This product is a recording of the Appraisal Institute webinar that was conducted on March 18, 2014.
Once the Appraisal Institute confirms your payment, you will receive an e-mail containing a link to the webinar recording.
Please note: The interactive features of the webinar (e.g. poll/survey questions and the final evaluation) are NOT available in the recording. Appraisal Institute continuing education credit is NOT available for viewing the recording.
USPAP 2014-15 and the New Reporting Options
Date: March 18, 2014
Duration: 2 hours
Understand the Impact on Your Business!
Implemented on 1/1/2014, the 2014-15 edition of USPAP brought significant changes for appraisers and lenders, as well as for government agencies. First, Standards 4 and 5 addressing consulting were retired. Additionally, instead of several appraisal reports, now USPAP offers only two written report options – Appraisal Report or Restricted Appraisal Report. What are the practical considerations of these report changes and the retirement of Standards 4 and 5? Listen to this webinar to find out!
Presenters will discuss:
- How report format changes impact the engagement process for both client and vendor
- If the new report options are more like a Summary Report or a Self-Contained Report
- How appraisers should handle retirement of Standards 4 and 5 in their daily practice
- How appraisals done under the Uniform Appraisal Standards of Federal Land Acquisitions (the “Yellow Book”) are impacted under the revisions to USPAP. Which standard has priority?
- How lenders are reacting to the new report format changes and the changes lenders are making to their internal processes
- How independent fee appraisers responding to the new report changes given emphasis on the scope of work discussion in the assignment engagement process
Note: This webinar does not replace the attendee’s obligation to take the annual USPAP update.
This is not approved for state continuing education credit.
Stephanie Coleman, MAI, SRA, senior manager for Ethics and Standards Counseling with the national office of the Appraisal Institute, assists Designated members, Candidates for Designation, Practicing Affiliates and Affiliates, and non-appraisers with questions about standards, ethics and business practices, and she is responsible for screening complaints against Appraisal Institute members for possible standards or ethics violations. Stephanie has been involved with real estate appraisal for nearly 35 years as an independent fee appraiser, staff appraiser, reviewer, and compliance manager for a major lending institution; and, for the last 11 years, with the Appraisal Institute. She is an AQB certified USPAP instructor and teaches USPAP courses throughout the country.
John Hillas, SRA, manages the Central Valley office of Valbridge Property Advisors | Hulberg & Associates, in Modesto California. Prior to joining Hulberg in 2007, Mr. Hillas was sole proprietor of his own, full service appraisal firm for 11 years, preceded by various positions with lending institutions and other private appraisal firms in California, Colorado and Alaska over more than thirty years.
Jean Jenvey, SRA is the U.S. Forest Service Regional Appraiser for the Southern Region which encompasses management of the Forest Service Appraisal Valuation Program from Texas to Virginia to Puerto Rico/U.S Virgin Islands, containing approximately 13.5 million acres of public lands across 13 Southeastern states. She has a bachelor’s degree from the University of North Texas and is a certified General Appraiser in the states of Texas and Georgia. She has been with the Forest Service for fourteen years and previous to that had appraisal firms in the Dallas-Ft. Worth metro area of Texas.
Jessica Orso is currently the Operations Manager for the Real Estate Services Unit at CapitalSource Bank. She has been with the Real Estate Services Unit for over four years, which supports a large national lending platform targeting small and middle market specialty sectors. In her role, she orders and manages real estate third party reports (appraisal, environmental, property condition, seismic) including scope of work development, vendor selection, bidding/engagement, and assignment changes. She graduated from Gettysburg College with a bachelor’s degree in Management. She is an Affiliate Member of the Appraisal Institute and a member of the Appraisal Institute’s Client Advisory Board as well as a member of the Environmental Bankers Association.