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:
- ensures the real property value is sufficient to collateralize the mortgage;
- protects the mortgagor;
- allows secondary markets to have confidence in the mortgage products and mortgage backed securities; and
- 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.