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.