MODERNIZATION
APPRAISAL
MODERN IZATION
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BY ELIZABETH GREEN
A residential appraisal report is scrutinized by more
parties than any other document in the mortgage
loan origination process. Further, it is the only
document prepared by a licensed professional who
has personal legal liability for the work product. The
primary reason for such attention is that the property
value is the lynch pin in the mortgage transaction
balancing the Loan to Value (LTV) ratio.
Appraisers deliver conclusions in writing for a wide
variety of intended uses and users. In fact, a
18 | APPRAISAL BUZZ FALL 2019
professional appraiser can deliver his opinion of
value in any form or format, including the back of
a napkin. Today’s Uniform Standards of Appraisal
Practice (USPAP) is an ethics standard that dictates
how the appraiser arrives at conclusions, not
necessarily how he delivers them. Historically, it is
the client paying for the appraisal service that
dictates the format and content of the requested
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the report.