Valuation Services, Inc., like many other providers of financial services, is required by the Gramm-Leach-Bliley Act (GLBA) to inform clients of our policies regarding the collection of non-public personal information during the appraisal process.
The Federal Trade Commission (FTC) has ruled that appraisers are now considered to be financial institutions. This stems from statements by Fannie Mae, Freddie Mac, and FHA that appraisers as considered as part of the financial institution for their participation in the lending process.
State Licensed/Certified Appraisers have been and continue to be bound by the Uniform Standards of Professional Appraisal Practice (USPAP) and the Ethics Rule which consists of conduct, management, confidentiality, and record keeping sections. These rules and standards are more stringent than those required by law. Valuation Services, Inc. has always been diligent about protecting information deemed to be private or confidential in nature.
Types of Non-Public Information Collected
Personal information about you and your property is collected during the course of developing the appraisal process. This is generally accomplished with your knowledge and approval. Non-public information is normally provided to our firm by you or obtained by us with your authorization. The purpose of the appraisal process is to develop a specific value opinion for a client or customer. The specific value opinion is a part of the requirement for successful completion of a particular real estate financial transaction.
Parties to Whom We Disclose Information
This firm does not disclose any non-public personal information obtained during the course of developing a property’s specific value opinion except as required by law or at the direction of the client to assist in the completion of a particular financial transaction. Such non-public information may be disclosed to the client and any identified users of the specific appraisal, review, or appraisal consulting assignment. A fiduciary agreement is automatically in effect between our firm and the identified client and intended users per the Ethics Rule contained within the USPAP. Additionally, in all such situations, the appraiser must comply with all pertinent laws, rules, and regulations regarding the safe-guarding of the analyses, conclusions, survey results, adjustments, and opinions relative to the appraisal process.
Record Keeping Requirements
Our firm retains records relating to the information services that were provided so that we are better able to assist with your professional needs and to comply with the requirements of the Ethics Rule as contained within the USPAP. In order to secure your non-public personal information, our firm maintains physical, electronic, and procedural safeguards to comply with our professional standards of practice.
Customers’ Right to Limit Public Disclosure or Sharing of Non-Public Personal Information
Clients have the right to limit the use or reuse of the non-public personal information gathered during the course of the appraisal process. The client must notify this firm within a reasonable time that public disclosure, use, or reuse of such information is prohibited except as required by applicable law, regulation, or the USPAP.
Please call us if you have any questions concerning this policy. Your privacy, our professional ethics, and the ability to provide you with a quality product or service are very important to us.