Appraisal News and Business Tips

Posts Tagged Appraisal Foundation

National Appraisal Compliant Hot Line to start by 3/29/13 Appraisal organizations ask for delay

ASC notice to state regulators:
Excerpt: The Hotline will begin operation no later than March 29,2013. The Hotline will refer complainants to appropriate State and/or Federal agencies to handlecomplaints of alleged violations of the Uniform Standards of Professional Appraisal Practice(USPAP) and/or appraisal independence requirements. The Hotline will direct complainants tocontact you to formally file their complaint using the existing protocols established by your State.The Hotline does not initiate complaints, act on behalf of complainants, arbitrate complaints, assistin appealing the outcome of complaints, or follow up on complaint referrals previously provided

Link to full notice:
http://www.scribd.com/doc/126820613/ASC-Appraisal-Complaint-National-Hotline-Notice-to-States
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Feb 4, ASA/NAIFA sends letter to ASC asking for delay

Excerpts of a few bullet points:
– The ASC designed the appraisal complaint hotline system behind closed doors, and has failed to allow stakeholders to comment on it prior to final implementation:
– The ASC’s hotline system, as proposed, violates congressional intent and the clear language of the dodd-frank provision authorizing it:
– Congress intended the hotline to provide appraisers with an ability to report efforts to undermine their independence, not as a catch-all mechanism to be used against appraisers by persons disgruntled because the appraised value did not meet their needs or for other non-specific or Non-serious reasons:

Link to letter http://c.ymcdn.com/sites/www.naifa.com/resource/resmgr/legislation/02.07.2013_letter_from_asa_a.pdf

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Feb 12, AI/ASFMRA sends letter to ASC asking for delay

Excerpt:

However, in speaking with state appraiser regulatory officials, practicing appraisers and others involved with real estate and mortgage finance, virtually no understanding of the hotline and its intended purpose, as well as the proposed protocol, exists. As such, we believe that the protocol could be met with unnecessary trepidation simply because to date the ASC did not seek stakeholder input. As such, we respectfully request that the ASC refrain from approving the protocol, and instead release the protocol for public comment, similar to the process used by the ASC in drafting Policy Statements. Since the hotline likely will impact other mortgage and real estate professionals and regulatory agencies, we believe that all stakeholders deserve to have an opportunity to review comment on the hotline before it is operational. This is the foundation of good government and, in this case, we believe that such a measure actually will engender support for the proposed protocol.

Link to AI/ASFMRA letter
http://www.appraisalinstitute.org/newsadvocacy/downloads/ltrs_tstmny/2013/AI-ASFMRA-to-ASC-on-Hotline.pdf

My comments: The ASC was mandated by law to set this up. I have not read all these links, so I have no opinion. It is all up to you!!

ASB issues 3rd USPAP Exposure Draft

The Appraisal Standards Board (ASB) has issued the following document:

Issued on November 30, 2012


Written comments requested by January 25, 2013

Third Exposure Draft of Proposed Changes for the 2014-15 edition of the Uniform Standards of Professional Appraisal Practice (USPAP)

 

 

This exposure draft includes:
Revisions to Reporting and Communication Requirements
Reporting Options
Retirement of STANDARDS 4 and 5
Other revisions and additions as needed to ensure clarity and relevance

Summary of proposed changes:
– Proposed Retirement of STANDARDS 4 and 5 (including revisions and additional Illustrations proposed for Advisory Opinion 21)
– Proposed Revisions to the DEFINITIONS of “Assignment Results,” “Report,” and “Scope of Work”
– Proposed Revisions to the RECORD KEEPING RULE- Report Options (includes proposal for options in STANDARDS 2, 8, and 10)
– Proposed Revisions to Advisory Opinion 11, Content of the  Appraisal Report Options of Standards Rules 2-2 and 8-2 and Advisory Opinion 12, Use of the Appraisal Report Options of Standards Rules 2-2 and 8-2
– Proposed Revisions to the COMPETENCY RULE
– Proposed Revisions to the PREAMBLE – When Do USPAP Rules and Standards Apply?
– Proposed Revisions to Standards Rule 3-5
– Certification Requirement Related to Current or Prospective Interest and Prior Services

The Board currently intends to adopt any revisions for the 2014-15 edition of USPAP at its public meeting in San Francisco on February 1, 2013.

Any such revisions would become effective on January 1, 2014, and any updates related to USPAP course material should be available by late summer 2013.

Link:  https://appraisalfoundation.sharefile.com/d/sbe05929a13844d89
Send Comments to ASBComments@appraisalfoundation.org

If there are any issues in this USPAP draft, be sure to speak out by 1/25/13!! This may be your Last Chance!! Members of the ASB read all comments.