The original document has been removed at the request of RVS for the reason below, but can be found on FNC Inc.'s site - Click Here
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Here are a couple of appraiser comments from the LinkedIn USPAP Group:
Stephen G. De Castro: President, S.G. De Castro Appraisal & Consulting, Inc.
Donald J. Martin, SCRP, RAA, GAA, CDEI Owner, Martin Appraisals.com
Wells Fargo is calling this a Restricted Use appraisal report. As per USPAP, a restricted use appraisal report can only be used when the client is the only intended user. This pretty much eliminates utilizing restricted use appraisal reports for mortgage lending purposes since there are more users then just the client.
There are also the regulators, the investors if the mortgage is sold, the borrowers have been told by FANNIE MAE that they are intended users. The work file must contain sufficient information to produce a Summary appraisal report.
The underlying concept of the restricted use appraisal report is that the client is intimately knowledgeable of the subject property and the problem to be solved. Hence does not require excess information that someone not familiar with the property and problem would require to understand the appraisal report and conclusions without the possibility of being misled. It does not shorten the amount of work required under Standard 1. It only saves on some paper, toner and typing and is meant for very specific situations. So there is your USPAP validation to tell them to stick it.
Also, do not forget, when you do a "Restricted Use," USPAP requires you to have everything in your workfile to produce a "Summary Appraisal Report" without collecting anything else for the workfile.
Since you have to do everything in the workfile that you would do for a Summary, you have done the majority of the work for a Summary anyway, why would any that has done that many hours of work, do a job for $51.00, it makes no sense.
Forms are never USPAP compliant, it is the Appraiser that makes them USPAP compliant. I really hope are State regulators and Federal regulators take notice here and put a stop to the nonsense that Wells Fargo is doing, it really is a sad thing they have no respect for USPAP or the law and more importantly no respect for the public.
We welcome your comments here or on the LinkedIn USPAP Group!