Category: USPAP

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Why are Lenders not Allowing Trainee Appraisers?

Appraisalbuzz recently posted a ‘White Paper on Training the Next Generation of Appraisers. I thought it was a good enough read to repost to my subscribers. Please read the article HERE and see my comments below: I commend the authors of this well-thought out article. Though I do not agree with every suggestion contained within, I support the general purpose of the article and I thank those who have taken the time to put it together. There are some great suggestions and ideas in this article and every appraiser ought to read it and be a part of implementing a...

AARO / Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / Association of Appraiser Regulatory Officials

Signed or Unsigned that is the Question 0

Signed or Unsigned that is the Question

There is an interesting discussion taking place on some of the forums over the last 9 days with regard to USPAP 2012-2013. Whether or not the additional certifications require a signature. Before weighing in on an esoteric discussion, I would like to remind everyone that the first and foremost intent of USPAP is clarity. To provide an opinion in a manner that is clear, easy to understand, and professionally derived. Therefore, as long as you pay attention to the particulars of USPAP and provide your reports in a manner that is clear, easy to understand, and professionally derived you should...

Appraisal / Appraisal News / Appraisers News / Uniform Standards of Professional Appraisal Practice / USPAP

0

Public Comment for 2014-15 USPAP

Request For Public Comment for the 2014-15 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. The possible issues and alternatives discussed in this document 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...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / ASB / The Appraisal Foundation

0

2012-2013 USPAP Now Available On-Line

The 2012-2013 edition of the Uniform Standards of Professional Appraisal Practice (USPAP) is now available on-line. The 2012-13 edition of USPAP is valid for two years, effective January 1, 2012 through December 31, 2013. According to a TAF press release “the new edition includes the standards of professional practice for all appraisal disciplines as well as guidance from the Appraisal Standards Board (ASB) in the form of USPAP Advisory Opinions and USPAP Frequently Asked Questions (FAQs), featuring a compilation of more than 300 questions and answers.” To access the 2012-2013 USPAP on-line

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / ASB / The Appraisal Foundation

0

USPAP Again?

This article was published in the January 2012 issue of the IllinoisAppraiser Newsletter. In March of 2011 an Administrative Rule seemed to slip by without so much as a whimper. A real estate appraiser must complete the 7-hour National USPAP Update Course or its equivalent within 6 months after the effective date of USPAP. Those real estate appraisers issued a license more than 6 months after the effective date of USPAP shall complete the 7-hour National USPAP Update Course within 6 months after licensure. Wait a minute. Didn’t you just take the 7-hour National USPAP Update a few scant months...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / IDFPR / Illinois Department of Financial & Professional Regulation

Flawed Appraisals Killing Sales 2

AI Response to NAHB on Appraisals Killing Home Sales

The Appraisal Foundation Responds to NAHB December 8 Press Release on ‘Flawed Appraisals Killing Home Sales’ December 13, 2011  – Paul Lopez – National Association of Home Builders (NAHB) Dear Mr. Lopez: We are contacting you in reference to the attached NAHB press release dated Thursday, December 8, 2011, entitled, Flawed Appraisals Killing Home Sales, Hampering Housing Recovery. As the Congressionally-authorized organization that establishes appraisal standards and appraiser qualifications in the United States, we feel compelled to address  aspects  of the press release we feel need clarification. The  press  release  quotes  NAHB  Chairman  Bob  Nielsen  as  stating,  “The  inappropriate  use ...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / Dodd-Frank Act / C&R Fees / NAHB

0

New Appraisal Assignment?

An appraiser receives an assignment involving a purchase contract on a short sale. The short sale price is $150,000. The appraiser concludes an opinion of value at $180,000. A week later the lender wants the appraiser to amend the appraisal to reflect the renegotiated contract that pegs the property at $180,000. As an aside, the lender would not provide the new contract. First, is the lender’s request automatically a new appraisal assignment? AO-3 offers useful guidance: Regardless of the nomenclature used, when a client seeks a more current value or analysis of a property that was the subject of a...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / IDFPR / Illinois Department of Financial & Professional Regulation

1

Show and Tell

Everybody complains that the states aren’t doing enough to police the profession. Appraisers are running amok. Fraud is rampant and the states are twiddling their thumbs while caseloads grow exponentially. The handful of published state disciplines nationwide are a mere droplet compared to the vast ocean of chicanery that’s rising out there. Right? My question is, where are all the settled cases from the various professional standards and ethics committees of the big appraisal organizations? There should be a generous compendium of meaty disciplines somewhere. But there isn’t. If you go to their websites you’ll find plenty of references to...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / AQB / IDFPR

4

Appraisal Management Companies Create More Problems Than They Solve

When the final chapter on this housing crisis is written, I hope that I am still around to see those who were responsible for its cause and the feeble attempts to fix it held responsible. One of the worst fixes is the Home Valuation Code of Conduct. Enacted in 2009, HVCC was spearheaded by then New York Attorney General Andrew Cuomo. His objective was to rein in appraisal abuses by the lenders sending loans to Fannie Mae or Freddie Mac. A noble goal, but by the time this so-called fix went into action many of the worst offenders were either...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Customary & Reasonable Fees

USPAP 2012-2013 0

2012 – 2013 USPAP Now Available

The Appraisal Foundation (TAF) announced that the 2012 – 13 edition of the Uniform Standards of Professional Appraisal Practice (USPAP) is now available. The 2012-2013 edition of USPAP will be valid for two years, effective January 1, 2012 through December 31, 2013. According to a TAF press release “the new edition includes the standards of professional practice for all appraisal disciplines as well as guidance from the Appraisal Standards Board (ASB) in the form of USPAP Advisory Opinions and USPAP Frequently Asked Questions (FAQs).” As with the prior edition, the new edition includes the standards of professional practice for all...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / ASB / The Appraisal Foundation

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