USPAP Reviews

[oldapp]

An old appraiser here (35+). I was recently asked to bid on a block of USPAP Reviews of files for a management company. Is this a 'new' product or are they reffering to a desk review? Yes, I replied and asked but there has been no reply.

 

[TerryRohrer]

Some states require AMCs to review appraisals of each appraiser on their panel for USPAP compliance. Last time I spoke with one about doing these, they were expecting an extremely low fee (like $25 or less, if I recall).

 

[Surf Cat]

My mentor did these a decade ago or so. They want your signature to give them the A-OK. They don't want you to spend any more than 5 to 10 minutes per....

The problem is, when you start finding issues..... and you will.... the liability weight on your shoulders gets heavier and heavier.

Your questions inquiring about more information probably scared them off.... be thankful.

 

[Tom D]

Just checking off boxes on the USPAP review form. Never did one, don't know everything which could be involved. And always a regular review, turned out to be more work that if i did that appraisal myself. Hope your a uspaper, by page and line number. FHA HUD reviewer will give you the page and paragraph to show you were wrong.

 

[sputnam]

It's not a new thing. I've been doing compliance reviews for at least 10 years.

 

[Tom D]

But here they added, are the comps right. The second you look for comps, it's an appraisal with more risk to you, if you get it wrong.

 

[J Grant]

But here they added, are the comps right. The second you look for comps, it's an appraisal with more risk to you, if you get it wrong.

A USPAP compliance review does not get involved with comps or the value. It is more like clerical housekeeping - it should not even be called a reviewe imo.

 

[sputnam]

But here they added, are the comps right. The second you look for comps, it's an appraisal with more risk to you, if you get it wrong.

If they are asking for your opinion on the comparables... it becomes a regular review. Reviews are governed by the Scope of Work and by Standards Rules 3 & 4.