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November 5, 2008 Vol.
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Editor’s Note:
A mixed bag today: First, there is another appraiser-initiated
lawsuit, this time over illegal pressure and alleged
blacklisting. Also find the latest USPAP Q&A clarifying
requirements for workfile documentation, and a reminder that if
you want to be heard, there are only a few days left for
submitting comments about the proposed changes to 2010-2011 USPAP. Finally, WRE clears up the scuttlebutt regarding an
“extension” to FHA’s October 1, 2008 cut off date, after which
appraisers must be Certified or designated to complete FHA
appraisals.
Blacklisting Lawsuit, USPAP Q&A, FHA
Update
by Cary
Barker, Assistant Editor WRE
Appraisers Keep
Fighting Back
In the
next print edition of WRE (mailing Nov. 11) you will find a
story about appraisers fighting back and winning-
Goliath
Settles Blacklisting Complaint: Appraisers 3 and “0”
(Industry
News). Since the story was
written, another suit has surfaced over blacklisting.
The three “victories” the story refers to are
Jennifer Wertz’s suit against Washington Mutual for alleged
blacklisting, which has settled (terms undisclosed); the
eAppraiseIT suit against Pamela Crowley for alleged
misstatements on her site
MortgageFraudWatchList.org, which
was dropped by the vendor management company, and Tim
Vining’s successful collection of damages for copyright
infringement of his intellectual property– his appraisals. (The
full stories can be found at
WorkingRE.com. Check “Related Stories” in this
newsletter’s sidebar for exact location.)
(story continues below) |
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Now
another appraisal firm is fighting back, this time against
the largest mortgage lender in the United States,
Countrywide. Capital West Appraisals, LLC
(an independent appraiser serving the 18
counties in Idaho)
filed a class action lawsuit on October 16, 2008 with the
U.S. District Court in Seattle against Countrywide. The suit
claims that Countrywide has pressured and intimidated
appraisers into using appraisal techniques that meet
Countrywide’s business objectives even if the techniques are
improper and in violation of industry standards. The lawsuit
alleges that Countrywide pressures appraisers to confirm
that the transaction sales price reflects the value of the
property– in other words, making them hit the number.
“Countrywide is more interested in having the property pass
appraisal than it is in determining whether an appraisal is
fair and accurate and prepared in accordance with industry
standards,” the suit alleges.
If
appraisers refuse to play by their rules, the suit alleges,
they were placed on Countrywide’s “Field Review List.” The
suit alleges that Countrywide would not accept appraisals
from anyone on this list, in essence blacklisting those who
did not play ball. Countrywide has been using this list for
four years, according to the suit. In the suit, Capital West
claims it is losing $8,000 in revenue per month as a result
of being on Countywide’s Field Review List. As of August
2008, more than 2,000 appraisers appeared on the Field
Review List, according to the suit.
Shirley
Norton, in the Media Department of Countrywide/Bank of
America, declined to comment on the case.
You
can view the PDF of the lawsuit at
WorkingRE.com,
Sidebar, Capital West
vs. Countrywide.
(story continues below) |
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(story continues)
USPAP
Q&A
The latest USPAP Q&A
has been
published by the Appraisal Standards Board’s (ASB). The
ASB issues the Q&A as a form of guidance to illustrate
the applicability of USPAP (Uniform Standards of
Professional Appraisal Practice) in specific situations
in response to questions raised by appraisers,
enforcement officials, users of appraisal services and
the public to illustrate the applicability of USPAP.
Here’s one question and answer in regards to the
adequacy of workfile documentation.
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Question:
In the course of preparing my appraisals, I often research
Multiple Listing Service (MLS) and other data sources. I use
this information to develop conclusions regarding neighborhood
value ranges and market trends. Is it necessary for me to
include copies of this information in my workfile?
Alternatively, can I simply reference the data sources in my
workfile?
Response:
References in the workfile to the location of documentation used
to support an appraiser’s analyses, opinions, and conclusions
can be adequate. It is not always necessary for the appraisal
workfile to include all the documentation provided the
referenced material is retrievable by the appraiser throughout
the workfile retention period. Care should be exercised in the
selection of the format and location of documentation.
The Record Keeping section of the ETHICS RULE states that
the workfile must include:
...all other data, information, and documentation necessary to
support the appraiser’s opinions and conclusions and to show
compliance with this Rule and all other applicable Standards,
or references to the location(s) of such other documentation.
(Bold added for emphasis.)
You can read
the rest of the questions and answers at
WorkingRE.com,
Sidebar USPAP Q&A October 2008, or
at
the ASB website,
Appraisalfoundation.org.
USPAP
Proposed Changes
There are only a few days left for anyone interested in
submitting comments about the proposed changes to 2010-2011
USPAP presented by the ASB. The deadline to submit your
comments is November 10, 2008.
The First Exposure Draft of
proposed changes is now available for comment. This draft
proposes edits relating to the definition of signature,
definition of Jurisdictional Exception and the
Jurisdictional Exception Rule, the Ethics Rule, the
Competency Rule and Standard 3,
Appraisal Review,
Development and Reporting.
A
Second Exposure Draft on these topics may be released in
December 2008. The Second Exposure Draft may incorporate
changes and will respond to issues raised in public comments
to the First Exposure Draft.
You
can view the First Exposure Draft and where to send your
comments at WorkingRE.com, Sidebar
ASB Exposure Draft,
or at the ASB website,
Appraisalfoundation.org.
FHA Deadline
Confusion
There is much discussion and some confusion among appraisers
about a supposed “extension” to the FHA October 1, 2008
deadline, after which all new applicants to the FHA roster
must be “Certified” (or designated). The FHA appraiser's website
states,
"Effective October 1, 2008,
FHA will accept new applications only from state-certified
appraisers." Recently,
information circulated that various states had extended
their deadlines into next year, offering a reprieve to licensed appraisers
who seek to become FHA approved. According to industry insiders, however, these
updates were premature: all changes are on hold for now.
The problem is that the October 1, 2008 deadline is written
into law as per HR. 3221,
The Housing and Economic
Recovery Act of 2008. This makes it difficult to
amend,
according to Jeff Dickstein, Chief Appraiser for Pro-Teck.
“FHA and HUD lawyers are trying to get it changed but the
difficulty is that it is part of a bill that is now law, so
it’s more about getting a law changed,” said Dickstein.
There is no change in status yet for licensed appraisers
currently on the roster. Those whose roster status is no
longer current will be treated as new applicants. You can
read the full text and a summary of HR. 3221 at
WorkingRE.com; Sidebar.
We’ll keep you updated as changes are announced.
Please send your comments
here. |
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