Author: Ann O'Rourke

Standards Written in Weasel Words - Is it jUSt PAP? ~ copyright AppraisersBlogs 6

Is it jUSt PAP?

…standards written in weasel words… Appraisal is not rocket science, but it’s been around for about 300 years and it worked pretty well when the principles were kept simple and the consequences for ignoring them were disastrous. It would also have been nice if individual lending institutions still had to hold their own loans into perpetuity. The “Just Pap” is more unpopularly known as the Uniform Standards of Professional Appraisal Practice, which came into being after the last big residential mortgage greeding frenzy (the failure of S&Ls in a 17%-mortgage-rate environment during the late 1980s). Before your friendly author proceeds...

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