States who prohibit BPOs as alternatives for Appraisals

[Greenback]

If anyone wants to reply to this; awesome....

What is your definition of competing, similar and comparable sales and/or listings? And, what order would you put them in?

Sincerely,

 

[Greenback]

USPAP,

I think verbiage relates to a lack of enforcement.

Sincerely,

 

[Terrel L. Shields]

Terrell - You are wrong. BPOs are being done for lending purposes all the time

I have never seen it. It cannot be a federally related transaction and any BPO that I have seen does not comply with evaluation standards. I am not saying some brokers are not providing evaluations. I am saying they are not doing the "BPO" that I am familiar with and it complying with bank regulations. Non-banks are another matter. Unregulated lenders can do anything they want. I have no problem with the banks hiring people to do evaluations...the de minimus issue was resolved a decade plus ago.

 

[Greenback]

Government programs giving out money to home owners based on the value of their real estate and modifying federal related loans, are federally related right?

Sincerely,

 

[Greenback]

...I have no problem with the banks hiring people to do evaluations...the de minimus issue was resolved a decade plus ago.

Resolved?

So, in essence, for FRTs, mortgages and loans on real property under the De Minimis lenders cannot use anyone except licensed/Certified Appraisers and/or Appraisal related services?

Sincerely,