I suspect you're right, a series of new rules and guidelines when what's needed is enforcement of the existing ones.
Alex,
Enforcement wont really improve because many reports that are slam dunk for revocation are simply not turned in. We all have seen or heard of them, so we know they exist! Boards have to muddle through the so-so reports and give out a class or two as discipline. I have seen clear cases of deliberate commission that should have resulted in an immediate revocation. When those don't get revoked then what danger is there to anybody else who even tries half-assedly to be credible.
Market forces are actually beginning to work. Walls street Investors and Stockholders of lenders have taken a beating. We all know why, lenders turned a blind eye to all elements of a loan process. They allowed all kinds of cheating, lying and you name it! They have taught everyone not to trust them.
Since lenders don't understand USPAP, they will adapt by telling you and me how we will report our work. As a result less standardization will occur then more! Each lender will have its own Standard Operating Procedure(SOP). This will take time to develop. Hopefully the smart power users will settle back onto the GSE's and VA/FHA for their SOP's. This would be consistent with the Quick, Lean and Cheap Crowd operandi and give them a consistent dependable product. Thats why I think Don Clark's succinct one or two line statement of work will become quite common.
Some people have suggested that its all in the communication of an assignment. I can not disagree with that. The problem is this goes against the Quick, Lean and Cheap crowd thinking. They simply are not prepared nor willing to slow the process down. The AMC's can not get out of the One Size/One Price mode and they are a impediment to the appraiser/client communication channels.
So its all up to us AGAIN! We now must work harder for less money. What will happen is that short-cuts will be looked for or appraises will just not really pay any attention to detail.
Like I said, I am not the Great Bandini! So I don't know what will actually happen, I can only guess based on my past 17 years.
I think my much greater point is that no matter how much they change USPAP
things dont get better or worse for that matter. It just does not seem to make a difference at all.
