Appraisal Review

[sputnam]

An appraiser had an original effective date of 3/26/2025. The appraiser then completed an exterior only inspection on 4/11/2025 and changed the effective date of the appraisal to 4/11/2025. A credible off-market sale that was the most accurate indicator of value was then added to the original report that had a closing date after the original effective date. Is changing the effective date of the appraisal based on an additional exterior of the inspection acceptable via USPAP and FNMA?

It might be acceptable. If the appraiser treated it like a new assignment. Unless you have access to the appraiser's workfile, you really don't know if he/she fully complied with USPAP. What you have is the report. The report may, or may not, comply with reporting requirements.

 

[Tom D]

I would hate to be in front of some of yous being on a state board. I'm sure you would fine me to death with every perception of error you could find. As always it's 50/50 on alright/not alright.
Send this question in to the USPAP people to advise at the back of the manual.

From 2023 uspappy:

 

[J Grant]

I would hate to be in front of some of yous being on a state board. I'm sure you would fine me to death with every perception of error you could find. As always it's 50/50 on alright/not alright.
Send this question in to the USPAP people to advise at the back of the manual.

This report was likely flagged at the lender or UW level for review because of what the OP described - it would be nice if the OP had returned and provided more information.

I used to do reviews and I was never in gotcha mode. If it were a minor error that did not affect the value, I would state that and move on.

But the reviewer is tasked with commenting on factual errors ( or misleading/bad practice when found) If the reviewer fails to do that for their client, then the reviewer can get sanctioned. Thier review can also be reviewed.

 

[Tom4value]

I would hate to be in front of some of yous being on a state board. I'm sure you would fine me to death with every perception of error you could find. As always it's 50/50 on alright/not alright.
Send this question in to the USPAP people to advise at the back of the manual.

From 2023 uspappy:
View attachment 99714

Bingo! You can’t have two effective dates for one appraisal.