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Confidentiality

 


This section is to explain the appraisers role in client confidentiality as described in USPAP.
(Uniform Standards of Professional Appraisal Practice)

SUBJECT: Confidentiality Section of the Ethics Rule

Confidentiality:

An appraiser must protect the confidential nature of the appraiser-client relationship.

An appraiser must act in good faith with regard to the legitimate interests of the client in the use of confidential information and in the communication of assignment results.

A appraiser must be aware of, and comply with, all confidentiality and privacy laws and regulations applicable in an assignment^.

An appraiser must not disclose confidential information or results prepared for a client to anyone other than the client and persons specifically authorized by the client; state enforcement agencies and such third parties as may be authorized by due process of law; and a duly authorized professional peer review committee except when such disclosure to a committee would violate applicable law or regulation. It is unethical for a member of a duly authorized peer review committee to disclose confidential information presented to the committee.

Comment: When all confidential elements of confidential information are removed through redaction or the process of aggregation, client authorization is not required for the disclosure of the remaining information, as modified.

^NOTICE: Pursuant to the passage of the Gramm-Leach-Bliley Act in 1999, numerous agencies have adopted new privacy regulations. Such regulations are focused on the protection of information provided by consumers to those involved in financial activities "found to be closely related to banking or usual in connection of the transaction of banking". These activities have been deemed to include "appraising real or personal property". (Quotations are from the Federal Trade Commission, Privacy of Consumer Financial Information; Final Rule, 16 CFR Part 313)

For additional opinions by the ASB (Appraisal Advisory Board) click here.

 


WARNING!

HVCC & YOU!

On May 1, 2009 the HVCC was initiated throughout the Country on every mortgage transaction that involves an appraisal that is sold to Fannie Mae and Freddie Mac. This involves all conventional loans which prior to the present meltdown was approximately 70% of all lending. With the banking system crippled, conventional loans seized up and nearly came to a halt. Presently, the conventional mortgage market is still trying to get back on its feet albeit very slowly and cautiously. Then there is the HVCC.

The HVCC came about due to pressure put on an appraisal management company called eAppraiseIT by a large mortgage lender Washington Mutual in the State of New York. The Attorney General of New York created the HVCC. To stay out of litigation (even though not directly involved), the appellant in the case (The State of New York) arranged to have Fannie Mae (FNMA) sign an agreement that all loans placed through FNMA & Freddie Mac would have to adhere to this new HVCC.

“We knew this was causing extreme hardship to the industry, but we didn’t expect to get thousands of horror stories from would-be homebuyers whose dreams have been dashed by this well-intended, but misguided policy. Every day thousands of people are getting the rug yanked out from under them in their quest to become homeowners because of HVCC. You only need to go to our petition website to read the stories for yourself,” said Kearns.

 READ MORE...

 

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