The Appraisal Foundation, an organization that sets Congressionally-authorized standards and qualifications for real estate appraisers, and provides voluntary guidance on recognized valuation methods and techniques for all valuation professionals, has announced that Uniform Standards of Professional Appraisal Practice guidance will be accessible in appraisal software programs soon.
Three technology providers, ACI, Bradford Technologies, and Centric Technology Solutions, will release new programs that offer USPAP and guidance as a resource for real property appraisers. The Appraisal Foundation chose these three companies for the initial launch due to their commitment in providing appraisers with the tools to perform quality appraisals through their respective software programs.
These programs will assist appraisers in saving time, as well as equipping appraisers with the resources to help ensure compliance with USPAP.
David S. Bunton, Foundation President, said of the new initiative, “This announcement ushers in a new day for the Foundation and appraisal technology. Appraisal professionals will now have USPAP and the Foundation’s related guidance at their fingertips for reference during every step of the process. Digitizing USPAP and including it in the appraiser’s toolset is the best way to ensure compliance and ultimately build public trust in the work of appraisers.”
Headquartered in Palm Coast, Florida, ACI’s client base is comprised of thousands of real estate appraisers. They will incorporate USPAP and related guidance into ACI Sky™, a new Web-based appraisal platform. ACI Sky empowers the valuation professional to create full reports on the web with tools for sketching, data collection, review, MISMO® XML delivery, location, and flood mapping.
Bradford Technologies has provided services and products to assist appraisers in producing appraisal reports quickly and efficiently for the last 28 years. Their partnership with the Foundation offers an opportunity to further the company’s focus on helping move the appraisal profession, and in particular residential appraisers, away from tedious form-filling and towards computer-aided appraising Redstone technology.
As a provider of collateral valuation solutions, Centric Technology Solutions plans to fully integrate USPAP and related guidance into its dialogue-based solution for report creation and quality review by the end of 2015.