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Uspap Q&a Dec 2008

Discussion in 'Fannie Mae, Freddie Mac, USPAP' started by Mike Kennedy, Jan 14, 2009.

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  1. Mike Kennedy

    Mike Kennedy Elite Member

    59
    Sep 28, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    New York
  2. Terrel L. Shields

    Terrel L. Shields Elite Member
    Gold Supporting Member

    231
    May 2, 2002
    Professional Status:
    Certified General Appraiser
    State:
    Arkansas
    Regarding issue one, a regulated bank is supposed to be required to provide a contract....I know that you oppose that Mike, but it is their law and we are supposed to analyze it...I won't do a sale without a copy regardless. Only with that contract will I know what concessions are made and that has implications for using that sale in the future as a comparable.
     
  3. Mike Kennedy

    Mike Kennedy Elite Member

    59
    Sep 28, 2003
    Professional Status:
    Certified Residential Appraiser
    State:
    New York
    regulated bank is supposed to be required to provide a contract....

    actually, for Residential, that is optional under OCC OTS FDIC AND GSE Regs & Guidelines. { see "may provide" not "must provide"}

    the QA has to do with a specific appraisal and the USPAP Guidelines which are what they are.

    "implications for using that sale in the future as a comp" - sure, when the contract is fully executed AND available before the EDA and/or the Signature Date. Obtaining the info after the sale closes as well if the info can be obtained is also good practice.

    Often for various reasons, as we all know - one is not executed or available (after inquiries to Lenders and all parties involved) as of the EDA. Given the USPAP and GSE guidelines and GSE Definition of Market Value, there is no reason for thousands of Appraisers to delay completion of a Report as long as the Guideline Requirements have been met and reported on as required. {except the tag line below}

    Further, the MB request in the Q&A occurs daily (not just MBs, but also from AMCs and Banks) to "doctor page one" days and/or weeks AFTER a report has been completed up to, and including, threats of Approved Panel removal and/or non-payment of appraisal fees unless page one is changed. I'm glad to see the ASB spell it out in explicit language for all parties concerned.

    "the price represents the normal consideration for the property sold unaffected by special or creative financing or sales concessions granted by anyone associated with the sale.”
     
    Last edited: Jan 15, 2009
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