This is an untrue statement. And All of you are entitled to your own opinions concerning the Exposure Draft and my comments, but Those opinions don't count unless you send them to the ASB tonight because the deadline is midnight. This is especially true with Residential Lending. It's not a slam, just the truth. Many portions of the Standards are not clearly defined or are so convoluted to make them available as discretionary tools for discipline actions against appraisers, without solid evidence of wrong doing.
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USPAP – 2012-2013 Changes
This is especially true with Residential Lending. Mandating that appraisers communicate partial information and bear the additional burden of liability will serve to increase the cost of producing appraisals and more than likely will increase the costs for Errors and Omission Insurance. Video from the Appraisal Uspwp Summary of Actions …. You are commenting using your Twitter account.
Many portions of the Standards are not clearly defined or are 212 convoluted to upsap them available as discretionary tools for discipline actions against appraisers, without solid evidence of wrong doing. Foreclosures decreased by 4 percent between January and February, marking the lowest level of foreclosures since Upsapanalytics firm RealtyTrac reported March Share This Page Tweet.
Show them appraisers care about their profession. Fill in your details below or click an icon to log in: Changes to the document include: And All of you are entitled to your own opinions concerning the Exposure Draft and my comments, but Those opinions don't count unless you send them to the ASB tonight because the deadline is midnight.
I know an appraiser who worked over two years on a single project.
The USPAP is now available FREE (on-line) | icapweb
The release of partial analysis with caveats that the information is incomplete serves no good purpose and is contradictory to public trust and is expected to cause chaos within the market and profession. In the interest of public trust, I request that Restricted Use be reinstated.
Jul 19, 1. I implore the Appraisal Standards Board to reconsider much of what is written in this Exposure Draft in light of the current Financial Reform Legislation that clearly indicates that market participants and users of valuation services, need and want, less weighty documents.
I am not trying to criticize your opinion. I can never think of a time when someone used a "draft" as a means to bypass regulation.
It is not uncommon for this type of client to take appraisal reports prepared for specific uses such as tax appeals, and then subsequently try to use those appraisals for loan modifications, divorces and other needs of the them, the client. The industry and its sustainability have been severely damaged over the recent few years due to over regulation.
22012 survey also noted that credit tightening has gradually eased up over the last few months. However, most of the public understands that when the use is restricted they can only use the report for that particular event.
Jul 20, 8. Appraisal Management Companies are not restricted to what changes, or additions they can seek, or to the number of changes they request, or to any time frame in which to make jspap changes, after the submission of a report.
Enter your email address to subscribe to this blog and receive notifications of new posts by email. It is recognized within the profession, but not with the general public that while the market value may be the same final conclusion for a variety of uses, the report has to address different criteria for different uses.
I again urge you to rethink the burden to the public and to usspap profession of this proposed change in USPAP. Additionally, given the economic recession, public trust is not served by increasing the costs to produce valuation services, especially when the increase in costs appear to add no value to the appraisal process or to the final product.
Express all your opinions to the ASB Tonight.
The Federal Reserve, citing its confidence in the U. That is what they may have to teach. By continuing to use this website, you agree to ispap use. This is probably the most damaging USPAP draft I have ever seen, so I urge usppap to please read it, read it carefully and consider how it will affect the public trust, you, your business, your clients. The goal of the Uniform Standards of Professional Appraisal Practice is to promote and maintain a high level of public trust in appraisal practice by establishing requirements for appraisers.
So, they want an "other opinion"?