TAF and USPAP - great analysis

[DWiley]

I recommend using the search engine on the forum to find the discussions where both Bert (RCA) and I have commented on this topic. Additionally, it would be beneficial to review recent news articles discussing appraisals. Recently, there was a notable case where two appraisers valued the same property and had a significant difference of over $500,000. Just a few weeks ago, one appraiser valued the property at $700,000 while another valued it at $1,100,000. Once you've completed this research, feel free to return here to discuss the topic further.

Over the past 15 years I have seen many examples of situations like that. It has been my experience that the root cause is not the underlying methodology. Rather it is most often due to the failure of one, or both, to execute the methodology cited or claimed.

 

[Joe Flacco]

The problem with TAF is too much non-bank lender and appraisal management company influence.

 

[Fernando]

I would have thought the exorbitant $1,000 renewal fees and high cost of CE (compared to real estate agents) would deter potential appraisers and include the overhead into higher appraisal fees.

 

[Joe Flacco]

$1,000 is only like 25%-30% of one month of social security benefit.

 

[Fernando]

$1,000 is only like 25%-30% of one month of social security benefit.

The fees for renewing appraisal license is outrageous compared to renewing real estate agent license in CA.
Not just cost but inconvenient needing to renew every two years unlike 4 years for real estate agent.
The bureaucratic costs to administer appraisal license does not make sense to be so much higher than real estate agent license.

 

[Francois K. Gregoire]

The problem with TAF is too much non-bank lender and appraisal management company influence.

Here's a link listing all the members of The Appraisal Foundation Board of Trustees. Help me find the non-bank lender and appraisal management company influencers.

 

[Joe Flacco]

The fees for renewing appraisal license is outrageous compared to renewing real estate agent license in CA.
Not just cost but inconvenient needing to renew every two years unlike 4 years for real estate agent.
The bureaucratic costs to administer appraisal license does not make sense to be so much higher than real estate agent license.

We have three year appraisal license renewal in Maryland and two year renewal for a salesperson license. VA and DC appraisal license is two year renewal.

 

[Joe Flacco]

Here's a link listing all the members of The Appraisal Foundation Board of Trustees. Help me find the non-bank lender and appraisal management company influencers.

I don't need to look at any of that. Policy changes over the years and the issues at the time of those changes speak for itself.

 

[Dublin ohio]

The problem with TAF is too much non-bank lender and appraisal management company influence.

Not necessarily disagreeing with you on the face of it (because I'm not sure what you're referring to). But give me an example of policies or changes to USPAP that have favored non-bank lenders or AMCs

 

[George Hatch]

Individuals not performing to specs is a completely separate topic from the question of whether those specs are adequate or inadequate. The driver who gets clocked doing 110 in their Hellcat didn't do that because the 65mph limit is inherently flawed.

I guarantee that if you look at both appraisals for the big lie it'll be a lot easier to understand how these gaps occurred.