Workfiles, Floor Plans, and ANSI -- all in one email!

Greetings!

USPAP AND THE WORKFILE

Do you know what is required to be in your workfile according to USPAP? What happens if a state regulator requires you to submit one of your files for auditing? Will your workfile be adequate?

MBREA member and past president, Lorrie Beaumont, RA, ASA, draws on her experience reviewing hundreds of appraisals to offer great advice for compiling solid workfiles.

Read Lorrie's article by clicking here.

Appraisers at Risk After

Floor Plan Decision

The MBREA recently joined with 17 other organizations in filing an Amicus Brief to the U.S. Supreme Court asking for a review of a lower court decision. Our request was denied and now appraisers may face risk when preparing floor plans for any building - residential or commercial. We continue to study the issue to better assess the level of risk to appraisers.

For more info, read the article in This Issue's Reading.

FHA Implements Revised Appraisal Validity Period Guidance

The Federal Housing Administration (FHA) published Mortgagee Letter (ML) 2022-11, Revised Appraisal Validity Periods.

For most Title II forward and Home Equity Conversion Mortgage (HECM) originations, FHA is extending the initial appraisal validity period from 120 days to 180 days and the appraisal update validity period from 240 days to one year. These changes align FHA appraisal validity periods with industry practices, making it easier for lenders to operationally manage appraisal validity while potentially reducing appraisal costs for mortgagees and ultimately, borrowers seeking FHA-insured mortgage financing.

Do You Know Your ANSI?

It's been a couple of months since the Fannie Mae ANSI requirement took effect. How well do you know the ins and outs of ANSI measuring? Could you use a refresh and have a chance to ask questions? Well, the MBREA is offering its live-streaming, seven-hour ANSI class on July 28, 2022, when you can get all your questions answered.

Click Here to Register for ANSI

MBREA Welcomes its Newest Silver Sponsor

HMDR&S, PC is a New England defense firm representing leading companies, insurers, and individuals. Our attorneys understand that for licensed professionals and businesses, your license is your livelihood. We provide expert guidance and representation of clients confronted with licensing issues, from acquiring the appropriate license to investigations and adjudicatory hearings.

Thomas Toby Bright, ESQ

tbright@hmdrslaw.com

617-482-0007

MBREA's Online Education Expands

Trainee courses
Qualifying education to upgrade a license
Residential and General qualifying education
Continuing education

Available for licensing or renewal in MA and many other states

The MBREA recently entered into an arrangement with McKissock to provide appraisers with an expanded catalogue of self-paced online and live-web CE & QE opportunities in MA and across the country.

Check it all out here.

And, as always, MBREA members enjoy a discount when purchasing online classes through the MBREA's website.

Upcoming classes

We're trying something new with some of our live-streaming classes -- offering them over two half-days instead of one full day. A two day class starts at 8:30 a.m. both days and ends at 12:00 p.m. Attendance both days is required to receive CE approval.

July 20, 2022 8:30 AM - 12:30 PM Virtual Avoiding Disciplinary Actions For Residential Appraisers (4 Hour CE seminar))

July 28, 2022 8:30 AM - 4:30 PM ANSI Standard for Measuring Single Family Dwellings - Virtual

August 3, 2022 – August 4, 2022 8:30 AM to 12:00 PM 2 Half-Days Virtual 2022-2023 Version 7-Hour USPAP

August 11, 2022 – August 12, 2022 8:30 AM to 12:00 PM 2-Half Day Financial Institutions Guide to Commercial Appraisal Review -- Virtual

Check our calendar for additional class.

Disclaimer of Endorsement

Unless otherwise specifically stated, any reference to a product, service, hypertext link to a third party, or other information by trade name, trademark, supplier, or otherwise in any advertisement or publication by MBREA does not constitute or imply endorsement, sponsorship, or recommendation by MBREA.