What does it Mean to Protect the Public Trust

[alebrewer]

As long as mtg professionals are paid on commission, there will be pressure. It's worse today, but it's just hidden. Which as long as something is hidden, it's USPAP approved.

Haha - yep, Dodd Frank was supposed to eliminate that as well, but folks are pretty crafty at finding loopholes. Look - the machine runs by loans being made. If there is something, or someone, that stands in the way of folks milking that cash cow - well, I think we all feel the pressure of stakeholders who don't want that kind of interference...

 

[djd09]

As long as mtg professionals are paid on commission, there will be pressure. It's worse today, but it's just hidden. Which as long as something is hidden, it's USPAP approved.

todays housing prices make the financial crisis look like the bottom...and yet they still whine and complain

 

[Elliott]

I have a feeling that AF would like the definition of "Public Trust" would be equivalent to ESG:

"Environmental, social, and corporate governance is an approach to evaluating the extent to which a corporation works on behalf of social goals that go beyond the role of a corporation to maximize profits on behalf of the corporation's shareholders."

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[alebrewer]

I personally don't think that appraisers should be burdened with the yoke of 'public trust'. By performing services competently, they DO advance public trust (whatever the heck that is), but that's not their goal, nor should it be their mandate.

 

[George Hatch]

Promulgating the public trust in appraising is not some unobtainium goal. Each and every appraiser is capable of meeting that expectation. It mostly hinges on appraisers simply conducting themselves in an honest manner. Say what you do, do what you say. After that it all comes down to sticking to the fundamentals of the appraisal process.

It just ain't that deep.

 

[shrubberyvaluation]

I personally don't think that appraisers should be burdened with the yoke of 'public trust'. By performing services competently, they DO advance public trust (whatever the heck that is), but that's not their goal, nor should it be their mandate.

I agree, just like an umpire's goal should be to make the right calls, not gain public trust.

 

[Fernando]

We all know the phrase - it's the first sentence of the Preamble to USPAP. I've long been told that it is appraisers' responsibility to uphold the public trust. That's not what the document says, though... it says the purpose of USPAP is to promote public trust. Slight difference IMO... nonetheless, I've even been known to preach the mantra that appraisers uphold public trust by providing credible appraisal services. After much thought, however, I'm not sure we do. Who is 'public' anyway? Users of our services? Public in general? Well, public in general barely know what an appraisal is - much less what USPAP is, so it can't be them. What about users of our services? Is that 'the public'? In my mind it has to be - which means we are (in theory), through adherence to USPAP, maintaining the trust of the fat cats who have stock in/or own banks, CU's, etc., and the overlords at F/F/FHA/VA. But..... it should be obvious to even the casual observer that even they don't trust us. It is no longer sufficient to make a statement or an opinion in relation to our expertise - that statement or opinion (regardless of how obvious it may be - will be questioned and documentation will be required to verify said statement(s). So, then, our services - even when rendered in a manner that is meaningful and not misleading (by some) - are not trusted. Which begs the question: Why is that? Why don't the users of our services trust our opinions and conclusions? IMO - because many of us either aren't capable of, or fail to, provide services in a manner that is meaningful and not misleading. Can that perception be changed? I'm afraid not at this point in the game.

Promote public trust is a low standard for us to meet. It was a good choice of words.

 

[alebrewer]

Promote public trust is a low standard for us to meet. It was a good choice of words.

It was a HORRIBLE choice of words. That's not our job. I don't even know who the heck public is.

 

[Fernando]

It was a HORRIBLE choice of words. That's not our job. I don't even know who the heck public is.

You can use those words for real estate agents and accountants. Jobs that deal with the public have certain "rules" to abide to for public confidence.

 

[alebrewer]

You can use those words for real estate agents and accountants. Jobs that deal with the public have certain "rules" to abide to for public confidence.

So you're saying Real Estate agents have a USPAP equivalent?