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Housing Wire - Who Owns The Data Relating To An Appraisal

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jay trotta

Elite Member
Joined
Feb 8, 2004
Professional Status
Certified Residential Appraiser
State
Connecticut
Interesting article;
"This is a discussion for a different day but I’ll stand by “it belongs to the client” inciting no grey area." Interesting that the discussion was more about Risk and where the risk lies.

"Client" is a wide open complex area and is a discussion for a different day.

Thanks, Mike
 

gregb

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Sep 3, 2011
Professional Status
Certified General Appraiser
State
California
One regional lender, in their Bank/Appraiser agreement, stipulates that the bank owns the appraiser's work file for each assignment completed for said bank. Compiling an accounting statement for their storage costs, to be remitted if said bank ever invokes their ownership rights to the work file. :)
 

hastalavista

Elite Member
Joined
May 16, 2005
Professional Status
Certified General Appraiser
State
California
One regional lender, in their Bank/Appraiser agreement, stipulates that the bank owns the appraiser's work file for each assignment completed for said bank. Compiling an accounting statement for their storage costs, to be remitted if said bank ever invokes their ownership rights to the work file. :)
I think Landsafe tried to incorporate that requirement 5-8 years ago? Or, it required the appraiser to maintain the work file for 10-years (or something like that) and required the appraiser to provide reasonable access to the files within that period.

"Ownership" of the workfile creates a business issue for me.
I would not sign an engagement agreement that provided them access to the workfile (effectively making me their document custodian). If they need it that bad, they can subpoena it from me.
I would not sign an engagement agreement that transferred ownership of the workfile to them. I have data in that workfile that I may want to reuse, etc., etc., etc.
I might agree to provide them a copy of the workfile; I'd do that at a significant charge; they can use that copy for their internal records-documentation purposes. They get a copy but I retain ownership. They can store it on their system and on their dime.
They already get the appraisal report; that data is theirs and they can have it.
 

djd09

Elite Member
Joined
May 20, 2009
Professional Status
Licensed Appraiser
State
Ohio

If they own it , the State should call them.
 

Meandering

Elite Member
Joined
Feb 26, 2006
Professional Status
Real Estate Agent or Broker
State
Pennsylvania
I That data is theirs and they can have it.

Actually no.

The data you collect for your analysis and opinions may include data which is subject to other confidentiality issues, that you may consider in your analysis of the market, yet not disclosue to other entities, and especially if the client has a vested interest in properties and/or businesses that are in competition with/for the subject.

Sadly, appraising commercial property really should have made this relevant in your thinking on the subject of giving away your data.


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hastalavista

Elite Member
Joined
May 16, 2005
Professional Status
Certified General Appraiser
State
California
The data you collect for your analysis and opinions may include data which is subject to other confidentiality issues, that you may consider in your analysis of the market, yet not disclosue to other entities, and especially if the client has a vested interest in properties and/or businesses that are in competition with/for the subject.
Saidly, appraising commercial property really should have made this relevant in your thinking on the subject of giving away your data.

:rof:
Right.

I'll look forward to your suit against the GSEs for collecting data for use in their CU and PIW programs.
Perhaps you can get the FTC to join suit.

In the meantime, I'll continue to get paid for the appraisal reports I complete. Which includes data in the report that the client can use if it wishes. My confidentiality is with the client; if the client wants to dissagregate and reaggreate it, I really don't care. If I did care, I suppose I'd be like you (I assume you do not complete any 1004 UAD appraisals because of your stance?).
 

Meandering

Elite Member
Joined
Feb 26, 2006
Professional Status
Real Estate Agent or Broker
State
Pennsylvania
:rof:
Right.

I'll look forward to your suit against the GSEs for collecting data for use in their CU and PIW programs.
Perhaps you can get the FTC to join suit..

Perhaps you can wait for your previous clients to sue you.

So sad that kool aid dispensing has sunk so low as to disregard any confidential information the appraiser may have collected in their work file.

So carte blanch right over the top of AMCs, and their direct or affiliated interests. And yet sadly, USPAP still calls competency as being related to, and not violating the laws that apply to the appraiser and the assignment.


16 CFR
§313.10 Limits on disclosure of non-public personal information to nonaffiliated third parties.
https://www.ecfr.gov/cgi-bin/text-i...d2ded1c3&mc=true&node=se16.1.313_110&rgn=div8

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hastalavista

Elite Member
Joined
May 16, 2005
Professional Status
Certified General Appraiser
State
California
Perhaps you can wait for your previous clients to sue you.

So sad that kool aid dispensing has sunk so low as to disregard any confidential information the appraiser may have collected in their work file.

So carte blanch right over the top of AMCs, and their direct or affiliated interests. And yet sadly, USPAP still calls competency as being related to, and not violating the laws that apply to the appraiser and the assignment.


16 CFR
§313.10 Limits on disclosure of non-public personal information to nonaffiliated third parties.
https://www.ecfr.gov/cgi-bin/text-i...d2ded1c3&mc=true&node=se16.1.313_110&rgn=div8

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Last time I checked, just about all the data in my reports are available via a little research (that's how I obtained it). As to the subject's specific configuration, most of that is available on public records as well.
Again, my obligation of confidentiality is with the client. They paid for the report and for the last 12 years, in a GSE form report, it has been disclosed that the data can be used by a set of other parties. I didn't particularly like that when it came out, but everything is within the rules.

Marion, I find your use of the term "kool aid" becoming a little hackneyed. But you seem to take enjoyment in using it.
But most importantly (to me), I've concluded that there is no real benefit of discussing or exploring issues with you. The discussions aren't really discussions, and there is little exploration. You are set in your point of view, in your position, and not open to any honest intellectual or professional discussion... which is fine. We all have that right (especially on this forum).
So, I will no longer engage with you (it just isn't worth it; for me or anyone else). I don't have anyone on ignore because I'm of the opinion that I can learn from anyone and don't want to miss that opportunity if that is the case from something you post. So I'll continue to read your posts but decline to interact with you. I appreciate the time you take to respond to anything I say.

I wish you sincere luck going forward. I hope, be it appraising or some other endeavor, it is something you will enjoy.

Denis

(I realize it is no great loss to anyone if I no longer engage with you. But, considering the amount of time we've been on the forum, I feel a debt to you to explain what I am doing).
 

Meandering

Elite Member
Joined
Feb 26, 2006
Professional Status
Real Estate Agent or Broker
State
Pennsylvania
You don't have to discuss anything with me D.

You teach USPAP.

That very law is referenced in the definitions section of USPAP.

See, no discussion,

No claims,

No interpretations.

Just facts,

So inconvenient to kool aid dispensers.


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