Form PACE Pro – Appraisal or Evaluation?
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Frankly this form is so screwed up!
To First American Mortgage Solutions…(copy to appraisers around the US):
Do you folks really understand what your PACE form report REALLY is?? It is not an Evaluation report. It is an actual appraisal, disguised very poorly as a so-called Evaluation.
Here’s what I found in your form, after actually reading it:
“This report is provided for the benefit of the named customer only and is not intended to be, nor shall it be deemed to be, an appraisal or any form of an appraisal.”
OK, fine, not an appraisal. The main form page says it’s an Evaluation. Perfectly fine.
Then it says:
“USPAP Departure Provisions have been utilized by the certifying appraiser, specifically 1-2(B), 1-2(D), 1-3 and 1-4 and this report is subject to further certifications, definitions, and assumptions retained for the customer on file by the appraiser.”
‘Departure’ has not been a part of USPAP since 2006, (thanks Bob Keith for disclosing the year in your WorkingRE article).
Then later in this form it says this:
“This Restricted Appraisal is subject to statement of assumptions and limiting conditions, and certifications.
This is a Restricted Appraisal Report which is intended to comply with the reporting requirements set forth under S.R. 2-2 of the Uniform Standards of Professional Appraisal Practice.
…that were used in the appraisal process to develop the appraiser’s opinion of market value.”
Then it says:
“The intended user of this evaluation report is limited solely to the identified lender/client. This is a Restricted Use Report (that report type name is no longer valid, as of USPAP 2014) and the evaluator’s opinions and conclusions set forth in the report may not be understood properly without additional information in the evaluator’s work file.
The PACE Report appraiser must analyze all agreements of sale, options, and listings of the subject property current as of the effective date of the appraisal, and analyze all sales of the subject property that occurred within the three years prior to the effective date of the appraisal.”
Frankly this form is so screwed up, appraisers should not complete this kind of report until the form is corrected.