Category: Appraisal Organizations

0

Possible USPAP Changes

The Uniform Standards of Professional Appraisal Practice (USPAP) is always a work in progress. If you haven’t heard, the Appraisal Standards Board (ASB) is hard at work considering potential changes for the 2014 –’15 edition. On Aug. 15, 2012, the Board released a second exposure draft covering these proposed changes. The ASB’s work plan for the 2014-’15 edition of USPAP includes reviewing and revising as needed the following areas of USPAP: Reporting and Communication Requirements Reporting Options Retirement of Standards 4 and 5 Other revisions and additions as needed to ensure clarity and relevance The deadline for comment on this...

Letting the AIR out 4

Letting the AIR Out!

After all it’s AIR; not a vacuum. First, HVCC is dead. Dead and buried. It died back in 2010. Second, even when it was still plaguing the profession, it never stated that appraisers couldn’t or shouldn’t talk to real estate agents or brokers. Ever. I still have a copy of the HVCC because you never know when revisionist history will appear. Eventually, AIR took its place. AIR stands for Appraiser Independence Requirements. I have a copy of AIR. It resembles HVCC in many ways but, again, it doesn’t say a single word about appraisers being prohibited from chatting up or...

0

3rd Exposure Draft: 2014-2015 USPAP

Third Exposure Draft of the Proposed Changes for the 2014-2015 Edition of the Uniform Standards of Professional Appraisal Practice The goal of the Uniform Standards of Professional Appraisal Practice (USPAP) is to promote and maintain a high level of public trust in appraisal practice by establishing requirements for appraisers. With this goal in mind, the Appraisal Standards Board (ASB) regularly solicits and receives comments and suggestions for improving USPAP. Proposed changes are intended to improve USPAP understanding and enforcement, and thereby achieve the goal of promoting and maintaining public trust in appraisal practice. The ASB is currently considering changes for...

0

Free Trial Membership to ICAP

ICAP, the Illinois Coalition of Appraisal Professionals, works hard for you to monitor and make positive changes to Illinois State appraisal law. In an effort to enhance its membership and visibility ICAP has developed a special promotion offering a FREE no-risk trial membership. The FREE trial will allow non-members to receive all the same benefits as paid members through the first quarter of 2013, including: 1. A strong voice in Springfield with membership of over 1,800 appraisers 2. Legislative Alerts and Updates 3. Access to ICAP’s Career Center 4. ICAP Discounts on events and educational Offerings 5. Participation in ICAP’s...

Appraisers Evaluations Guide 0

Evaluations for Lenders & Appaisers

Appraisal Institute Helps Appraisers Perform Evaluations for Lenders The Appraisal Institute’s “Guide Note 13: Performing Evaluations of Real Property Collateral for Lenders” addresses how appraisers should prepare an evaluation for a lender and comply with the Uniform Standards of Professional Appraisal Practice. The Guide Note states, “Federally insured lending institutions in the United States are subject to regulations regarding real estate appraisals. For lending transactions involving real estate, a lender must obtain an appraisal from a state licensed or certified appraiser. There are 12 exemptions from this requirement. For three of these exemptions, in lieu of an appraisal by a...

Appraisers work file critical 2

Work file, How Critical is it?

How Critical is the work file? I consider the work file responsibilities that are found in USPAP to be the most neglected. Appraisers tend to treat the work file as an after-thought rather than a fore-thought. Appraiser workfiles largely resemble a hodge-podge of scribblings, notes, dog-eared data sheets, distorted, coffee-stained sketches on legal pads and fast-food napkins. The whole thing is jammed into a file and mostly forgotten. To me, it is the bad comb-over of documentation. However, after reading this, I hope that you’ll afford it a tad more respect going forward. What Is USPAP’s Work file Big Picture?...

Texas AMC survey 1

Texas Appraisers and AMC Survey

In August 2012, the Texas Appraisers and Appraisal Management Survey surveyed a total of 1,584 appraisers and 55 appraisal management companies doing business in the state of Texas. The questions were specifically designed to achieve the following: Clearly distinguish between the fees paid to appraisers by Appraisal Management Companies (AMCs) and fees paid by non-AMC clients for residential appraisals. Capture any difference in fees paid by property type: single family, condominium, size or square footage, or other factors. Capture the impact on fees by market area or locale: urban vs. rural, (MSAs, county, zip code, etc.). Determine whether appraiser qualifications...

Lenders May Still Profit Most from Appraisal Fees 2

To Disclose or Not to Disclose AMC Fees

To Disclose or not to Disclose AMC Fees… With the Consumer Financial Protection Bureau (“CFPB”) up and running, there are numerous regulatory issues still pending relating to the Dodd-Frank Act. The regulatory issues include appraisal independence rules, AMC fee disclosure, AMC registration, required physical property visit by appraisers in “higher risk” mortgages, HUD-1/RESPA Consumer Disclosure, and asset backed securities. Of particular note, the CFPB has proposed a new Consumer Disclosure form that is intended to replace the HUD-1 settlement statement. The proposed rule which was release for public until November, allows disclosure of appraisal management company fees, but does not...

Appraisal USPAP Definition 0

Is That an Appraisal? USPAP Definition

Why Isn’t that an Appraisal? APPRAISAL: (noun) the act or process of developing an opinion of value; an opinion of value. (adjective) of or pertaining to appraising and related functions such as appraisal practice or appraisal services. Comment: An appraisal must be numerically expressed as a specific amount, as a range of numbers, or as a relationship (e.g., not more than, not less than) to a previous value opinion or numerical benchmark (e.g., assessed value, collateral value). In general terms the USPAP definition is elegant in its simplicity. We all understand what it is that appraisers provide. You provide opinions...

BPO Legislation North Carolina 0

North Carolina Enacts BPO Legislation

What a licensed broker or appraiser must do in performing a BPO or a CMA… North Carolina Governor Beverly Purdue signed S.B. 521 into law July 12, and the legislation will significantly expand the ability of the state’s licensed real estate brokers to offer a broker price opinion or comparative market analysis. The legislation included two amendments provided by the state’s appraisal organizations. Prior to the new legislation, North Carolina real estate brokers were limited to providing a CMA only in the real estate sales context, and they had to have a reasonable expectation that a listing would result from...

xml sitemap
blank