fka Summary and fka Self-Contained

In 2014 USPAP retired the terms “Self-Contained” and “Summary” and replaced them with “Appraisal Report.”  Although USPAP has retired these terms, lending institutions are required to obtain appraisals that contain a level of detail that considers the risk, size, and complexity of the transaction.  Further, the banking guidelines instruct the institution to discuss the scope of work with the appraiser to communicate their needs.  As an agent for lending institutions we act on their behalf to communicate to appraisers the depth of analysis that will be required for each assignment. Therefore, we will continue to use the terms “Self-Contained” and “Summary” to describe the level of content and analysis that our clients require to make informed lending decisions.