ࡱ> 463 WbjbjcTcT 4>>W XX  h,......$RRg.,,D"}0=== RR=X a: Appraisal Reporting Formats and Minimum Standards This information deals with the March 22, 1994 modification the USPAP which attempts to define the use of limited appraisals and the Proposed Advisory Opinions as provided in the enclosed copies for you. Remembering the appraisal is the process of performing the valuation; and the report is the document delivered to you will be very helpful in trying to understand this confusing issue of type of reports and type of report formats. The October 27, 1994 Interagency Appraisal and Evaluation Guidelines as issued by OCC, FDIC, Federal Reserve Board and OTS are also provided. A seminar sponsored by the Appraisal Standards Board on June 27th which exposed this concept of Permitted Departure from Specific Guidelines in Real Property Appraisals. Licensed and Certified appraisers apparently are not permitted to utilize the Departure Provision in the development of any appraisal performed for a federally related transaction ----causing the Limited Appraisal to be inappropriate. A Complete Appraisal is the result of an appraisal assignment being performed without invoking the departure provision during the appraisal process (which is actually the appraisal) and being reported to the client in three acceptable report formats: Self-Contained, Restricted and Summary. These Proposed Advisory Opinions would continue to allow you to engage an appraiser to perform an appraisal and report it in one of the three report formats. In instances where you desire the opinion of an appraiser but are not required to engage an appraiser, you may want to consider the engagement for complete appraisal utilizing the Summary or Restricted reporting format for De Minimus loans and other appropriate situations where a cost savings is realized due to reduced report production. The Self-Contained report is the most descriptive and the most complete reporting format. Drive-bys or evaluations or limited appraisals are terms which should not be used by lenders. With the acceptance of the enclosed Proposed Advisory Opinions we will become familiar with the terms Summary Appraisal Report and Restricted Appraisal Report formats. In my opinion the acceptance of these Advisory Opinions will continue to give lenders the elbowroom needed with the raising of the De Minimus level from $100,000 to $250,000. This confusion will continue for some time, and I thought you might like to see the enclosed Advisory Opinions being proposed. JOHN M. THISTLETHWAITE INTERESTS John M. Thistlethwaite CRE, GAA, SRS, SRI, CES, CEI 3401 Lake Avenue Fort Wayne, Indiana 46805 Telephone (219) 426-7134 12VWhg"shO hg"shg"s23z 4 =W`gdg"sgdg"s$a$gdg"s 21h:pO/ =!"#$% j 666666666vvvvvvvvv666666>6666666666666666666666666666666666666666666666666hH6666666666666666666666666666666666666666666666666666666666666666662 0@P`p2( 0@P`p 0@P`p 0@P`p 0@P`p 0@P`p 0@P`p8XV~ OJPJQJ_HmH nH sH tH J`J ONormal dCJ_HaJmH sH tH h@h g"s Heading 1$$@&'5B*CJOJPJQJ\^JaJph6_DA`D Default Paragraph FontRiR 0 Table Normal4 l4a (k ( 0No List \/\ g"sHeading 1 Char'5B*CJOJPJQJ\^JaJph6_PK![Content_Types].xmlj0Eжr(΢Iw},-j4 wP-t#bΙ{UTU^hd}㨫)*1P' ^W0)T9<l#$yi};~@(Hu* Dנz/0ǰ $ X3aZ,D0j~3߶b~i>3\`?/[G\!-Rk.sԻ..a濭?PK!֧6 _rels/.relsj0 }Q%v/C/}(h"O = C?hv=Ʌ%[xp{۵_Pѣ<1H0ORBdJE4b$q_6LR7`0̞O,En7Lib/SeеPK!kytheme/theme/themeManager.xml M @}w7c(EbˮCAǠҟ7՛K Y, e.|,H,lxɴIsQ}#Ր ֵ+!,^$j=GW)E+& 8PK!Ptheme/theme/theme1.xmlYOo6w toc'vuر-MniP@I}úama[إ4:lЯGRX^6؊>$ !)O^rC$y@/yH*񄴽)޵߻UDb`}"qۋJחX^)I`nEp)liV[]1M<OP6r=zgbIguSebORD۫qu gZo~ٺlAplxpT0+[}`jzAV2Fi@qv֬5\|ʜ̭NleXdsjcs7f W+Ն7`g ȘJj|h(KD- dXiJ؇(x$( :;˹! I_TS 1?E??ZBΪmU/?~xY'y5g&΋/ɋ>GMGeD3Vq%'#q$8K)fw9:ĵ x}rxwr:\TZaG*y8IjbRc|XŻǿI u3KGnD1NIBs RuK>V.EL+M2#'fi ~V vl{u8zH *:(W☕ ~JTe\O*tHGHY}KNP*ݾ˦TѼ9/#A7qZ$*c?qUnwN%Oi4 =3ڗP 1Pm \\9Mؓ2aD];Yt\[x]}Wr|]g- eW )6-rCSj id DЇAΜIqbJ#x꺃 6k#ASh&ʌt(Q%p%m&]caSl=X\P1Mh9MVdDAaVB[݈fJíP|8 քAV^f Hn- "d>znNJ ة>b&2vKyϼD:,AGm\nziÙ.uχYC6OMf3or$5NHT[XF64T,ќM0E)`#5XY`פ;%1U٥m;R>QD DcpU'&LE/pm%]8firS4d 7y\`JnίI R3U~7+׸#m qBiDi*L69mY&iHE=(K&N!V.KeLDĕ{D vEꦚdeNƟe(MN9ߜR6&3(a/DUz<{ˊYȳV)9Z[4^n5!J?Q3eBoCM m<.vpIYfZY_p[=al-Y}Nc͙ŋ4vfavl'SA8|*u{-ߟ0%M07%<ҍPK! ѐ'theme/theme/_rels/themeManager.xml.relsM 0wooӺ&݈Э5 6?$Q ,.aic21h:qm@RN;d`o7gK(M&$R(.1r'JЊT8V"AȻHu}|$b{P8g/]QAsم(#L[PK-![Content_Types].xmlPK-!֧6 +_rels/.relsPK-!kytheme/theme/themeManager.xmlPK-!Ptheme/theme/theme1.xmlPK-! ѐ' theme/theme/_rels/themeManager.xml.relsPK] W W W 8@0(  B S  ?  = F Y y= V Y 3<=  & ' v w     < < = = V V Y g"sOW Y @= = = = W X@UnknownG*Ax Times New Roman5Symbol3. *Cx Arial7.@ Calibri7K@CambriaACambria Math"qhff!20R R 2HX $Pg"s2!xxNicholas Gregory HouserNicholas Gregory HouserOh+'08 px    (0Nicholas Gregory HouserNormalNicholas Gregory Houser1Microsoft Office Word@ @@-W@X:՜.+,0 hp   MicrosoftR   Title  !"$%&'()*,-./0125Root Entry F7Data  1Table=WordDocument4SummaryInformation(#DocumentSummaryInformation8+CompObjy  F'Microsoft Office Word 97-2003 Document MSWordDocWord.Document.89q