to the widest extent possible.

Mission/Charter:

To increase public awareness of available valuation products and the applied usage of each product for varying purposes.
To advocate the widest possible use and application of valuation products nationwide.
To petition legislatures and government agencies in order to remove and/or revise restrictions, opinions, policies, regulations, statutes, and/or laws that may inhibit the availability of a wide range of valuation products, including BPOs and AVMs, as a resource to aid financial institutions and others in making critical decisions related to mortgage loans and underlying collateral.
To protect the states that allow the use of varying valuation practices, by assertively responding to any actions or proposals that may unduly restrict the usage of any specific valuation practice.

Goals:

Petition the appropriate agencies (state and/or federal) to expand and clarify the permitted use of a wide variety of valuation tools for appropriate purposes at the state and federal level.
Educate the industry as well as state and federal regulators on the usage, benefits, and protections offered by a variety of valuation products in order to counter any efforts to further restrict their use.

REVAA has recently been involved with the following:

The Obama Administration recently recognized BPOs as an important valuation tool in the Home Affordable Modification Program, which could help homeowners nation-wide stay in their homes and avoid foreclosure.
In addition, the FDIC has recognized the use of BPOs to establish loan-to-value ratios as part of its Loss Sharing Proposal to Promote Affordable Loan Modifications and the Federal Reserve Board has adopted BPOs as part of its Homeownership Preservation Policy for Residential Mortgage Assets. Further, the proposed Interagency Appraisal and Evaluation Guidelines both make clear that BPOs are appropriate in a wide range of circumstances.
Legislation was recently passed in Nevada that clearly describes the broad range of situations in which agents or brokers may deliver BPOs (generally, for most purposes other than as the sole basis for a lending decision). A similar outcome was reached in H.R. 1728, the anti-predatory lending bill recently passed by Congress. In each of these situations a compromise was reached that met the goals of the appraiser and broker/agent communities, as well as the mortgage industry.

Benefits of joining REVAA

Organizations in the valuation industry, as well as the economy, and ultimately the consumer, will benefit from a wider use of and variety of valuation products, including BPOs, AVMs, and appraisals. As a collective force, REVAA speaks with one voice and gives each organization the opportunity to take action and be proactive to effect positive changes and protect the industry. The more support this group receives, the faster positive changes will occur.

As a REVAA member, your organization will gain:

Most importantly, a voice in this association and the opportunity to support the good causes that could protect and/or enhance your business
An organization seat as a REVAA general member with full voting rights
Optional opportunity to participate in determining the direction and strategies of the organization as an elected Steering Committee member
Optional opportunity to participate in advocacy activities as a Group designee