1. Welcome to AppraisersForum.com, the premiere online community for the discussion of real estate appraisal. Register a free account to be able to post and unlock additional forums and features.

ASB Request for comments on USPAP Reporting Requirements Aug 2009

Discussion in 'Fannie Mae, Freddie Mac, USPAP' started by Mike Kennedy, Aug 29, 2009.

Thread Status:
Not open for further replies.
  1. Mike Kennedy

    Mike Kennedy Elite Member

    38
    Sep 28, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    New York
  2. Terrel L. Shields

    Terrel L. Shields Elite Member
    Gold Supporting Member

    135
    May 2, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Arkansas
    My comment is simple. Ban anyone but FHA from creating or requiring "forms" and let appraisers write reports that are appropriate for the occasion...not dictated by fannie mae, nor anyone else. "Summary" "self-contained" and "restricted" need abolished as terminology.
     
  3. Caligirl

    Caligirl Senior Member

    0
    Jan 27, 2006
    Professional Status:
    Certified General Appraiser
    State:
    California
    Coming soon to a USPAP near you: RURs for lenders. Just a guess. :shrug:
     
  4. fifteen

    fifteen Senior Member

    0
    Nov 15, 2008
    Professional Status:
    Certified Residential Appraiser
    State:
    Washington
    All reports are summary. How about some banks being under these rules? Why are they only for appraisers? In order for them to make sense, make the lender just as liable as we are

    You know what? This is kind of crazy when the banks control everything. Did the pusses check to make sure the banks agree? Silly

     
    Last edited: Aug 29, 2009
  5. Workbox

    Workbox Elite Member

    1
    Mar 2, 2005
    Professional Status:
    Certified Residential Appraiser
    State:
    Colorado
    The last part in there about "Draft Reports" code for "Comp Checks". It's an interesting read and one should pay attention too. I think that if they allow the term "Draft Report", it allows a very watered down report aka "comp check report" or quick and dirty report. This has nothing to do with the appraisal practice, it's about entertaining the AMC's and others that want this so called "Product"...........Who else calls our work "products" anyways?................(I wish they would stop calling it a product, it's An Appraiser's Propriety Business Information). They are trying to slip it in, because its a "concern" of certain complex assignments. I think it's a Trojan Horse.
     
    Last edited: Aug 29, 2009
  6. DWiley

    DWiley Senior Member

    12
    Apr 4, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    Tennessee

    What do you mean "coming soon"? There is nothing that prevents an appraiser from doing a RUAR for a lender now. In fact, I did one for a lender this week.
     
  7. PropertyEconomics

    PropertyEconomics Elite Member

    0
    Jun 19, 2007
    Professional Status:
    Certified General Appraiser
    State:
    New Mexico
    Mr Wiley ... with all due respect, I personally dont see a reason the ASB asks for comments other than to give lip service to the appraisal community. They dont listen to a damn thing anyone says ... thus we have USPAP 2010 - 2011 .... with some absolutely horrible provisions in it ... most against the wishes of appraisers.

    I say just make the damn rules and tell me what I have to do .. but dont insult me and ask for my opinion ... they dont care.
     
  8. DWiley

    DWiley Senior Member

    12
    Apr 4, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    Tennessee
    "Draft" is not code for "comp check." Most residential appraisers don't use "drafts" on a regular basis, but "draft" reports are very common in many facets of the appraisal profession e.g business valuation, litigation, mediation. This issue is troublesome for many, and cleaning it up would be a great service.

    The paper starts by addressing details and then moves on to talk about fundamentals. IMO, if they want to be successful, they need to consider things in the opposite order. And they should encourage respondents to do the same.

    First, the ASB should establish what USPAP should say about appraisers' communications. Communication is more fundamental than reporting.

    Only after tackling that should they move on and look at the basic definition of "report."

    After doing that they can start thinking about some of the details. If they start trying to handle the details before they sort out the fundamental concepts, they will soon find themselves in an unescapable maze of contradiction.

    The current reporting standards were developed 20 years ago in a world without electronic reports. Some of the current rules don't even really make sense when talking about a report in an electronic format. It is good that this project has been taken back of the shelf, but doing it properly requires a very diligent and thoughtful review, not a knee-jerk reaction to anybody's pet peeves.

    At the very least something needs to be done about the dependence of the reporting rules on the very artificial distinctions made in USPAP between "state," "summarize," and "describe." The differences attributed to these words in USPAP occur nowhere else.

    The dictionary I use defines "decsribe" as

    Nothing about this definition implies that "describing" something means providing more detail that "stating" something.
     
  9. DWiley

    DWiley Senior Member

    12
    Apr 4, 2007
    Professional Status:
    Certified Residential Appraiser
    State:
    Tennessee
    The responsiveness of the ASB to written comments depends entirely on the members serving at any given time. Some ASB members have given thoughtful consideration to all comments submitted. Some have not.
     
  10. Caligirl

    Caligirl Senior Member

    0
    Jan 27, 2006
    Professional Status:
    Certified General Appraiser
    State:
    California
    As a commercial appraiser I can honestly say I have never handed a lender a RUR. But I have a distinct feeling those days are over.
     
Thread Status:
Not open for further replies.

Share This Page