CoreLogic Policy Change Counter to USPAP Requirements
I received this notice from CoreLogic: Effective April 1, 2023, CoreLogic’s maximum storage commitment for appraisal and title data will be limited to 5 years.
USPAP: An appraiser must retain the workfile for a period of at least five years after preparation or at least two years after final disposition of any judicial proceeding in which the appraiser provided testimony related to the assignment, whichever period expires last.
So it would seem that you need to keep a separate file on your computer. Sad to see this company, that owns Realtor.com, ALAMODE and many other software real estate related companies, buck the appraisal regulations. They keep all of the changes to your files as your workfile. Now they abruptly decide to delete your workfile, the appraisal you did 5 years ago? How much notice do we have, to go back and download the old files? Boys and girls you have 30 days!
By Fitzhugh Turner, Certified General Appraiser and owner of Tidewater Properties Appraisers in Maryland.