Category: Appraisal Organizations

Summary of Actions Related to Proposed USPAP Changes 0

Summary of Actions Related to Proposed USPAP Changes

Potential changes and additions to USPAP On February 1, 2013, the Appraisal Standards Board (ASB) adopted modifications to the Uniform Standards of Professional Appraisal Practice (USPAP). This action was the culmination of a period of 15 months and multiple discussion drafts, requests for comments, and three exposure drafts. Written comments were received in response to each document, and oral comments were provided at each public meeting. The ASB read and carefully considered every comment, developed a work plan to address the issues brought forward, and adopted revisions for the 2014-15 edition of USPAP. 1. Revisions adopted for 2014-15 USPAP The following...

Rental Block - Fannie Mae Form 1025 4

Rental Block

Simply dumping rents into rental grid… The Fannie Mae Form 1025 is a lame document. There. I said it. You appraisers out there all know exactly what I’m talking about. Part of what makes it lame is the goofy layout of the form and what passes for education for appraisers in how to complete it properly. Too many appraisers haven’t a clue how to compare rents in a two to four unit apartment building. In many cases they simply dump rents into rental grid and magically opine that the subject rents are supported in the  market. What market is that? Actual...

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Kentucky Passes Legislation Helping Appraisers Harmed by AMCs

On March 21, Kentucky Governor Steve Beshear signed into law House Bill 120, which created a new appraisal management company recovery fund to replace its current surety bond requirement. The Kentucky Real Estate Appraisers Board will establish procedures for making claims against the fund and will administer the funds in order to provide restitution to licensed or certified real property appraisers who have suffered pecuniary harm by an AMC. Appraisers will be able to seek

Appraisal Institute Releases Enhanced ‘Green’ Addendum 2

AI Releases Enhanced ‘Green’ Addendum

The Appraisal Institute released on March 7 an updated version of its Residential Green and Energy Efficient Addendum. The form is designed to assist in the valuation of energy-efficient home features, and it remains the first of its kind specifically intended for appraisers’ use. AI originally issued its green addendum in September 2011 as an optional form to Fannie Mae Form 1004, which is the valuation profession’s most widely used form for mortgage lending purposes. The addendum allows appraisers to identify and describe a home’s green features, from solar panels to energy-saving appliances. Form 1004 devotes limited attention to energy-efficient features,...

ASC Refer My Appraisal Complaint website 0

ASC “Refer My Appraisal Complaint” Website

ASC “Refer My Appraisal Complaint” Website is Up and Running The ASC’s new Refer My Appraisal Complaint website and hotline are up and running.  Here is the link to the website: https://refermyappraisalcomplaint.asc.gov/ I would suggest you all take a second and read this site’s Homepage direction to consumers and maybe you will understand why the Federal Government is so deeply in debt. This is a silly attempt by the ASC to project an image of consumer protection when in essence it is nothing more than a buck passing platform to the appropriate State Licensing Agency.  It even goes so far as...

Appraiser Complaint Forms 0

AI Advocates for Issue-Specific Appraiser Complaint Forms

The Appraisal Institute and the American Society of Farm Managers and Rural Appraisers jointly sent a letter Feb. 28 to the Federal Deposit Insurance Corporation, the National Credit Union Administration and the Comptroller of the Currency expressing concern about the broad reach of a proposed Interagency Appraisal Complaint form. The agencies intend to provide a copy of the form to individual complainants, who, in turn, will return to the agency for information gathering and potential referral. In its letter, AI and ASFMRA expressed concern that the proposed form may not be the most effective approach and instead recommended complaint forms...

Court evidence & appraisers workfile 1

Court Evidence & Your Workfile

How a Few Key Items in your Work File Can Protect You in Court I used to work with someone who had a photographic memory. Most of us are not so lucky, and have to rely on our imperfect memories and good note-taking skills. As an attorney, I document everything. I handle hundreds of cases, and without good documentation I will not remember what I did on a particular day or what support I had for a particular theory. As an appraiser, your work file is your documentation.  Not only is a work file a USPAP requirement1, it can help...

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BPC Report: Eliminate GSEs, Rethink Appraisal Processes

A Bipartisan Policy Center report released Feb. 25 primarily focused on reducing the government’s role in the nation’s housing finance system, but it also proposed changes to current appraisal policy. Appraisal-specific recommendations contained within the 136-page report, titled “Housing America’s Future: New Directions for National Policy,” focused on banning the use of distressed home sales as comparables by appraisers, a practice the BPC said was helping to depress local home values and impacting buyers’ ability to secure financing. The report suggested that Fannie Mae, Freddie Mac and the Federal Housing Administration should refuse to accept distressed sales as valid comps,...

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ASB Releases Exposure Drafts for AO-13 & AO-21

The Appraisal Standards Board (ASB) has issued the following exposure drafts: Exposure Draft of Proposed Changes to ADVISORY OPINION 13 (AO-13), Performing Evaluations of Real Property Collateral to Conform with USPAP Rationale: The prior version of Advisory Opinion 13 included not only advice related to USPAP, but also some interpretations of the Interagency Appraisal and Evaluation Guidelines.  The Interagency Work Group has suggested, and the ASB agrees, that AO-13 should focus on the application of USPAP and avoid interpretation of the guidelines. When  an  individual  is  acting  as  an  appraiser,  USPAP  applies. The  proposed  replacement Advisory Opinion 13 illustrates that under...

ASC letter RE Launch of the 1

ASC Letter RE Launch of the Hotline

ASC Letter to State Appraiser Regulatory Officials Announcing the Launch of the Appraisal Complaint National Hotline To State Appraiser Regulatory Officials The Appraisal Complaint National Hotline (Hotline) will begin operation no later than March 29, 2013. The Hotline will refer complainants to appropriate State and/or Federal agencies to handle complaints of alleged violations of the Uniform Standards of Professional Appraisal Practice (USPAP) and/or appraisal independence requirements. The Hotline will direct complainants to contact you to formally file their complaint using the existing protocols established by your State. The Hotline does not initiate complaints, act on behalf of complainants, arbitrate complaints,...

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