Due to the shortage of review appraisers (exacerbated by low fees and time pressures) tens of thousands of poorly created [real property] appraisals were accepted without receiving adequate review. Unfortunately, because many appraisals were rarely rejected or required corrections, appraisers developed the false notion that poorly crafted appraisals were okay to turn in. Many appraisers were bragging about their ability to fill out two or three appraisal forms a day and receive no call-backs from lenders.
Now under Federal law, if a lender, Fannie Mae, or any other person becomes aware of USPAP violations likely to have an impact on the value conclusion, then the appraiser must be reported to appropriate state licensing agencies.
Learn more about this topic by Richard Hagar as seen on WorkingRE.com.
Read the complete article here.
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