June 6, 2019 – Most importantly, my thanks to all past and present Veterans on this 75th Anniversary of D-Day. I visited Normandy and Omaha Beach last year. So serene. Humbling. One of my wife’s uncles was in the second wave that landed at Omaha Beach. He didn’t tell anyone that until a few months before he died in his 90’s. The Greatest Generation rarely talked about the War. But, they saved the World. Literally. We owe those young men everything. God Bless them all and our Country.
Per the Appraisal Institute’s Appraiser News Online, 2 more states will allow licensed/certified appraisers to perform non-USPAP Evaluations. As predicted, this is the year for this to finally take off across our country.
If you are an appraiser in adjacent states, you should start a campaign to get your state to pass a similar law. Else, you are missing out on a ton of business! I hope North and South Carolinas wake up and join the movement. Soon, the entire Southeastern USA will allow appraisers to perform non-USPAP Evaluations. Following is from the AI:
Alabama enacted legislation, effective May 29, allowing state-licensed appraisers to perform evaluations for federally regulated financial institutions.
states that appraisers “shall not be subject to any provision” of the state’s appraiser licensing law when performing an evaluation that includes a disclaimer stating it is not an appraisal, and the requirements for a licensed real estate appraiser to comply with the Uniform Standards of Professional Appraisal Practice do not apply.
Additionally, the law clarifies that evaluations are “governed by federal law and rules of the federal financial institution regulatory agencies, and not the board.”
Louisiana Gov. John Bel Edwards on May 30 signed HB 340
, legislation that allows appraisers in the state to provide evaluations for federally insured depository institutions. The law takes effect Aug. 1.
The legislation states that appraisers are not prohibited by the state’s appraiser licensing law from providing evaluations to federally regulated institutions in accordance with “federal law, regulation or the guidance for evaluations established by the federal financial institutions regulatory agency of the depository institution.”
April 19, 2019 – It has been exactly 25 years that I have been campaigning for non-USPAP Evaluations to be performed by licensed/certified appraisers. Most of the time it has been a one-man campaign. Thankfully, times have changed and appraisers have come around to the need for Evaluations.
It looks like this year will see many States pass the requisite law to allow its most qualified valuers to finally perform non-USPAP Evaluations. If your State isn’t mentioned below, I encourage you to take action. For almost 30 years, non-appraisers have been doing all the Evaluation work in your State. With Evaluation volume about 4x-6x that of Appraisal volume think how much business you have missed out on:(
The following are from the Appraisal Institute:
Utah Allows Appraisers to Perform Evaluations for Federally Regulated Lenders
Utah Gov. Gary Herbert on March 26 signed SB 140
, legislation that allows state-licensed and state-certified appraisers to perform evaluations for federally regulated financial institutions.
Under the new law, appraisers who provide evaluations in compliance with the Interagency Appraisal and Evaluation Guidelines are exempt from compliance with the Uniform Standards of Professional Appraisal Practice. Appraisers will sign the evaluations, certifying that they comply with the IAEG. However, they must still abide by the basic elements of USPAP’s Ethics, Competency, Scope of Work and Recordkeeping rules. This concept has been advanced by several Appraisal Institute chapters in recent years.
The legislation takes effect May 14.
Alabama (HB 304
) Louisiana (SB 42
) and Oregon (SB 109
) are considering bills that will amend appraiser licensing laws so that appraisers can perform for financial institutions evaluations that do not comply with the Uniform Standards of Professional Appraisal Practice when not required by federal law. If the laws pass in these states, they will join Florida, Georgia, Illinois, Indiana, Tennessee, Utah, and Virginia in allowing appraisers to perform these services.