Zaio disclosed it had retained Danny Wiley, former Chair of the Appraisal Standards Board (ASB) to conduct an independent evaluation of the technology, processes, and appraisal report outputs to determine the overall USPAP compliance when Zaio technology is used by properly licensed and certified appraisers to develop and report appraisal results.
- Download ZAIO USPAP Compliance Letter.pdf (25.3K)
- Download Danny Wiley's USPAP Compliance.doc (39.5K)
Mr. Wiley stated: “After a thorough Zaio review conducted over the past several months, I confirm that if used properly by the licensed appraiser, that the work performed by the appraiser along with the information contained within the report will fully comply with all USPAP appraisal standards, including USPAP STANDARD 1 and STANDARD 2.”
“Since Zaio appraisers inspect large volumes of homes, some have incorrectly assumed that that the reports should be classified as “Mass Appraisals” and be governed under STANDARD 6 of USPAP. However, that is not correct. My evaluation concluded that the objective is for Zaio appraisers to arrive at a defensible, independently supported USPAP compliant appraisal for each individual property, rather than valuing an entire universe of properties, and thus STANDARD 6 does not apply."
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