Date Created: September 2019
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Eval.com is the first comprehensive source for providing services concerning profiles
(governed by Uniform Standards of Professional Appraisal Practice “USPAP”), non USPAP
evaluators, and BPO’s (broker price opinions), collectively referred to herein as “Valuation
Professionals”. Our services are innovative within these professions. Our services are
dynamic and continuously expanding. We strive to provide current, accurate and thorough
information about valuation professionals and believe that our services are useful for
valuation professionals and a wide range of consumers.
By listing valuation professionals in our directory, Eval.com is not providing an endorsement of any particular valuation professional, and is not a guarantee of a Valuation Professional’s quality, competency, or character. Eval.com services do not provide a guarantee or assurance that a particular Valuation Professional is suitable for your valuation needs. Eval.com is intended to be a reference point to gather information about valuation providers who may be suitable for your valuation needs. As with any product or service, you should conduct additional independent research to determine whether to contact or employ the services of any valuation professional.
Eval.com products and services consist of: (1) Eval.com created content and (2) content that is not created or developed by Eval.com (“Valuation Information”). We may review third party-content to determine whether it is illegal or violates our policies, and we may remove or refuse to display content that we reasonably believe violates our policies or the law. We do not routinely screen third-party content that is published via our Services. This includes the Information that valuation professionals post on Eval.com, and we cannot guarantee the accuracy, adequacy or quality of any such Valuation Information, or the qualifications of those posting it.
The information found on Eval.com is intended for general informational purposes only and should be used only as a starting point for addressing your valuation needs. Eval.com does not provide valuation services. Eval.com also does not provide legal advice. By using Eval.com, you agree that you are not forming a client-Valuation Professional relationship or an attorney-client relationship with Eval.com. Our products and services are not a substitute for an in-person or telephone consultation with a valuations professional practicing in accordance with state and federal law in your jurisdiction about your specific valuation issue.
Eval.com offers information about valuation professionals and services unique in the
valuation industry. Laws governing real property valuation are constantly changing within
the federal government as well as state governments. The following information provides
an overview of services offered by valuation professionals and the basic legal provisions
addressing those services. It is a starting point for users of Eval.com to familiarize yourself
with various products and services available for real estate valuation. GIVEN THE RAPIDLY
EVOLVING LAWS GOVERNING APPRAISALS, VALUATIONS AND BPO’S, IT IS IMPERATIVE
THAT YOU CONDUCT INDEPENDENT RESEARCH TO DETERMINE THE APPROPRIATE
VALUATION PRODUCT OR SERVICE FOR YOUR NEEDS IN COMPLIANCE WITH
APPLICABLE FEDERAL AND STATE LAW AT THE TIME YOU EMPLOY A VALUATION
Federal law overview In 2010, The Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), the Office of Thrift Supervision (OTS), and the National Credit Union Administration (NCUA) (the Agencies) are jointly issued Interagency Appraisal and Evaluation Guidelines (Guidelines).
Federal law governs certain real estate transactions, importantly, transactions involving a real estate loan. Thus, certain transactions require a USPAP appraisal and others do not.
At the time this terms and conditions of use was created, the following link described FDIC regulations regarding appraisals and valuations:
As of September 16, 2019, 12 USC 2000, § 323.3 described the instances in which a USPAP appraisal is required. This regulation is reproduced below.
(a) Appraisals required. An appraisal performed by a state certified or licensed profile is required for all real estate-related financial transactions except those in which:
(1) The transaction value is $250,000 or less;
(UPDATED: see FDIC ruling raising transaction value to $400,000)
(2) A lien on real estate has been taken as collateral in an abundance of caution;
(3) The transaction is not secured by real estate;
(4) A lien on real estate has been taken for purposes other than the real estate's value;
(5) The transaction is a business loan that:
(i) Has a transaction value of $1 million or less; and
(ii) Is not dependent on the sale of, or rental income derived from, real estate as the primary source of repayment;
(6) A lease of real estate is entered into, unless the lease is the economic equivalent of a purchase or sale of the leased real estate;
(7) The transaction involves an existing extension of credit at the lending institution, provided that:
(i) There has been no obvious and material change in market conditions or physical aspects of the property that threatens the adequacy of the institution's real estate collateral protection after the transaction, even with the advancement of new monies; or
(ii) There is no advancement of new monies, other than funds necessary to cover reasonable closing costs;
(8) The transaction involves the purchase, sale, investment in, exchange of, or extension of credit secured by, a loan or interest in a loan, pooled loans, or interests in real property, including mortgaged-backed securities, and each loan or interest in a loan, pooled loan, or real property interest met FDIC regulatory requirements for appraisals at the time of origination;
(9) The transaction is wholly or partially insured or guaranteed by a United States government agency or United States government sponsored agency;
(10) The transaction either:
(i) Qualifies for sale to a United States government agency or United States government sponsored agency; or
(ii) Involves a residential real estate transaction in which the appraisal conforms to the Federal National Mortgage Association or Federal Home Loan Mortgage Corporation appraisal standards applicable to that category of real estate;
(11) The regulated institution is acting in a fiduciary capacity and is not required to obtain an appraisal under other law; or
(12) The FDIC determines that the services of an profile are not necessary in order to protect Federal financial and public policy interests in real estate-related financial transactions or to protect the safety and soundness of the institution; or
(13) The transaction is a commercial real estate transaction that has a transaction value of $500,000 or less.
(b) Evaluations required. For a transaction that does not require the services of a State certified or licensed profile under paragraph (a)(1), (a)(5), (a)(7), or (a)(13) of this section, the institution shall obtain an appropriate evaluation of real property collateral that is consistent with safe and sound banking practices.
(c) Appraisals to address safety and soundness concerns. The FDIC reserves the right to require an appraisal under this subpart whenever the agency believes it is necessary to address safety and soundness concerns.
(d) Transactions requiring a state certified profile--(1) All transactions of $1,000,000 or more. All federally related transactions having a transaction value of $1,000,000 or more shall require an appraisal prepared by a state certified profile.
(2) Commercial real estate transactions of more than $500,000. All federally related transactions that are commercial real estate transactions having a transaction value of more than $500,000 shall require an appraisal prepared by a State certified profile.
(3) Complex residential transactions of $250,000 or more. All complex 1--to--4 family residential property appraisals rendered in connection with federally related transactions shall require a state certified profile if the transaction value is $250,000 or more. A regulated institution may presume that appraisals of 1--to--4 family residential properties are not complex, unless the institution has readily available information that a given appraisal will be complex. The regulated institution shall be responsible for making the final determination of whether the appraisal is complex. If during the course of the appraisal a licensed profile identifies factors that would result in the property, form of ownership, or market conditions being considered atypical, then either:
(i) The regulated institution may ask the licensed profile to complete the appraisal and have a certified profile approve and co-sign the appraisal; or
(ii) The institution may engage a certified profile to complete the appraisal.
(e) Transactions requiring either a state certified or licensed profile. All appraisals for federally related transactions not requiring the services of a state certified profile shall be prepared by either a state certified profile or a state licensed profile.
(f) Effective date. Regulated institutions are required to use state certified or licensed profiles as set forth in this section no later than December 31, 1992, unless otherwise required by law.
State law overview
State law varies considerably in terms of which valuation professionals can write non- USPAP valuation services. Eval.com recommends that you review state laws and regulations to determine the valuation product that most appropriately meets your needs.
In recent times, state law has changed considerably.
For links to state regulatory agencies visit: https://www.asc.gov
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The real estate valuation industry is constantly changing. As of September 2019 five (5) states have pending legislation that could impact valuation professionals. Similarly, federal regulations regarding valuations and appraisals have evolved substantially in the last ten (10) years. Eval.com strives to provide useful, pertinent and accurate information for consumers of valuation services, there are some things that we cannot guarantee. Eval.com also allows valuation professionals to provide information about their services. This information is not independently reviewed or audited by Eval.com. You acknowledge that such information consists of third party data and contributions, that there are certain inherent limitations to the accuracy or currency of such information, that legal and other information may be incomplete, may contain inaccuracies, or may be based on opinion. EVAL.COM DOES NOT SCREEN SUCH INFORMATION FOR ACCURACY OR RELIABILITY. TO THE FULLEST EXTENT PERMITTED BY LAW, EVAL.COM AND ITS AFFILIATES, SUPPLIERS AND DISTRIBUTORS MAKE NO WARRANTIES, EITHER EXPRESS OR IMPLIED, ABOUT THE SERVICES OR SOFTWARE. THE SERVICES AND SOFTWARE ARE PROVIDED "AS IS." EVAL.COM ALSO DISCLAIMS ANY WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE AND NON-INFRINGEMENT.
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