(Washington, DC) October 18, 2019 – At a standing room only public meeting, the Appraisal Standards Board (ASB), an independent board of The Appraisal Foundation, heard a diverse array of opinions about evaluations. The ASB deviated from its standard meeting format, implementing a Congressional-style hearing with three panels of expert witnesses.
The ASB released its concept paper about evaluations six weeks ago. Since that time, the Board received more than 65 comments in response prior to today’s public meeting. At the meeting, the three panels included constituents from lenders and financial institutions, state appraiser regulators, and professional appraiser organizations.
The Board heard about the confusion in the marketplace as to who can perform evaluations, when appraisers can perform evaluations and whether they are required to comply with USPAP when doing so. Chair Miller continued, “Appraisers are mentioned as individuals who can perform evaluations per the Interagency Guidance provided to financial institutions, yet, the ASB has heard from some appraisers that they are effectively precluded from performing evaluations due to some of the requirements of USPAP.”
“The diverse array of opinions demonstrates how complex the issue of establishing standards for evaluations is,” said John Brenan, Vice President, Appraisal Issues for The Appraisal Foundation. “Every point from leveling the playing field for appraisers, to bringing clarity to a confused marketplace, to protecting state’s rights, and the impact on homebuyers was presented and discussed.”
The ASB has made no decision about establishing standards for evaluations. The Board will continue to listen to stakeholders, and be completely transparent as it moves forward in its deliberations.
Published by The Appraisal Foundation, Oct. 18, 2019