Citing challenges presented by the coronavirus and the broader conversation about race and housing, the Appraisal Foundation has postponed the publication of guideline revisions, extending the current Uniform Standards of Professional Appraisal Practice through the end of 2022.
While COVID-19 has had an impact on how appraisers are able to do their day-to-day work, examples of discrimination in property valuations have also bubbled up in the media, amid a national discussion on racial bias and economic equity.
"Pressing issues have arisen in our profession over the past year ranging widely from concerns about
USPAP is the governing criteria for performing valuations of a number of forms of assets, including real estate, and compliance is required for all
The original version was written by a group of appraisal organizations in the mid-1980s, which then established the Appraisal Foundation to implement them. The Financial Institutions Reform, Recovery and Enforcement Act of 1989 mandated states enforce real estate appraisal compliance to this standard.
Originally, changes to USPAP were made on a frequent ad hoc basis. Eventually the Appraisal Foundation's Appraisal Standards Board adopted a one-year cycle for revisions, which was subsequently lengthened to two years. Normally, the round of rule revisions would have gone into effect on Jan. 1, 2022.
But the ASB needs additional time beyond the normal cycle to examine the impact of the above events on the appraisal profession before it issues new guidance, Miller said.
"With that in mind, we have decided to extend the effective date of the current USPAP by one year," Miller said. "This will provide continuity to the profession during this pandemic while also giving the ASB the appropriate time to carefully examine the challenges facing our profession before offering additional guidance."
Since the start of the pandemic, the mortgage market has adapted to social distancing protocols, evidenced by the increased use of
