New USPAP Q&As
January 16, 2024, the Appraisal Standards Board released new Questions and Answers covering important topics in the profession today including:
Does demographic information relating to race (such as Census data) constitute “information relating to” a protected characteristic?
What is an appraiser’s USPAP obligations when using artificial intelligence (AI) in an appraisal assignment?
I recently completed an appraisal on a residential dwelling for Lender A that sells loans to Fannie Mae and Freddie Mac and the report was completed on a GSE form. Lender A decided not to grant the loan and the borrower then engaged Lender B to obtain financing. Lender B engaged me to perform a new appraisal assignment on the same property. Lender B indicated there wasno need for me to re-inspect the home, since my previous inspection date was only a few days earlier.
To read these new Q&As Click Here.
My comments: AI and demographics are “hot topics” now. I am glad the ASB is explaining them.
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NOTE: Please scroll down to read the other topics in this long blog post on forecasts for mortgage rates, a look back at the 80s a very similar mortgage market, appraising in a changing market, unusual homes, mortgage origination stats, etc.