Washington Report

Advocacy Updates from Washington D.C.

NAR Testifies on USPAP

On October 11, 2019, NAR provided comments on the Appraisal Standards Board's (ASB) concept paper reforming the evaluation standards in USPAP. Frank Gregoire, NAR Director from Florida, provided the testimony at the Appraisal Standards Board public meeting in Washington, DC. In the testimony, NAR agrees with the ASB that the real estate valuation market is changing and the continued use of evaluations, rather than traditional appraisals, in both purchase and re-finance transactions demands attention by stakeholders. Gregoire also urged the board to ensure that a trustworthy valuation:

  1. ensures the real property value is sufficient to collateralize the mortgage;
  2. protects the mortgagor;
  3. allows secondary markets to have confidence in the mortgage products and mortgage backed securities; and
  4. builds public trust in the real estate profession.

NAR will continue working  with the ASB and relevant stakeholders to ensure valuations of real property are credible and independent.

Testimony to the ASB

Notice: The information on this page may not be current. The archive is a collection of content previously published on one or more NAR web properties. Archive pages are not updated and may no longer be accurate. Users must independently verify the accuracy and currency of the information found here. The National Association of REALTORS® disclaims all liability for any loss or injury resulting from the use of the information or data found on this page.