What is this? "HB 2533 - appraiser is not required to comply with USPAP effective June 15, 2021".

[spittman]

Huh??? I'm assuming it only applies in Texas, but I couldn't find anything else on it. What exactly does this mean?

 

[George Hatch]

"Evaluations", as defined in the federal banking regs.

Because some appraisers actually think an opinion of value (aka appraisal) is only sometimes an opinion of value.

 

[Mejappz]

Huh??? I'm assuming it only applies in Texas, but I couldn't find anything else on it. What exactly does this mean?

I don’t know about this particular bill—but in Florida appraisers can complete evaluations that don’t comply with USPAP.

Of course it has been five years and we’re still waiting for “guidance” from the rouge Florida Real Estate of Appraisers Board. Government.

 

[glenn walker]

Huh??? I'm assuming it only applies in Texas, but I couldn't find anything else on it. What exactly does this mean?

Bill Analysis​

Current federal law allows appraisal waivers for residential and commercial real estate transactions below a certain value threshold. State requirements on this issue are more stringent than federal requirements. HB 2533 would harmonize state law with the recently updated federal regulations in order to allow an appraiser to make an evaluation rather than a full appraisal in order for a lender to finance a qualifying real estate transaction.

MY NOTE: Evaluations are not Under USPAP and can be done by non-appraisers-realtors-brokers etc different States have different rules but it appears-most States will follow the same route so that there is uniformity for Lenders and GSEs and other agencies. TRANSLATION: Waivers and Evaluations are becoming the norm and less and less real appraisals will be required by lenders- Also most interpret that an -apparsier can do evaluations but he/she will not call it an -appraisal and his certification and report will state its not an-appraisal.

Vote Recommendation Notes​

The provisions of HB 2533 would support limited government, individual liberty, and free market principles by allowing more flexibility in the process of determining the value of a qualifying property in order to allow a real estate transaction to move forward. This would help reduce appraisal backlogs in a booming real estate market, speed up financing approval, and likely reduce costs. Texas Action supports HB 2533.

 

[Alsie35]

This is all that the Texas Appraiser Licensing Board had to say about it this morning:

 

[Zoe]

I think several might want to jump their E&O policy unless your depending on taxpayers.

 

[Zoe]

Texas is acting like an idiot in many regards. Have a bunch of taxpayers though. LOL

 

[George Hatch]

It's not the states that are being dumb. It's the appraisers advocating this nonsense who believe that adding in the (actual) minimums of an appraisal into a eval assignment are too time consuming for them to effectively compete with non-appraisers who are dabbling in what we do in our day jobs.

That's who the idiots are.

 

[Zoe]

It's not the states that are being dumb. It's the appraisers advocating this nonsense who believe that adding in the (actual) minimums of an appraisal into a eval assignment are too time consuming for them to effectively compete with non-appraisers who are dabbling in what we do in our day jobs.

That's who the idiots are.

I agree. That will bite. Just wait.

 

[Mejappz]

Regardless of anybody, s opinion on this issue. The state legislatures elected by the people have passed laws signed by the Governors of their State. Holding hostage bills passed by the people’s representatives by unelected wanna-be politicians is undemocratic.