Comments on: No More BPOs For You! (How You Could be Violating RELRA)

By: Katherine Scheri

Katherine Scheri — Thu, 15 Sep 2011 19:04:38 +0000

I know that this is an older article however, the entire premise is not accurate. Certified Appraisers ARE NOT PERMITTED to complete BPOs or CMAs as they do not comply with USPAP. It is an ABSOLUTE violation of our licensing standards The only professionals that should be completing BPOs or CMAs are brokers. Lenders are not permitted to use them for lending decisions – they are permitted as a secondary instrument but for lending, Fannie, Freddie et al will only accept an appraisail with a loan origination. Most of the new regulations do not apply to REO and internal-use appraisal products. The bottom line is that BPOs and CMAs do not employ the uniform standards that appraisers are required to employ and therefore, appraisers are not permitted to use them as valuation tools. That is not to say that in this economy, many appraisers have opted to add this product to their lineup because they need to supplement their dwindling appraisal income. They are doing so in violation of their licensing and USPAP.

By: Eric Lehmayer

Eric Lehmayer — Tue, 29 Mar 2011 20:44:40 +0000

RT @billgarber: No More BPOs 4 U! (How U Could B Violating RELRA) | AgentGenius http://bit.ly/i2l2aJ via @AddThis #appraisal #CRE

By: Eric Klein

Eric Klein — Tue, 29 Mar 2011 18:57:36 +0000

RT @billgarber: No More BPOs For You! (How You Could be Violating RELRA) | AgentGenius http://t.co/5IBcfqt via @AddThis

By: Bill Garber

Bill Garber — Tue, 29 Mar 2011 18:40:27 +0000

No More BPOs For You! (How You Could be Violating RELRA) | AgentGenius http://t.co/5IBcfqt via @AddThis

By: AgentGenius

AgentGenius — Wed, 19 May 2010 00:08:30 +0000

#agnow Great article, unfortunately some people will continue to skirt the law thinking that they will not be the o... http://bit.ly/9bNWgU

By: Ron

Ron — Tue, 18 May 2010 19:31:09 +0000

Great article, unfortunately some people will continue to skirt the law thinking that they will not be the one who gets caught because the real estate or appraisal board already has toooooo many things to keep track of to pay attention to little old them. Lollol…illegal activity can blow up in your face any number of ways, especially in this environment, bankruptcys, foreclosures, whistles blowers, loan audits, valuations audits and even the company you do the BPO for, especially if they get in hot water and need scapegoat. So check your state law and adhere to it. The small BPO fee is not worth your license and all of the expense you will encounter when you get caught in violation of your state law.

By: AgentGenius

AgentGenius — Fri, 05 Mar 2010 01:59:32 +0000

#agnow [...] On February 16, 2010, Renee Porsia posted an interesting article on AgentGenius entitled, “No Mo... http://bit.ly/9bNWgU

By: reneeporsia

reneeporsia — Wed, 03 Mar 2010 00:55:21 +0000

No More BPOs For You! (How You Could be Violating RELRA) http://bit.ly/cM0Tzb #realestate #philadelphia #reneeporsia

By: AgentGenius

AgentGenius — Sun, 21 Feb 2010 05:16:25 +0000

#agnow This applies to West Virginia as well. http://bit.ly/9bNWgU

By: Alice Keife

Alice Keife — Sat, 20 Feb 2010 23:58:16 +0000

This applies to West Virginia as well.