The chief executive of the Appraisal Institute has been fired following a “secret” board meeting

Cindy Chance, CEO of The Appraisal Institutehe was cut off during what he described as a “secret board meeting” on Thursday night in which he was not included.

The Appraisal Institute is now facing criticism from members who support Chance, a veteran nonprofit leader who joined nearly a year ago and pledged to reform governance and support the work of appraisers.

The Appraisal Institute did not respond to HousingWire’s request for comment, but in a letter to members Friday, the trade group said Chance is “no longer in his role,” and a search for a new leader will begin soon. John Udelhofen will step in as interim CEO.

“We are committed to finding a leader who reflects the mission, vision and values ​​of the Appraisal Institute and helps us continue the progress made on our Strategic Plan goals,” Board President Sandy Adomatis wrote in a letter to members.

“We want to assure you that we take our mission seriously as directors of the Appraisal Institute. We are continuing our progress on the lofty goals of our Strategic Plan to modernize our education delivery and innovation and continue to modernize technology and offer the programs we feel are most important to you. As with our profession, our efforts will always be focused on recruiting and retaining professional members. We will continue our extensive work with PARA, and our efforts in the areas of diversity, equity, and inclusion including further expansion of college and university partnerships.”

Chance told HousingWire on Friday that he had not received “specific feedback” before the termination notice. He said he was terminated without reason.

“People have been saying this will happen since the Q3 board meeting,” he said. “I heard that they are planning to fire me for leaking and being disrespectful, not to the Board itself or to any official. I am very proud of my work and my main focus was the welfare of the members and the analytical work.”

Asked why he was terminated and if there was a disagreement, Chance replied, “You’ll have to ask them.”

Chance said he’s “on record as recommending governance reform, but I wouldn’t call that an argument – that was a recommendation based on my commitment to the organization.” I have been effectively conducting and communicating openly with the Board and membership about my progress on our board-approved goals.”

Chance also said the board president and other members “stepped in to make important decisions including directing employees, firing key contractors and ending relationships,” while he was CEO.

The trade association, the largest professional organization for real estate appraisers, provides free training materials for appraisers, distributes grant money and publishes a quarterly publication called “Valuation.”

The Appraisal Institute has been criticized by the government for a lack of diversity in its ranks and has acknowledged the need for modernisation. According to the group’s own statistics, 78% of American respondents say they are male, 1.3% say they are black and 4.3% say they are Hispanic. More than 70% of job seekers are over 50 and many are retiring.

Another aspect of the tension is the relationship between independent appraisers and appraisal management companies, middlemen who often take a large cut of appraisal fees, squeezing profits for appraisers and accelerating the shift to virtual appraisals.

Many independent inspectors on Friday took to social media to express their complaints about Chance’s dismissal, while in others, they announced their resignations from the trade group.

“He was terminated because his positive reforms compromised the vested interests of the Board members,” said Lori Noble, a West Virginia auditor who has been an outspoken critic of the board. “There is a lot to answer for now and it is up to the members to demand a full audit of the organization or some kind of legal action to explain the conduct and behavior recently, as well as the last few years.”

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