During 2013, the Appraisal Foundation updated Advisory Opinion 13 (AO-13) to clarify how and by whom evaluations could be prepared. What AO-13 says is that if a licensed or certified appraiser is asked to perform an evaluation, they must follow USPAP. Essentially, this means that appraisers must still conduct an appraisal even though it is called an evaluation. The idea is that any opinion of value is still an appraisal. That means the appraiser asked to conduct an evaluation would have to follow USPAP including STANDARD 2 when issuing a report instead of using a more summarized report format that institutions call an evaluation.
However, evaluations can still be conducted in a cost-effective manner, but only if you know the details of the appraisal regulations. In addition, the 2010 Interagency Guidelines provide some leeway for institutions to prepare their own evaluations, but you must also know how to comply with appraisal regulations to avoid any conflict with state appraisal boards. In some states the penalties can be severe including possible jail time if appraisers don’t follow the rules.
Benefits
This timely webinar is designed to:
• Unravel the appraisal regulations
• Help you properly utilize real estate evaluations
• Avoid possible fines or penalties.
• Improve the effectiveness of your evaluations
• Advance your overall collateral management practices
Who Should Attend
• Appraisers
• Appraisal management personnel
• Loan administration personnel
• Risk managers