- Revised definitions: Client, Extraordinary Assumption, Hypothetical Condition. The definition of Exposure Time was moved from Statement 6 into the Definition Sections.
- A new rule: Record Keeping is now a full blown Rule
- Exposure Time (associated with market value) must now be reported.
- Revised disclosure requirement: Disclose whether you have or have not performed any services with regard to the subject property within the 3 years proceeding the effective date.
- Standards for Personal Property Appraisal (Standards 7 & 8) have been significantly updated.
- Advisory Opinion 21 USPAP Compliance has been revised to help us understand when USPAP does and does not apply.
Thursday, January 5, 2012
Welcome to 2012 (USPAP)
An even numbered new year means a new edition of USPAP. I know every appraiser sleeps with a copy of USPAP under their pillow and has read the 2012-2013 edition so many times their copy is already worn out. Even so, I thought I would bullet point the major changes:
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USPAP...
ReplyDeleteWhen did USPSP allow a secondary lender (not the engaging client or identified intended user) to "Blacklist" apprasiers for assignments completed by an appraier ordered throug a different engaging client. I work for the best AMC in the state (possibly in the country) and their QA staff has helped me throug this unfortunate and ILLEGIAL situation.
Whoever starts a class action should call the QA sataff at Guideline AMC! They are awesome and actually care about quality of work.
USPAP is great but why not enforce all the standards???
-Appraising in MN
USPAP has nothing to do with a client/lender's appraiser selection processes. And USPAP does not apply to lenders, only appraisers.
DeleteOther than that, I agree that a lack of due process is a problem.
If your clients are treating you poorly, cultivate new ones. Have some real fun and find them from outside of the mortgage lending world.
We are refinancing our 2009 double wide. I want to know what an appraiser will look at inside the home. Everything is in awesome condition for the most part. I know our carpet needs a good cleaning. Its a light color and has a few random stains. All other floors are well kept and in awesome condition. Would things like old furniture effect the appraisal amount? Also would lack of decorating play a part as well?
ReplyDeletephlebotomy schools in minnesota
Hello Alice,
DeleteThe appraiser will be looking to the condition and quality of the materials and components. Personal property is not typically included in appraisals for refinances and should not be included.