Appraisal Scoop

USPAP 2006 - Scope of Work Rule: New flexibility in assignment acceptance?

Effective July 1, USPAP no longer includes a Departure Rule, nor anything called "Complete" and "Limited" appraisals. In their place is a comprehensive new Scope of Work Rule, a set of minimum standards for all appraisal, appraisal review and appraisal consulting assignments.

Are you up to SPEED?

The Scope of Work Rule is perhaps best understood as a re-emphasis on the process of analysis and its requirements instead of conforming the reporting of your work to certain labels.

The new standards address what goes into your decision to conduct a certain level of analysis and the amount of research and diligence that needs to go into what you choose. The Departure Rule required that your client agree to the performance of a limited appraisal. . . .

Paperless Appraisal Workfile - A Small Firm's Approach

In the article "Paper Cuts – Do They HAVE To Hurt?" I talked about the small business love affair with paper and two of the basic tools that I use to ease the pain of breaking up! 

In this article I want to gets hands-on with . .

Creating A Paperless Appraisal Workfile!

We'll see how I've combined an inexpensive sheet fed scanner and PDF creation software to develop a "less-paper" appraisal workfile protocol for my small appraisal office.

READ ON . . .

The Cost Approach: To Do or Not To Do

The following is from a Liability Insurance Administrators' Claim Alert (May 2006): The growing pains of using the new Fannie Mae forms are continuing; an issue that has developed is whether appraisers should continue to complete the Cost Approach to Value, even in circumstances where it may not be reliable. The Cost Approach section is optional on the new Fannie Mae and Freddy Mac forms, while USPAP directs the appraiser to comment on all approaches to value – whether or not completed. Our national claims counsel suggests that you remind your lenders/clients about the intended use and intended user as defined in your appraisals. A particular concern is that your potential liability exposure may increase if the cost approach analysis contained in your appraisal is used for the purpose of obtaining insurance coverage or determining insurable value.  READ MORE:

Cost Approach - Including An Unreliable Approach

The ASB USPAP Q&A is issued to state and territory appraisal regulators to inform all states and territories of the ASB responses to questions raised by regulators and individuals; to illustrate the applicability of the Uniform Standards of Professional Appraisal Practice (USPAP) in specific situations; and, to offer advice from the ASB for the resolution of appraisal issues 

This issue deals with : Including an unreliable approach to value; review appraiser bias; and appraiser's fees . . .READ MORE:

USPAP 2006 Revisions - Office of the Comptroller of the Currency - OCC 2006-27

The 2006 USPAP, effective on July 1, 2006, replaces the 2005 USPAP and incorporates extensive revisions to appraisal standards. A regulated institution must ensure that appraisals supporting federally related transactions adhere to USPAP as well as the other minimum appraisal standards contained in the agencies’ appraisal regulations. Therefore, regulated institutions should be familiar with the 2006 USPAP and consider the ramifications of the revisions to their appraisal practices.