CFTEA

Appraisal Procedures

$95.00

SKU: f1b6f2857fb6 Category:
Code: A6004SP

Description

The appraisal is an important part of the mortgage process. Understanding the appraiser’s role, responsibilities and processes will help you better serve your customers and help identify and prevent mortgage fraud. In this one-hour course, you will first learn what lenders need to know about appraisers. You will learn about the qualifications one must meet to become an appraiser, review best practices of an appraiser in the field and review types of mortgage fraud and current fraud trends. Next, you will take a look at the valuation process, from defining important terms,
understanding appraiser responsibilities during the process, explaining the Scope of Work Rule of USPAP and more.

After completing this course, students will be able to:
• Understand the history of appraising and appraiser licensing
• List the particular agencies that have oversight and who are responsible for appraiser licensing and certification
• Define what an appraiser is and what an appraiser does
• List the qualifications that need to be met to become an appraiser
• Identify what an appraiser can and cannot do
• Explain which categories of appraisers are eligible to appraise various property types
• Define fraud
• Distinguish various kinds of fraud, including appraisal fraud, bank fraud, and mortgage fraud
• Explain the current trends in mortgage fraud
• Understand the valuation process
• Define terms “client” and “intended user”
• Identify how these terms affect the relationship between the lender and appraiser
• Explain the responsibilities appraisers have when appraising a property for a new client
• Explain the responsibilities appraisers have when asked to transfer a report to a new client
• Know the difference between extraordinary assumptions and hypothetical assumptions
• Understand the scope of work
• Define the Scope of Work Rule of USPAP
• Summarize the concept of “scope of work”
• List items, such as property type, that affect scope of work

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