Appraiser Ethics, USPAP and Blue Star Appraisals Inc.
At Blue Star Appraisals we don't just value homes, we value people.
In March Fannie Mae posted a list of FAQ's intended to clarify some of the provisions of the HVCC. Click here to bring the PDF up in a new window.
The Uniform Standards of Professional Appraisal Practice (USPAP) is the generally accepted standard for professional appraisal practice in North America, and compliance is required in federally related transactions.
All appraisals completed by Blue Star Appraisals adhere to USPAP guidelines. Our appraisers will not accept an assignment with a predetermined or stipulated result, and payment is due for all appraisals and reviews delivered whether the financial transaction closes or not.
On May 1, 2009, all loans going to Fannie Mae and Freddie Mac will also be subject to the Home Valuation Code of Conduct (HVCC), which seeks primarily to eliminate appraiser and mortgage broker fraud by tightening restrictions as to how appraisers are engaged and paid and to create a "firewall" between the appraiser and those who would benefit financially from the successful closing of a mortgage or refinance transaction. Click here to read the HVCC in its current (and perhaps final) form. Please contact us with any questions or comments regarding the implementation of the HVCC and its' effect on the appraisal industry.
UPDATE as of July 1, 2011: Although the HVCC is no longer in effect, having been allowed to "sunset", appraisals for loans that will be going to Fannie Mae or Freddie Mac, and FHA appraisals, must still be ordered by a third party to, in effect, create a "firewall" between the lender and the appraiser. All other types of appraisal assignments can be ordered directly from Blue Star Appraisals Inc.
Restricted Use Desk Appraisals
"Comp checks" are not considered to be USPAP compliant. Blue Star Appraisals offers a Restricted Use Desk Appraisal (RUDA), with a defined and limited Scope of Work, to assist you in assessing whether or not to pursue a financial transaction. This appraisal is not a guarantee of an opinion of value for any subsequent appraisal completed for the purpose of securing a loan or insurance on the same property.
Finally, it is against USPAP guidelines to try to influence an appraiser with respect to the outcome of an appraisal. Blue Star Appraisals holds its appraisers to the highest standards when it comes to ethics - for our protection and for yours!
Call or email Blue Star Appraisals Inc. right now to learn more about our Restricted Use Desk Appraisals.
Blue Star Appraisals Inc. offers home appraisals in Dallas, Fort Worth, Plano, McKinney, Denton, Flower Mound, Lewisville, Southlake, Frisco, Waxahachie, Kaufman, Midlothian, Mansfield, and most other cities and towns within approximately a 130 mile radius of Dallas. If you are a homeowner, seller, buyer or investor interested in a residential appraisal please contact us to help you select the appropriate appraisal product for your property. Homeowners can use appraisals to remove PMI, contest property taxes, arrive at a sale price in anticipation of listing, or in advance of remodeling. Call Blue Star Appraisals Inc. today to consult with an appraiser. We look forward to hearing from you!