Reporting USPAP violation

[Renee Healion]

I think it is a stretch to say you are involved in a real estate transaction.

 

[Renee Healion]

Is the news photographer at an auto accident involved in the accident?

Maybe you don't want me as your lawyer lol but that language seems to refer to parties to the transaction like buyer seller any agent of those

 

[PerseverancePLUS]

Is the news photographer at an auto accident involved in the accident?

Maybe you don't want me as your lawyer lol but that language seems to refer to parties to the transaction like buyer seller any agent of those

You missed your calling. LOL. I can go with that! So, I'm going to answer the questions, don't reference USPAP, and provide my opinion of value. Call it a day on Friday the 13th.

 

[Mr Rex]

There is a USPAP Appraisal and Report Identification form in Wintotal that has the second line on the form with a checkbox "Evaluate compliance with relevant USPAP requirements, or applicable regulations." What did your review engagement letter require/request?

 

[PerseverancePLUS]

There is a USPAP Appraisal and Report Identification form in Wintotal that has the second line on the form with a checkbox "Evaluate compliance with relevant USPAP requirements, or applicable regulations." What did your review engagement letter require/request?

nothing special - just field review

 

[BRCJR]

The Appraiser did not review sales in the neighborhood that were earth contact, or possibly believed they were irrelevant. The report is full of boiler plate, and refers to the subject as being a ranch home with a basement in the Addendum and reconciliation. There are no conclusions for the opinion of value.
Perhaps someone can comment on the following. Of course I would rather just state the facts and not be the PERSON noted below. This is from the Appraisal Foundation below.
View attachment 41636

See 12 CFR 226.42(g) Mandatory reporting -

(1)Reporting required. Any covered person that reasonably believes an appraiser has not complied with the Uniform Standards of Professional Appraisal Practice or ethical or professional requirements for appraisers under applicable state or federal statutes or regulations shall refer the matter to the appropriate state agency if the failure to comply is material. For purposes of this paragraph (g)(1), a failure to comply is material if it is likely to significantly affect the value assigned to the consumer's principal dwelling.

 

[Terrel L. Shields]

Who is responsible for reporting USPAP violation to the Commission - Competency? The lender, the AMC, or me as well. I know it sounds like a cop out, but do I end up having to go in front of the Commission Board? What is the process? I've never seen a report that every question on the Field Review gets a NO answer.

Ignorance is no excuse. If your review is to be sent to a lender, then I suggest you submit it to them and eschew turning the person in yourself. Let them do it. OR, the lender should call the appraiser and tell them they have reviewed it and found it deficient and there are ground contact homes available. And they should ask for a significant revision. If the person refuses then the lender should send it to the Commission. The MO commission will investigate and likely want a copy of the review so MAKE SURE YOUR REVIEW IS UP TO SNUFF. Don't interject opinions about the report or appraiser. Stick to FACTS ONLY. When some reviewers in Arkansas took to turning in reports to the state, most of them ended up sanctioned too because the state asked for the reviewers work.

Missouri will set up a hearing if they find sufficient information and parties notified. You can see how MO handles such on their website and you can read past complaints and hearings.

 

[Terrel L. Shields]

I doubt if a state agency will open an investigation based on an anonymous submission.

They certainly do in MO and AR unless they have changed in the past few years.

 

[Renee Healion]

What's your point, Junior? That any person has to turn in an appraiser if there is a material review issue with their report? The OP has a client. Presumably, that client is a party and is mandated. Can they expect a blizzard of complaints from every person in the mandated class? Or every person they engaged subsequent to the transaction?

Who decides what is material? Perhaps that would take a reviewer. A reviewer doing a review and turning the work in. Not the appraiser.

 

[PerseverancePLUS]

I was hoping you would see the thread. As always, good, sound advice. I will be extremely thorough in my Review.