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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.
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WARNING! |
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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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CLIENT LOGIN |
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We
still accept appraisal orders via fax,
phone call and through the Order
Appraisal link on our website.
CLICK HERE! |
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