Which USPAP?

[Highlander416]

USPAP 2014-15

"SR 2-2(a)(iv)
(vi) state the effective date of the appraisal and the date of the report;

713 Comment: The effective date of the appraisal establishes the context for the value opinion, while the date of the report indicates whether the perspective of the appraiser on the market and property as of the effective date of the appraisal was prospective, current, or retrospective."

Was having a conversation about this yesterday.

Lets say you inspected a property on 12/16/2013, signed the report and sent it out on 12/18/2013. Then, on 01/02/2014, the lender calls and asks you to make a correction. The borrowers last name was mis spelled. The new sig date is in 2014. What do you do?

 

[Mike Kennedy]

Was having a conversation about this yesterday.

Lets say you inspected a property on 12/16/2013, signed the report and sent it out on 12/18/2013. Then, on 01/02/2014, the lender calls and asks you to make a correction. The borrowers last name was mis spelled. The new sig date is in 2014. What do you do?

Clone the orig report, correct the spelling of the borrowers last name, SAVE the new report under a new Appraiser's file name/number, revise the Report date to the new report date, enter a comment on the Addendum indicating the reason for the revision to the 12/18 report, state no other changes to the data in the appraisal report or the OMV as of the Effective Date were required or made.

Retain both Reports in the subject property's work-file.

 

[Mike Garrett RAA]

Does it really matter?

 

[Ken B]

Always easy to answer that question with this question:

If the effective date of the appraisal was 100 years ago and the date of the report were today, which version of USPAP would apply?

Alternatively, if the effective date of the appraisal were 10 years in the future and the date of the report were today, which version of USPAP would apply?

 

[CANative]

Always easy to answer that question with this question:

If the effective date of the appraisal was 100 years ago and the date of the report were today, which version of USPAP would apply?

Alternatively, if the effective date of the appraisal were 10 years in the future and the date of the report were today, which version of USPAP would apply?

I like that.

 

[gregb]

One USPAP instructor says the report signing date rules, not the effective date of the report.

http://www.affiliatedappraisersworkshop.com/2014_uspap_changes.htm

 

[Ken B]

I like that.

That's what she said...

 

[sputnam]

The date of the report.

 

[Peter LeQuire]

One USPAP instructor says the report signing date rules, not the effective date of the report.

[url]http://www.affiliatedappraisersworkshop.com/2014_uspap_changes.htm[/URL]

That's a pretty helpful summary.

 

[Don Clark]

If it's a GSE, FHA or VA appraisal the date of inspection is the effective date of value.

And it only makes sense to use the more current USPAP (date of report) since reporting standards must meet the requirements of the current USPAP.

Actually USPAP applies to the entire process. USPAP 2012-2013 would apply to what was done in 2013, and USPAP 2014-2015 would apply to the date f the report in 2014.

I would keep my records and workfile in 2014 as that is when the report was made, and appraisal completed.