Discussion in 'Fannie Mae, Freddie Mac, USPAP' started by PropertyEconomics, Feb 22, 2009.
I'm still reading it, and so far I agree with the assignment change, but what's up with the signature change? I'll have to read that again.
Blah, I'm going to have to read the whole thing and THEN come back here to comment but just another quick tidbit:
They are adding/clarifying "three year period immediately preceding acceptance of the assignment," as far as the Subject's sale history goes. I'm pretty sure that doesn't make sense, and it should be from effective date, not the day before I got the assignment. Meh.
Oh, and thanks PE, good look.
That's idiotic...I have parcels for trusts that I appraise ANNUALLY. I've appraised properties up to 4 or 5 times over my career. So what? The 6 mo. rule was no big deal. It's intention was to identify appraisers who might revisit a property and give a different value in a short time frame...and it would mean a "comp check" would have to be disclosed. But 3 years? It will be used by lenders to say, "Since you've been there before, we get a discounted price, don't we?"
90% of those issues cannot be determined until you are well into the assignment. A lic. appraiser may find the property they thought was worth less than $250,000 was in fact going to appraise for $260,000...You are basically done with the report by the time you can tell that.
The jurisdictional exception does appear to be clearer. I have no idea the purpose of the "signature" changes or why signature has seemed to be such a big deal for so long.
Terrel .. Im not even so sure that disclosure of appraising the property during the prior three years is not a violation of confidentiality ... I think that is conflicting with what USPAP says in the Ethics Provision.
My guess is becasue of all the report altering from the local yokel appraisers office with a trainee all the way up the ladder to companies like Eape and F_C and to big box lenders.
A big push right now is web based form filling and providing your signature to the web based who-ever.
I actually did not see a real need for changes to USPAP with exception to the confidentiality rule.
JE is JE, if some dont understand it then maybe those some should seek a professional help.
PE, I think your onto something in regards to confidentiality. The ASB is just interfering again in business, IMO. Seriously what standard does this strengthen?