In this issue:

• BRAVE standard released: pair the appraisal PDF with a structured data file to create a reusable “source of truth.”
• Appraisal Institute Annual Conference (Nashville): “Chief Appraisers Weigh In” panel on April 14.
• Trending Topics Thursday webinar (April 23): mortgage modernization signals from FHFA, HUD/FHA, VA, CFPB, and bank regulators.
• Advocacy + community: stakeholder working group on the March 13 Executive Order, plus 2026 Outstanding Service Award recipients.

The BRAVE (Banking Real Estate Appraisal Valuation Exchange) standard has been released to pair the appraisal PDF with a structured, spreadsheet‑friendly data file. That consistent dataset can become a “source of truth” inside financial institutions, supporting commercial appraisal review, underwriting decisions, and portfolio monitoring throughout the life of the loan.

BRAVE attempts to modernize how appraisal information is delivered and used. In addition to the traditional PDF report, the appraiser provides a standardized data file that captures a defined set of key fields from the appraisal. Because the fields are consistent from report to report, bank teams can validate, ingest, and reuse appraisal data across systems instead of treating the PDF as the only usable record.

Jeff Garvin, MAI, Chief Appraiser of Bank OZK, helped lead efforts to advance the BRAVE standard. In a recent conversation with Appraisal Now, Garvin shared insights on how a consistent appraisal dataset can serve as a source of truth throughout the life of the loan, including for portfolio monitoring inside financial institutions.

This is important well beyond speeding up intake. When appraisal values, assumptions, and core property attributes can be carried forward as structured data, they are easier to track, reconcile, and reference later during servicing, renewals, modifications, and ongoing portfolio monitoring. That continuity helps institutions embed the appraisal’s role in risk management processes and systems, strengthening controls, auditability, and consistency in collateral analytics.

BRAVE is open and designed to be practical. The standard is easy to implement and does not require a “middle entity” to control distribution. Large and small appraisal firms can access a validator tool to check BRAVE files and support interaction with commonly used appraisal software as well as proprietary, in‑house systems, helping firms and banks adopt a consistent exchange format without disrupting existing workflows.

To hear how chief appraisers are thinking about standardization, risk management, and the expanding use of appraisal data inside financial institutions, join Chief Appraisers Weigh In: Trends, Challenges, and Growth in the Profession during the Appraisal Institute Annual Conference.

• Date/Time: April 14, 2026 • 8:00–9:00 AM CT
• Location: Broadway Ballroom (Nashville)
• Panelists: Thomas Boyle, MAI (Chief Appraiser, U.S. Bank) and Elaine Liz‑Plowman, MAI, AI‑GRS (Chief Appraiser, Hancock Whitney Bank)

For additional details on the BRAVE format and implementation resources (including the validator), visit the BRAVE validator website.

This new benefit is exclusively for Designated members and provides a unique educational opportunity to enhance future appraisal reports! Designated members may submit an eligible appraisal report for independent advisory guidance from a fellow Designated member (serving as an Advisory Guidance Counselor) who has knowledge and background in evaluating appraisal reports.

The Advisory Guidance Counselor will schedule a virtual one-on-one advisory guidance session and verbally provide educational and constructive feedback. The cost for an Advisory Guidance Session is $500 for one commercial report or $300 for two residential reports.

We are excited to gather in just three weeks for the 2026 Annual Conference. Make your plans to join us in Nashville! At this two-day event, you can attend Continuing Education sessions for residential and commercial appraisers, hear updates about the regulatory environment, participate in business development trainings, join coaching sessions, discover artificial intelligence tools, see a first look at the new editions of AI's core textbooks, celebrate at the awards banquet, and more. Plus, join us for a night of networking and fun at Nashville Underground, as we strike a new chord in valuation.

April 23, 2026 11:00 CDT

What’s the policy direction and what are the early signals from FHFA, HUD/FHA, VA, CFPB, and the banking regulators? Our Government Relations team and outside lobbying consultants will provide a Washington rundown and translate it into practical impacts for valuation stakeholders.

Panelists:
Scott Dibiasio, Director, Government Affairs
Brian Rodgers, Senior Manager of Federal Affairs, Government Affairs
Special Guest (TBA)

The Appraisal Institute convened an informal Stakeholder Working Group with peer appraisal organizations in response to the March 13 Executive Order on Promoting Access to Mortgage Credit. An organizing call of the Working Group was held on Friday, March 27.

The Working Group is designed to help stakeholders share information, identify common ground, and engage with federal agencies in a consistent, constructive way as potential implementation activities emerge. Its objectives are to coordinate around core principles, such as appraisal independence, credible valuation practices, strong consumer protections, and transparent oversight. The group will monitor near-term federal agency signals and timelines, compare notes on longer-term policy implications, and identify opportunities for aligned engagement when doing so would be helpful to decision-makers.

Pappas Questions Whether VA Appraisal Standards Should Be Lowered as Subcommittee Examines VA Changes

During last Thursday’s hearing of the House Veterans’ Affairs Subcommittee on Economic Opportunity, Ranking Member Chris Pappas (D-NH) raised a central question in the ongoing debate over VA appraisal policies: Rather than lowering standards in the VA Home Loan Program, should policymakers instead be looking to raise standards across other housing finance programs to match it?

The hearing focused on potential changes to the VA Home Loan Program, including appraisal requirements, an issue receiving increased attention following the Administration’s recent executive order directing agencies to review appraisal practices in federally backed mortgage programs. The discussion suggests that the policy directives in the executive order are now beginning to translate into legislative activity.

Subcommittee Chairman Derrick Van Orden (R-WI) indicated during the hearing that he is exploring legislation related to VA appraisals. While details of the proposal have not yet been released, the effort appears to focus on aspects of the VA appraisal process, including changes to the Minimum Property Requirements that some industry groups argue can complicate or delay transactions for veterans using VA financing.

A representative from the U.S. Department of Veterans Affairs generally defended the current appraisal system, noting that the issue of delays in appraisals is no longer a problem and that VA appraisals serve an important role in protecting both veterans and the integrity of the VA loan guaranty program by ensuring credible valuations and identifying property condition issues.

However, witnesses from the Mortgage Bankers Association and the National Association of REALTORS® urged policymakers to consider changes to the VA appraisal process. In particular, they raised concerns about Minimum Property Requirements and repair-related conditions that can sometimes delay closings or discourage sellers from accepting VA-backed offers.

The hearing ultimately underscored a growing policy debate about how to balance efficiency in mortgage lending with the longstanding safeguards embedded in the VA appraisal process. As lawmakers evaluate possible reforms, the Appraisal Institute will continue monitoring developments closely, particularly any legislative proposals affecting VA appraisal standards or property condition requirements.

The discussion also signals that the Administration’s executive order on appraisal practices is already beginning to shape policy conversations in Congress, with potential implications for how appraisals are conducted in federally supported mortgage programs moving forward.

Click through the links to major real estate industry stories.

The Hidden Housing Cost: How HOAs Are Becoming a “Shadow Mortgage,” Bankrate.com
HOA fees are rising fast, acting like a "shadow mortgage"—unpredictable, unavoidable, and potentially leading to foreclosure. Median fees hit $135 per month, with special assessments adding thousands more, squeezing homeowners and reducing buyers' purchasing power.

America Now Has More Spas and Gyms Than Stores Selling Actual Stuff, The Wall Street Journal
Service tenants—gyms, spas, and salons—now lease more retail space than goods-based stores for the first time, driven by booming wellness culture and e-commerce shrinking demand for physical retail. Fitness alone accounts for nearly 30% of service leases.

A Man Let ChatGPT Sell His Home. It Beat Every Agent’s Estimate by $100K—and Closed in Five Days, Fortune
A Florida CEO used ChatGPT to sell his home for $954,800—which was $100,000 above agent estimates—letting AI handle pricing, marketing, and negotiating. He believes the approach is accessible to anyone, though human lawyers and open houses were still needed.

How Home Buyers Are Using Artificial Intelligence for the Property Hunt, Barron’s
AI tools are reshaping home buying and selling, with 82% of surveyed adults using them for real estate insights. They help narrow searches and estimate costs but can produce wrong or biased answers—often telling buyers and sellers exactly what they want to hear.

Stay current on economic conditions, valuation drivers, and local market trends with these upcoming chapter-sponsored programs—offered in classroom and/or synchronous formats. Each event features expert insights tailored to appraisers and real estate professionals.

• Keystone Appraisal Symposium 2026: Innovation, Intelligence, and the Next Era of Real Estate (Classroom)
  April 9, 2026 | Enola, PA | Keystone Chapter
  Explore real estate market updates plus the impact of AI, data centers, developer integration, and the Freddie Mac/Fannie Mae URAR 3.6 rollout.
• New Mexico Regional Economic Forecast Update 2026 (Synchronous)
  April 17, 2026 | Rio Grande Chapter
  Review the national and New Mexico economies and hear an outlook for New Mexico.
• 10th Annual State of SC Economic Summit – Commercial (Classroom & Synchronous)
  April 23, 2026 | Columbia, SC | South Carolina Chapter
  Get the latest economic and commercial real estate data and trends for South Carolina, the region, and the nation.
• Delmarva Market Update (Classroom)
  April 23, 2026 | Georgetown, DE | Delaware Chapter
  A comprehensive look at current and future Delmarva market conditions, including national/local economic indicators, residential trends, and commercial metrics.
• Tax Court Changes: NJ Updates for Appraisers and Assessors (Synchronous)
  April 28, 2026 | Southern New Jersey Chapter
  Learn about Tax Court updates, the New Jersey economic outlook (including housing, construction, and valuation), and trends in revaluation/reassessment practices.

The Appraisal Institute is proud to recognize Alison K. “Alie” Smeltzer, SRA, AI-RRS, and Randy Button, MAI, SRA, AI-GRS, as the recipients of the 2026 Outstanding Service Award. This award honors members whose leadership, dedication, and service have made a meaningful impact on the organization and the profession.

Alison “Alie” K. Smeltzer, SRA, AI-RRS, is a dedicated leader and active contributor to the Appraisal Institute at both the chapter and national levels. She served as 2023 President of the Western Pennsylvania Chapter and has chaired multiple chapter committees, demonstrating a strong commitment to local engagement and leadership development. At the national level, she served on the Residential Appraiser Committee from 2023 through 2024 and currently contributes to the Government Relations Committee, helping to shape industry advocacy efforts.

Alie is also a graduate and leader within the Leadership Development and Advisory Council (LDAC), where she completed three years as a participant and one year in a leadership role. She has further contributed to the profession through education, completing the Valuation of Sustainable Buildings: Residential Professional Development Series and serving as a seminar reviewer. Since 2011, she has worked as a residential appraiser and reviewer with Ditio, Inc., and serves on the Veterans Administration (VA) panel of appraisers. Her career reflects a consistent commitment to service, professional growth, and advancing the appraisal profession.

Randy Button, MAI, SRA, AI-GRS, is President and CEO of Randy Button & Associates, Inc., a commercial real estate valuation firm based in Brentwood, Tennessee. With more than 40 years of experience, Randy has built a distinguished career specializing in eminent domain and right-of-way appraisals, including complex transportation, avigation, and utility infrastructure projects. He is also widely respected for his work as a review appraiser, providing comprehensive analysis for both public and private sector clients.

A nationally recognized Appraisal Institute instructor and course developer, Randy has made a lasting impact through professional education and regulatory leadership. His service includes roles as Chairman of the Tennessee Real Estate Appraiser Commission, Founding Director of AARO, and Vice-Chair of the Tennessee State Board of Equalization. He currently serves as Government Relations Chairman for the Tennessee Chapter and as a member of the Appraisal Institute’s National Government Relations Committee. Randy’s career reflects a deep commitment to excellence, ethical standards, and the continued advancement of the appraisal profession.

Learn more about the Appraisal Institute Awards and join us in celebrating this year’s recipients at the AI Awards Luncheon during the Appraisal Institute Annual Conference, April 14–15, 2026, in Nashville, Tennessee.

Until next week,
Team Appraisal Institute