Under federal law, many mortgage loan transactions can be originated using evaluations instead of appraisals.  Over the last several years a number of new services and processes have been introduced to the marketplace to attempt to provide clients with alternatives to traditional appraisals where their use is allowed.  While these "alternative" valuation products are marketed under various names, the two primary types of products provided by real estate sales professionals are broker price opinions (BPOs) and comparative market analyses (CMAs).  However, due to state appraiser licensing & certification laws the ability of a real estate broker or salesperson to render a BPO or a CMA is limited in many states to the real estate listing and sales process.  Several states have enacted new laws to expand the ability for brokers and salespersons to render BPOs and CMAs.  A few states (GA, IN and TN) have amended their state appraiser licensing laws to allow appraisers to perform evaluations without having to comply with USPAP. 

Evaluations

Interagency Advisory on the Use of Evaluations in Real Estate-Related Financial Transactions (2016)

Interagency Appraisal and Evaluation Guidelines (2010)

Georgia "Evaluation Appraisal" Rules

BPOs

Summary of State Laws Regarding Broker Price Opinions (BPOs) (NEW, January 2, 2019)

BPO Talking Points

Delaware BPO Guidance

Georgia BPO Guidance

Memorandum from West Virginia Real Estate Commission

Nevada BPO Policy from Real Estate Commission

New Jersey BPO Advisory Opinion

Pennsylvania BPO Interpretation

Virginia BPO Guidance