USPAP is Unconstitutional?
Gerald McNamara and Colleen Kudrick were admonished by the board in a five-count takedown. There is a lot of nuances here but the sanctions seemed to be based on the fact that one of the appraisers wasn’t licensed at the time and could not explain how she valued the property. The other who was certified said he did not assist in the preparation but did inspect the property. The client made a complaint and the board investigated.
Seemingly doubling down on damaging their reputations, they filed a lawsuit against the appraisal board and seem to be saying that USPAP is unconstitutional because The Appraisal Foundation is a private organization. This has ramifications for many reasons including:
- The evidence presented against the two individuals is quite detailed, and if accurate, shows that the appraisers were negligent enough for a financial services firm to complain.
- It questions appraisal laws on a technicality that USPAP is overseen by a private organization.
The following documents are available in public record and are worth reading:
- TAF Conflates Real Estate Appraisers with Appraisers - March 14, 2022
- ALOFT = “A Lack of Freaking Talent” - December 6, 2021
- Appraisers Are Ghosting AMCs? - November 17, 2021