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Valuation Firm Opposes New Rule from USPAP.(Uniform Standards of Professional Appraisal Practice )
Advisories issued by the Uniform Standards of Professional Appraisal Practice could result in consumers who use third-party originators having to pay more for their appraisals, said an executive with eAppraiseIT here.
Under the new USPAP regulations, appraisers can no longer do a "retype" of the appraisal document, substituting the name and address of the purchasing lender for the selling broker or lender, explained Anthony Merlo, executive vice president and chief operating officer of eAppraiseIT during a media teleconference held by the company.
The USPAP action follows a joint statement from the Office of the Comptroller of the Currency, the board of governors of the Federal Reserve System, the Federal Deposit Insurance Corp., the Office of Thrift Supervision and the National Credit Union Administration made last fall. This statement said retypes violate the regulations of not only USPAP but those of the above bodies as well.
Until now, brokered or closed loans sold to lenders could have the appraisal form merely "retyped" in the buyer's name. There was no additional fee or work associated with this.
However, Mr. Merlo said, USPAP prohibits this ...
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Source: HighBeam Research, Valuation Firm Opposes New Rule from USPAP.(Uniform Standards of...