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Is ASC Responsible For Overseeing State Agency USPAP Enforcement ?

Is ASC responsible for overseeing state agency USPAP enforcement and compliance ?

  • Yes

    Votes: 3 25.0%
  • No

    Votes: 8 66.7%
  • Do Not Know

    Votes: 1 8.3%

  • Total voters
    12
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Tejus

Member
Joined
Nov 1, 2002
Professional Status
Certified Residential Appraiser
State
Texas
Is the Appraisal Subcommittee (ASC) responsible to oversee and ensure the state regulatory agencies enforce USPAP compliance per Title XI of FIRREA ?
 

Riick

Elite Member
Joined
Aug 14, 2007
Professional Status
Certified Residential Appraiser
State
Delaware
Wasn't there discussion - way back when - about the Nuclear Option?
No one would be able to make mortgages in a State where there was no "Board".
 

Mike Kennedy

Elite Member
Joined
Sep 28, 2003
Professional Status
Certified Residential Appraiser
State
New York
Last edited:

DWiley

Elite Member
Joined
Apr 4, 2007
Professional Status
Certified Residential Appraiser
State
Tennessee
LOL. Alan, are you checking answers for the 15 hour USPAP exam?

The Appraisal Subcommittee's (ASC) Mission Statement: To provide federal oversight of State appraiser regulatory programs and a monitoring framework for the Appraisal Foundation and the Federal Financial Institutions Regulatory Agencies in their roles to protect federal financial and public policy interests in real estate appraisals utilized in federally related transactions.

The ASC is likely the most misunderstood player in the appraiser regulatory system. That is likely because most appraisers have little or no interaction with the ASC.
 

leelansford

Elite Member
Joined
Mar 29, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
Basically all the ASC wants is the money from the state agencies and appraisers. Couldn't care less about state enforcement.

They care.

I'm in IL and from my experience, the ASC does poke their nose in and have a "look-see" as to what the regulating agency is up to.
 

DWiley

Elite Member
Joined
Apr 4, 2007
Professional Status
Certified Residential Appraiser
State
Tennessee
They care.

I'm in IL and from my experience, the ASC does poke their nose in and have a "look-see" as to what the regulating agency is up to.
Few who have not been on a state board understand just how much “fun” those ASC visits can be. :)
 

Tejus

Member
Joined
Nov 1, 2002
Professional Status
Certified Residential Appraiser
State
Texas
Good and bad news.

This thread and poll were viewed 150 times as of this posting.

There is 1 yes vote.

There are 6 no votes.

My guess is the 6 No voters have experience with their state board and the 1 Yes voter was using common sense.

The good news is 6 voters matched the ASC response.

The bad news is the ASC response and the 6 voters are incorrect. See the attachment for details.

The ASC does have the responsibility and authority to ensure USPAP compliance by the state boards.

The more I investigate a state board and ASC, the worse it gets. Some of them don’t even know what their responsibilities are, much less perform them.
 

Attachments

  • 01_22_18_1000am_forum.pdf
    55.1 KB · Views: 22
  • Like
Reactions: Eli

DWiley

Elite Member
Joined
Apr 4, 2007
Professional Status
Certified Residential Appraiser
State
Tennessee
The ASC has oversight responsibility for state appraiser regulatory agencies. The job of the ASC is to make sure that states have policies and procedures in place, in compliance with FIRREA.
The ASC not, however, a source for appeals or re-hearings of state board decisions.

You state - "The ASC does have the responsibility and authority to ensure USPAP compliance by the state boards." What does that even mean? What is "USPAP compliance by a state board?" The actions of state boards are dictated by local administrative law, not by USPAP.
 
Last edited:
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