On October 11, 2019, NAR commented on the Appraisal Standards Board (ASB) concept paper on the reform of assessment standards in USPAP. Frank Gregoire, Florida NAR director, testified at the Appraisal Standards Board public meeting in Washington, DC. In the testimony, NAR agrees with the ASB that the property valuation market is changing and the continued use of valuations instead of traditional valuations in both purchase and refinance transactions requires stakeholder attention. Gregoire also urged the board to ensure a trustworthy rating:
- ensures that the property value is sufficient to secure the mortgage;
- protects the mortgage;
- enables secondary markets to have confidence in mortgage products and mortgage-backed securities; and
- builds public trust in the real estate profession.
NAR will continue to work with the ASB and relevant stakeholders to ensure that property valuations are credible and independent.
Certificate to the ASB
