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ALEXANDRIA, Va. - NCUA has issued a regulatory alert notifying federally insured credit unions of changes to appraisal standards that will take effect shortly. NCUA's Regulatory Alert 06-RA-04 was issued to ensure credit unions were aware of modifications made by the Appraisal Standards Board to the Uniform Standards of Professional...

By Staff Writer | Updated on July 11, 2006

ALEXANDRIA, Va. – NCUA has issued a regulatory alert notifying federally insured credit unions of changes to appraisal standards that will take effect shortly. NCUA’s Regulatory Alert 06-RA-04 was issued to ensure credit unions were aware of modifications made by the Appraisal Standards Board to the Uniform Standards of Professional Appraisal Practice. “The 2006 USPAP, effective on July 1, 2006, replaces the 2005 USPAP and incorporates extensive revisions to the appraisal standards. The Scope of Work Rule “clarifies the standards for the type and extent of research and analysis performed by the appraiser in an appraisal assignment.” While there is nothing new here, NCUA warned “there is greater emphasis on the appraiser’s process of problem identification and development of an appropriate scope of work.” The Departure Rule and associated terminology was eliminated.

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