Appraisal Institute signs memorandum of understanding wth Italian apraisal goupsMortgagePress.comappraisers, Appraisal Institute, Istituto Italiano di Valutazione Immobiliare, OSMI-Borsa Immobiliare di Milano, MIPIM Congress The United State' largest organization of professional appraisers has entered into a Memorandum of Understanding with two of the premiere Italian appraisal and economic development groups in a mutual effort to harmonize international valuation standards. The Appraisal Institute, the Istituto Italiano di Valutazione Immobiliare (IsIVI) and OSMI-Borsa Immobiliare di Milano have jointly signed the cooperative agreement earlier this month during the MIPIM Congress held in Cannes, France. "As global borders and business markets continue to shrink, we are excited to join together with our Italian counterparts to explore the issue of improving international valuation and financial reporting standards," said Terry Dunkin, MAI, SRA, International Relations Chairman, who represented the Appraisal Institute at the signing. "As an organization committed to expanding our international relations efforts, we look forward to the growth of these new relationships." The memorandum marks a first for the Appraisal Institute with an Italian appraisal organization and is reflective of the Appraisal Institutes continued development of key agreements with valuation groups around the globe. In addition to IsIVI and OSMI-Borsa, the Appraisal Institute has established relationships with valuation organizations in China, Egypt, Germany, Korea, Mexico, Russia, Ukraineand Vietnam, among other countries. "The financial crisis has highlighted the need for harmonized global criteria for the assessment of value of real properties," noted Dunkin. "A recognized valuation standard, combined with accurate valuations, provides investors with confidence to put money into financial markets. It is the goal of our organization to ensure that we collaborate with like-minded appraisal groups to ultimately protect the interests of lenders, investors, the government and consumers." The Appraisal Institute and IsIVI are principal members of the International Real Estate Federation (FIABCI). Both organizations will participate in FIABCI's World Congress in May in Beijing, China, to address the current economic crisis. The recommendations from these conversations will then be presented to the United Nations as suggestions for reducing the financial impact on global markets. For more information, visit www.appraisalinstitute.org.