Have You Reviewed the ASB’s First Exposure Draft of Proposed Changes for USPAP 2022-23?

Have You Reviewed the ASB’s First Exposure Draft of Proposed Changes for USPAP 2022-23?The Appraisal Standards Board (ASB) of the Appraisal Foundation is looking for comments regarding its first exposure draft of proposed changes to the 2022-23 edition of USPAP, which can be submitted via email by April 30th to ASBcomments@appraisalfoundation.org.

According to the ASB, these proposed changes are intended to improve the understanding of USPAP and its enforceability. To make it easier to identify the various issues being addressed, the exposure draft is outlined in sections.

Each section begins with a rational for the proposed change, which provides its reasoning. Unless noted otherwise, any text shown as strikethrough is to be deleted from USPAP, while any text shown as underlined is to be added.  

Those that submit comments will have their thoughts and opinions thoroughly considered by each member of the ASB, which intends to release a follow up exposure draft sometime this summer.

To see the first exposure draft in its entirety, click here.

For the latest updates, check out the Appraisal Foundation’s Exposure and Discussion Drafts webpage.

 

Sources:
The Appraisal Foundation – appraisalfoundation.org

Topics: Lenders, Appraisers, AMCs, Compliance, residential mortgage industry, Regulations, Appraisal Process Management, proposals, news, USPAP