Tagged: USPAP

Reindeer Standards As Unenforceable As Appraisal Code 8

Reindeer Standards As Unenforceable As Appraisal Code

There’s a lot to like about the bylaws of the Association of World Reindeer Herders. The code defines how herders promote professional, commercial and cultural contact in all matters related to reindeer herding. The document sets the gold standard for disseminating information world over about reindeer husbandry. The bylaws were approved at the first Congress of World Reindeer Herders on March 2, 1997. If you don’t like the 1997 version of the bylaws, there’s a 2001 version, a 2009 version and a 2013 version. Are the group’s bylaws enforceable in the United States? No. As commendable and insightful as they...

Appraisal / Appraisal News / Appraisers News / HUD / The US Department of Housing and Urban Development / Uniform Standards of Professional Appraisal Practice

Reality of Today's Appraisal Environment; Discriminatory Falsehood 10

Reality of Today’s Appraisal Environment

Proving discriminatory activity is hard, which is probably one reason HUD is dragging their collective feet in resolving the filed complaints.  The real scourge of what’s been happening to appraisers for the past 5 years (yes, it started prior to the last election) has been revealed by Mr. Isaac Peck, in this article. You really need to read it, perhaps again, if you saw it come through your email on Wednesday October 25. Isaac has allowed me to “re-broadcast” his article. Yes, it’s a ‘sales promotion’ but it contains critical information appraisers need to know about. The first paragraph, contained...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / HUD / The US Department of Housing and Urban Development

The New & Improved Fannie Mae FRAUDULATOR 2.0 42

The New & Improved Fannie Mae “FRAUDULATOR 2.0”

Originally known as Fannie Mae’s Collateral Underwriter (CU), and subsequently Collateral Underwriter 2.0 (CU-2)i this always dubious product of Fannie Mae is increasingly being referred to by some, if not many American Appraisers as The Fraudulator / Underwriter 2.0 (FU-2). To be clear it is not limited to the Collateral Underwriter (CU & CU-2) software. The new Fraudulator (FU-2) combines the CU products with their numerous improper uses. The end result of which includes OUTRIGHT FRAUD being perpetrated against banks via the repurchase letters Fannie Mae now issues on a quota based system rather than because of legitimate appraisal defects....

AGA / AI / AMC / American Society of Appraisers / Appraisal / Appraisal Institute

Disparate Treatment and Impact 10

Disparate Treatment and Impact in USPAP

USPAP has introduced the terms DISPARATE TREATMENT AND IMPACT in its 5th exposure draft. Disparate treatment and impact are bad for appraisers because they can damage the reputation of the profession, lead to legal and regulatory action, and negatively impact the success and viability of individual appraisers and their businesses. Disparate treatment occurs when an appraiser treats individuals or groups differently based on their race, ethnicity, gender, religion, or other protected characteristics. This type of discrimination is illegal and can result in legal and regulatory action, as well as damage to the appraiser’s reputation and business. Disparate impact occurs when...

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

AQB Initial Fair Housing Course 11

AQB Initial Fair Housing Course

Mandatory completion of an initial fair housing course lasting 7 hours by January 1st 2025, as well as 4 additional hours every renewal cycle thereafter.  Recently, the Appraiser Qualifications Board (AQB) has proposed new requirements for those looking to become an appraiser or renew their certification/license. These include mandatory completion of an initial fair housing course lasting seven hours by January 1st 2025, as well as four additional hours every renewal cycle thereafter if this becomes standard practice. The following is taken right out of the new exposure draft on real property appraiser qualifications criteria. “The core goal is to...

Appraisal / Appraisal News / Appraisal Organizations / Appraisers News / AQB / The Appraiser Qualifications Board

CoreLogic Policy Change Counter to USPAP Requirements 12

CoreLogic Policy Change Counter to USPAP Requirements

  CoreLogic is pleased to announce a change to its data retention policy. 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. NOTICE OF CHANGE TO CORELOGIC DATA RETENTION POLICY Dear Trusted Provider, In careful consideration of requests from our clients as well as industry risk management best practices, CoreLogic is pleased to announce a change to its data retention policy. Effective April 1, 2023, CoreLogic’s maximum storage commitment for appraisal and title data will be limited to 5 years. This change applies to...

a la mode / Appraisal / Appraisal News / Appraisal Software / Appraisers News / Uniform Standards of Professional Appraisal Practice

Confusing Language for USPAP Ethics Rule Addition 31

Confusing Language for USPAP Ethics Rule Addition

A proposed update of professional guidelines for property appraisals contains confusing language about what constitutes discrimination, and would even suggest appraisers could engage in “ethical” discrimination.  Folks, the following article is in the ABA Banking Journal e-newsletter, posted on Wednesday, February 15, 2023. I’m really glad this has been released. Hopefully the Appraisal Standards Board will closely examine the concerns of the regulators. I read the USPAP 4th Exposure Draft. It contains so much new Ethics Rule “legaleze” language about conduct that it is, and can be, overwhelmingly confusing to a majority of appraisers. It’s written by lawyers in such...

Appraisal / Appraisal Organizations / ASB / The Appraisal Foundation / The Appraisal Standards Board / Trending

Appraiser Countersuing Black Homeowners for Defamation 165

Appraiser Countersuing Black Homeowners for Defamation

The Maryland appraiser has filed a countersuit against the homeowners, claiming defamation.  Appraisers, there have been several lawsuits filed against appraisers by borrowers who “don’t like your value, so I’m accusing you of discrimination” over the last year or so. These lawsuits all have the same theme, and it’s entirely possible that these actions are being coordinated by a consortium of ‘organizers’ and law firms. The plaintiff representing firm for the Baltimore suit is the same law firm The Appraisal Foundation hired to write new USPAP language for the Ethics Rule, which potentially will be approved in just a few...

Appraisal / Appraisal News / Appraisers News / The Appraisal Foundation / Trending / Uniform Standards of Professional Appraisal Practice

All This Will Do is CREATE BIAS! 29

All This Will Do is CREATE BIAS!

All this will do is CREATE BIAS… How does one stay unbiased if they repeatedly get sued or raked over the coals every time they do an honest, true appraisal that does not meet the expectation of untrained members of the general public…  Does bias exist? Of course. Does it exist in appraising? Rarely, if ever. Not one of the publicly aired cases has shown any verifiable facts or data to prove their claims. Bias in appraising is rare and far less than in nearly all other vocations. Why? Because appraisers are and have been, for decades, already held to...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisers News / Trending

Bias & Discrimination in Reports 11

Bias and Discrimination in Reports, Yes or No?

Appraisers, should we include discussion of B&D in our reports? Wait, What?? Bondage and Discipline? No, not that. Bias and Discrimination. Yes, it must be addressed very clearly. Now, before you blow a cork or throw your mouse at the computer screen, let’s examine what’s really been impacting ‘us’ for the past 4 plus years. One of our peers, who’s become somewhat famous for the way articles are written about appraisal and other topics, had a recent article ‘rebroadcasted’ in AppraisersBlogs, FTX Bought Government’s Silence; Did Fintechs Buy Attacks on Appraisers? A statement in that article exposes some of what has...

AMC / Appraisal / Appraisal Management Companies / Appraisal News / Appraisal Organizations / Appraisal Subcommittee

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