RICHMOND, Va., June 24, 2014 /PRNewswire/ -- Adam Johnston, Chief Appraiser for Genworth Mortgage Insurance (MI), a unit of Genworth Financial, Inc. (NYSE: GNW), recently was among the first 30 practitioners in the United States to earn the AI-RRS (Residential Review Specialist) designation from the Appraisal Institute (AI), signifying demonstrated expertise in the specialty of residential appraisal review.
AI-RRS is the Appraisal Institute's first new appraisal designation in more than 20 years. The new review designation program took effect Jan. 1, 2014. It was developed in response to the growing and critically important role that appraisal review plays in due diligence, risk management and mitigation for many users of appraisal services. "Appraisal review involves the process of examining an appraisal in areas such as completeness, accuracy, adequacy, relevance, and reasonableness," said Johnston. "As the AI-RRS course materials are introduced nationwide, more appraisers are likely to pursue this additional designation."
To attain the residential review specialist designation, appraisers must have extensive residential review experience, successfully complete additional academic coursework in this specialty, pass an examination and demonstrate peer-reviewed proficiency in completing such reviews.
Johnston, who also is Director of Investigations for Genworth MI, already holds the Appraisal Institute's SRA designation, signifying his expertise in the analysis and valuation of residential real property. Attaining these designations demonstrates an appraiser's knowledge, experience and commitment to the profession. Johnston has been quoted in news articles and has been well-received as a speaker at mortgage and housing industry conferences.The Appraisal Institute is a global professional association of real estate appraisers, with nearly 22,000 professionals in almost 60 countries throughout the world. Its mission is to advance professionalism and ethics, global standards, methodologies, and practices through the professional development of property economics worldwide. All Appraisal Institute professionals adhere to a strictly enforced Code of Professional Ethics and Standards of Professional Appraisal Practice. Appraisal Institute Designated members have met rigorous requirements relating to education, testing, experience and demonstration of knowledge, understanding and ability.