How many of you remember the savings and loan crisis during the 80's and 90's? If you recall, many financial institutions were hurt by the crisis and failed. As a result of this financial downfall, states were ordered to form boards that would provide certifications as well as license to real estate Appraisers.

After the formation of the agency created by Georgia's Legislature in 1990, many critics have agreed that this particular board created to supervise Appraisers has yet to have a positive impact, especially during the latest recession. In fact, Georgia's Real Estate Appraisal Board was a leader in mortgage fraud in 2005.  Needless to say, Georgia's Appraisal Board is barely holding on to date.

Today the board is attached to the Georgia Real Estate Commission whose job is to regulate real estate agents. The appraisal board has no staff members of its own however the total agency supervises approximately 102,000 real estate agents and approximately 5,000 real estate Appraisers with a staff of 30.

Now, due to the past requirements for state Appraiser boards which eventually lead to mortgage fraud, Congress felt the need to impose new regulations to get a handle on the situation.  Just last year, Congress implemented a law requiring states to set up some type of system to license and control loan brokers as well as originators of residential loans. Georgia's version of this law is set to go into effect on January 1st.