FOR IMMEDIATE RELEASE – February 2, 2012 Contact: Paula Douglas Seidel, Executive Administrator, The Appraisal Foundation Washington, DC — A recent survey conducted by the Government Accountability Office (GAO) of state appraiser regulatory programs has produced high marks for The Appraisal Foundation regarding its effectiveness in issuing appraisal standards and appraiser qualifications. The survey, which was performed in conjunction with the GAO study issued last month entitled “Real Estate Appraisals: Appraisal Subcommittee Needs to Improve Monitoring Procedures,” contained 65 questions relating to the effectiveness of the current real property appraiser regulatory system. In addition to the effectiveness of the Foundation,...
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
Concerns regarding the decision of the VA to adopt UAD William Stewart Department of Veterans Affairs (VA) October 21, 2011 Dear Sandy, As president of the Virginia Coalition of Appraiser Professionals I wish to express to you our members’ deep concern regarding the decision of the VA to adopt the Uniform Appraisal Dataset (UAD). Our association has been active in our state regarding this issue and we feel this idea will only harm the quality of appraisals that our Veterans will receive in the future. It is for certain that the homeowner or new purchaser will not understand the appraisal...
VaCap Second Letter to Attorney General Cuccinelli Regarding UAD 08/29/2011 Kenneth T. Cuccinelli, II Office of the Attorney General 900 East Main Street Richmond, VA 23219 Re: September 1st Implementation by GSEs Dear Sir: In a letter dated July 19th, 2011, the Virginia Coalition of Appraiser Professionals (VaCAP) brought to your attention the serious concerns that we have about the impending implementation of new appraisal reporting requirements by the Government Sponsored Enterprises (GSEs), which are The Federal National Mortgage Association (FNMA) and The Federal Home Loan Mortgage Corporation (FHLMC). Since Fannie Mae and Freddie Mac control a very large percentage...
VREAB Letter to FHFA Calling for Postponement of UAD Implementation August 29, 2011 Mr. Alfred M. Pollard, General Counsel Federal Housing Finance Agency Dear Mr. Pollard: At its August 16, 2011, meeting, the Virginia Real Estate Appraiser Board (Board) received public comment from a number of Virginia appraisers expressing their unease with the September 1, 2011, implementation of the Uniform Appraiser Database (UAD) by Fannie Mae and Freddie Mac under the direction of the Federal Housing Finance Agency (FHFA). These and other Virginia appraisers have concerns that conforming to the UAD might lead to misleading appraisal reports as the UAD’s...
Video on changes to the 2012-2013 USPAP The Appraisal Foundation recently released a video on changes to the 2012-2013 USPAP adopted on April 8, 2011. The purpose of this 23 minute video is to provide appraisers with advanced notice of changes to USPAP that could impact their practice. It is not intended to be a substitute for the 7 hour National USPAP update course. Summary of changes adopted includes: Revisions to the definitions of “Client”, “Extraordinary Assumptions”, Hypothetical Condition” and a new definition of “Exposure Time” Revisions relating to Development & Disclosure of Exposure Time Opinion Revisions to Standards Rules...
The mandates override the Virginia Code Re: Impending Violation of Virginia Statute 18 VAC 130-20-160. Dear Attorney General Cuccinelli, There is an extremely urgent and important matter that the Virginia Coalition of Appraiser Professionals (VaCAP) wishes to bring to your attention. The Government Sponsored Enterprises (GSEs), which are The Federal National Mortgage Association (FNMA) and The Federal Home Loan Mortgage Corporation (FHLMC), have mandated Real Estate Appraisal reporting requirements that will severely compromise the integrity of information provided in appraisal reports and potentially eliminate the private appraisal profession. This new, comprehensive format will cause unnecessary risk and expense to the...
Help Regulators Take Proper Aim, Appraisal Institute Tells Congress CHICAGO (July 14, 2011) Testifying before a Congressional subcommittee, the Appraisal Institute’s president-elect on Wednesday told lawmakers their intent was “right on target” and asked them to “guide the regulators’ aim” in implementing consumer-friendly real estate appraisal guidelines. Sara W. Stephens, MAI, told members of the House Financial Services’ Subcommittee on Insurance, Housing and Community Opportunity that the Dodd-Frank Act passed by Congress last year is not being properly implemented by federal regulators. Among other highlights, the Act calls on appraisal management companies (AMCs) to pay “customary and reasonable” fees to residential...
AARO concerned about potential problems or complications with enforcement resulting from UAD May 11, 2011 Mr. Alfred M. Pollard General Counsel Federal Housing Finance Agency Dear Mr. Pollard: On behalf of the Executive Committee (EC) of the Association of Appraiser Regulatory Officials (AARO) it is my pleasure to take this opportunity to express our appreciation to you individually, the FHFA, Mr. Robert Murphy of Fannie Mae, and Mr. Mark Simpson of Freddie Mac for affording representatives of AARO the opportunity to attend a “train the trainer” seminar introducing the “Uniform Appraisal Dataset” (UAD) in Washington, DC on March 7, 2011. During...
Serious concern over misapplication and misinterpretation of Uniform Appraisal Dataset requirements April 29, 2011 Alfred M. Pollard General Counsel Federal Housing Finance Agency… Re: Uniform Appraisal Dataset Dear Mr. Pollard: Thank you for the opportunity to meet with you and representatives from the Federal Housing Finance Agency, Fannie Mae, and Freddie Mac on February 17, 2011 and March 10, 2011 to discuss the Uniform Mortgage Data Processing (UMDP) initiative and the Uniform Appraisal Dataset (UAD). We applaud your efforts to bring about more consistent appraisal reporting. However, in light of our discussions and further examination of the publicly available documents...
