USPAP class for the thirteenth time

[djd09]

Fannie Mae releases updates on leasehold estates, manufactured homes, fraud prevention​

The Selling Guide has also updated requirements “related to the market area analysis of the appraisal report and add[ed] standardized definitions relevant to appraisal market areas to the glossary.” It also clarifies that sellers and servicers are “responsible for preventing, detecting, and reporting mortgage fraud.”

so much for the CU borg detecting fraud....music to the mortgage brokers ears

 

[George Hatch]

Appraisers are required to meet the terms of their assignments. Full stop.

If they're not willing to meet those terms then they shouldn't be accepting those assignments with the intention of going rogue simply because they want to walk tall and wear their pants low like an outlaw.

 

[djd09]

impartial means treating all parties equally...

 

[George Hatch]

It means YOU treating all parties equally. Say what you do, do what you say.

 

[djd09]

treating all parties equally...except for the borrowers

 

[sputnam]

In the context of developing appraisals that are compliant with USPAP, 'impartial' means data driven. It means that you support your analyses and conclusions with market data. It means the only advocacy you have is for the subject property.

The #1 cause of revision requests and one of the reasons that Clients often don't respect appraisers is... appraisers don't bother to actually read the letter of transmittal/appraisal request. Especially, appraisers who only do residential work. You can not assume that the next assignment is just like the last one. Read the assignment request noting Client requirements. If you don't want to provide the content that the Client requests.... Decline the assignment.

 

[djd09]

now appraisers are making up their own definitions...impartial is clearly stated and does not mention only data...but keep trying

 

[George Hatch]

Regardless, "appraiser independence" still doesn't mean fee appraiser engagement nor does it mean appraisers unilaterally dictating to their users what they are allowed to legitimately request or otherwise consider meaningful to their decisions.

USPAP is no country for old form monkeys.