Appraisal Institute President Richard L. Borges II, MAI, SRA, and Immediate Past President Sara W. Stephens, MAI, addressed the United Nations Economic Commission for Europe roundtable in Washington, D.C., Jan. 15, where they offered to help establish a U.S. real estate ratings system to enhance collateral risk management.
A credible ratings system would require the development of specialized education and guidance materials for U.S. appraisers — an effort AI said it was ready to take on.
Similar ratings systems have been established in Europe, and the UNECE has developed a policy framework that outlines critical elements of the system.
George Mann, MAI, SRA, who attended the roundtable as part of the UNECE work group, serving as both a representative from AI and from the U.S., addressed how the rating system’s policy framework could work in the United States.
Other attendees at the “Policy Framework for Sustainable Real Estate Markets: Sound Rules to Improve the Real Estate Sector and Promote Economic Growth” roundtable included international real estate organizations and government agency staff.