New Commercial AVM.hmmm.

[JSmith43]

As a point of interest to some, in Illinois, when an appraiser provides an "evaluation" the appraiser must comply with USPAP in its entirey (including, but not limited to, Standards Rules 1 & 2).

MN has the equivalent of a "safe harbor" for appraisers if they call their product a BPO and follow the BPO guidelines. One of the provisions is that the BPO product's intended use excludes loan origination purposes.

Legislation, the unpredictable wild card

 

[J Grant]

When clients feel that they get as much usability or reliability from a valuation as from an appraisal, that is when more of them are ordered. Valuations are typically cheaper, and faster, so if a decision on a value point has some leeway, a client might turn more to valuations for their needs.