Inappropriate Form Use
- USPAP Third Exposure Draft - August 4, 2022
- Appraisers Should Voluntarily Follow ANSI for Desktops? - July 25, 2022
- Desktops Are Being Done WRONG! - July 12, 2022
Why oh why do appraisers who should know better do private assignment appraisal reports using the mortgage lending GSE forms?
Here’s an “observation” from an actual report I just happened to see:
Do the appraisers who do this not read the parameters (Intended Use & User) of the form??
INTENDED USE: The intended use of this appraisal report is for the lender/client to evaluate the property that is the subject of this appraisal for a mortgage finance transaction.
INTENDED USER: The intended user of this appraisal report is the lender/client.
Note the “Assignment Type” on the first screen shot. “Marital Dissolution.” The client for this report was one spouse.
Is it laziness? Is it an unwillingness to use an appropriate ‘General Purpose’ form that all software providers have in their library of forms? Maybe these appraisers think no one will notice?
I continue to be baffled by this behavior.
Do appraisers who use the GSE forms for these kinds of private assignments not know that their report is often presented as evidence in a court? Do they not know that a sharp attorney representing the other spouse (who has employed a skilled, competent appraiser for their own appraisal who knows this stuff!) can get that other inappropriate report thrown out, because the ‘form’ is not correct for the intended use?
Maybe the “GSE-Only” appraiser doesn’t care. “Don’t bother me… I’ve been doing appraisals for 25 years” is their attitude.
“Forms” exist for specific purposes. Use the correct one for the assignment. Or write a Narrative Report.
“Let’s be more professional out there.” (A tribute to the old Hill Street Blues TV show!)