Real Estate Appraisal Forum

appraisersforum.com logo
The Premiere Online Community for Real Estate Appraisers!
 Fastest Way to Find a Real Estate Appraiser Enter Zip Code:
 
 
Go Back   Appraisers Forum > Real Estate Appraisal Forums > Fannie Mae, Freddie Mac, USPAP
Register Help Our Rules Calendar Archives Mark Forums Read


Closed Thread
 
Thread Tools
  #1  
Old 03-16-2009, 04:09 PM
mshap mshap is offline
 
Join Date: Mar 2009
State: Tennessee
Professional Status: Banking/Mortgage Industry
Posts: 1
Arrow Estimated Values on an Apprasial Request

Aside from HVCC, is it against USPAP for a mortgage company to list an estimated value on an appraisal request? If so, where is that in USPAP?

Thanks!
Sponsored Links

  #2  
Old 03-16-2009, 04:36 PM
David Dietz's Avatar
David Dietz David Dietz is offline
 
Join Date: Oct 2006
Location: Lehigh Acres/Fort Myers
State: Florida
Professional Status: Certified Residential Appraiser
Posts: 730
Default

It depends, is the provided estimate of value a condition of the appraisal?

What reason would you have for listing the estimate?
__________________
Semper Fidelis
  #3  
Old 03-16-2009, 04:38 PM
Pamela Crowley (Florida)'s Avatar
Pamela Crowley (Florida) Pamela Crowley (Florida) is offline
 
Join Date: Jan 2002
Location: Wherever We Are Parked
State: Florida
Professional Status: Retired Appraiser
Posts: 25,254
Default

USPAP AO-19 is the USPAP answer.

Some States have made it illegal for any kind of value to be given to the appraiser.
__________________
All that is necessary for the triumph of evil is that good men/women do nothing.
Fight Back!
  #4  
Old 03-16-2009, 04:39 PM
Michigan CG's Avatar
Michigan CG Michigan CG is offline
 
Join Date: Nov 2006
State: Michigan
Professional Status: Certified General Appraiser
Posts: 16,925
Default

It is not a violation of USPAP however it is illegal in many states; Michigan, Ohio and Kansas come to mind.
__________________
You do not know what you do not know.
  #5  
Old 03-16-2009, 04:48 PM
Couch Potato's Avatar
Couch Potato Couch Potato is offline
 
Join Date: Mar 2004
Location: Chapel Hill
State: North Carolina
Professional Status: Certified Residential Appraiser
Posts: 14,075
Default

If one views it as an attempt to influence the opinion of value, it is a violation of USPAP.
__________________
"Give a man a gun and he can rob a bank. Give a man a bank and he can rob the world."
  #6  
Old 03-16-2009, 04:55 PM
Ross (CO) Ross (CO) is offline
 
Join Date: Jan 2002
Location: Colorado Springs
State: Colorado
Professional Status: Certified Residential Appraiser
Posts: 4,154
Default

".....is it against USPAP.....for a mortgage company to..." ?

- - - - - -

Since when did ANY mortgage company EVER have to adhere to...USPAP ?

They always could do, or try to do, or attempt to influence...anybody with anything....and there never was any mechanism in place to stop those efforts. Can you offer ANY reason why an order for an......"unbiased opinion of current market value".....would ever NEED to impart someone ELSE's estimated opinion of value ? For all these years too many concerned and conscientious people with ethics as their operating principal have been saying to those who are SUPPOSED TO CARE.....that there had been too much biasing, suggesting and influencing going on....and no one wanted to listen so long as "business" could be done and commissions were riding on that production.

Change we can believe in !........yeah, right.
  #7  
Old 03-16-2009, 04:58 PM
Smokey Bear's Avatar
Smokey Bear Smokey Bear is offline
 
Join Date: Dec 2004
Location: The "OC" in Republican Land (Oh no!)
State: California
Professional Status: Certified Residential Appraiser
Posts: 12,470
Default

Only appraisers are controlled by USPAP, so they can do it, but if it has conditions on the order like "must hit needed value" then it violates USPAP for you to accept it.
__________________
For God's sake, if you need to take legal action, GET A LAWYER. I'm not giving legal advice.
  #8  
Old 03-16-2009, 04:59 PM
Couch Potato's Avatar
Couch Potato Couch Potato is offline
 
Join Date: Mar 2004
Location: Chapel Hill
State: North Carolina
Professional Status: Certified Residential Appraiser
Posts: 14,075
Default

Quote:
Originally Posted by Ross (CO) View Post

Since when did ANY mortgage company EVER have to adhere to...USPAP ?
Never. The USPAP violation is committed by the appraiser by accepting an order that attempts to direct the value opinion.
__________________
"Give a man a gun and he can rob a bank. Give a man a bank and he can rob the world."
  #9  
Old 03-16-2009, 05:18 PM
Ken B Ken B is offline
 
Join Date: Feb 2004
State: Florida
Professional Status: Certified General Appraiser
Posts: 10,149
Default

USPAP states that an appraiser cannot accept an assignment that is contingent upon a desired outcome regarding value. The following statement is extraordinarily unpopular with some here, but the mere acceptance of an appraisal order which contains an estimated value does not inherently create a "contingent assignment." What can create the appearance of a contingent assignment is verbiage in the appraisal order to the effect of "call before completing the report if value is less than that requested/indicated/estimated/etc." or "Call if there are problems."

Technically, USPAP has no authority over anyone, including appraisers. Legally, most States have required that appraisers licensed in that State comply with USPAP. I am aware of no rule or regulation making USPAP binding upon anyone other than licensed appraisers.

So, to answer the OP's question, there is nothing in USPAP which prohibits a mortgage company from entering a value estimated on an appraisal order.

There may be other regulations prohibiting such an action, however.
__________________
Those who find themselves at the top of the mountain did not fall there.
  #10  
Old 03-16-2009, 05:24 PM
Mr Rex's Avatar
Mr Rex Mr Rex is online now
 
Join Date: Jan 2004
Location: X Marks the spot
State: North Carolina
Professional Status: Certified Residential Appraiser
Posts: 25,704
Default

Where's the Irish guy with the green typeface? I'm sure he has an opinion. Something about contract analysis and an client opinion of value provided upfront....
__________________
You talking to me?
Sponsored Links

Closed Thread


Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Forum Jump




Copyright © 2000-, AppraisersForum.com, All Rights Reserved
     Terms of Use  Privacy Policy
AppraisersForum.com is proudly hosted by the folks at AppraiserSites.com

Fastest Way to Find a Real Estate Appraiser Enter Zip Code:
Partner Sites:
AppraiserUSA.com - National Appraiser Directory AllDomainsUSA.com - Domain Name Registration
DeadbeatListings.com - Deadbeat ListingsAppraiserSites.com - Web Hosting for the Professional Real Estate Appraiser
Find FHA Appraisers - FHA Appraiser Search Commercial Appraisers - Commercial Appraiser Search
Relocation Appraisal - Find Relocation Appraisers Domain Reseller - Business Opportunity
Home Security Buzz - Home Security Info Radon Testing - Radon Gas Info
My Medicare Forum - Medicare Info Stop Smoking Help - Help Quitting Smoking
CordlessPhoneStore.com - Great Cordless Phones AndroidTabletCity.com - Android Tablet Computers

Follow AppraisersForum.com:          Find us on Facebook            Follow us on Twitter


All times are GMT -5. The time now is 10:54 AM.

SiteMap: 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37, 38, 39, 40, 41, 42, 43, 44, 45, 46, 47, 48, 49, 50, 51, 52, 53, 54, 55, 56, 57, 58, 59, 60, 61, 62, 63, 64, 65, 66, 67, 68, 69, 70, 71, 72, 73, 74, 75, 76, 77, 78, 79, 80, 81, 82, 83, 84, 85, 86, 87, 88, 89, 90, 91, 92, 93