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ASA Expresses Concerns on Proposed Changes to Appraisal Requirements in New Treasury Department Report

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ASA Expresses Concerns on Proposed Changes to Appraisal Requirements in New Treasury Department Report

PR Newswire

RESTON, Va., Aug. 3, 2018 /PRNewswire/ -- The American Society of Appraisers wishes to express its deep concerns today with the proposed changes to appraisal requirements, as set forth in a report by the Treasury Department on July 31. The report's main conclusion, to urge broader usage of automated valuation models (AVMs) and hybrid appraisals to expedite collateral valuations and reduce costs to homebuyers, overlooks several aspects of the homebuying and collateral valuation process. The proposed changes are likely to have a negative effect on prudent lending and sound valuation practices, as well as on the protection of homebuyers.

Appraisers have long been at the forefront of adopting technologies to make their businesses more efficient and their appraisal reports more accurate. Form completion software, online property information databases, regression analysis and modeling tools, and online appraisal ordering and invoicing platforms are prime examples of ways the appraisal profession has modernized the way appraisals are performed and reported in order to be responsive to market changes and to meet the needs of clients and other parties who rely on appraisals.

The report, along with a complete outline of ASA's concerns are available online, including a detailed look at the impact of the changes as well as an invitation by ASA to work with the agency and industry partners to find more immediate solutions that work to improve the appraisal process and forward the profession.

A full copy of the report is available online at: https://tinyurl.com/yco5odv6

The complete response by ASA is available online at: https://tinyurl.com/ya6xgpqx

American Society of Appraisers
The American Society of Appraisers is a world renowned and respected international organization devoted to the appraisal profession. As the oldest and only major appraisal organization representing all appraisal specialists, ASA is devoted to providing the highest possible standards in all areas of ethics, professionalism, education and designation criteria. For more information about the American Society of Appraisers, the ASA designation program for appraisers or the Society's free "Find an Appraiser" Referral System, visit www.appraisers.org or call (800) 272-8258.

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Todd Paradis
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703-733-2124

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SOURCE American Society of Appraisers

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