Signed into law in the 1980’s in response to the savings and loan crisis, The Financial Institutions Reform, Recovery and Enforcement Act, (FIRREA), formed an appraisal subcommittee to create the first standards for the appraisal of real property— the Uniform Standards of Professional Appraisal Practice or USPAP. Maintained by the Appraisal Standards Board of the Appraisal Foundation, the USPAP provides quality control standards for the appraisal of real property.
John W. Hibbard has special competence and experience in the USPAP compliance review of narrative commercial appraisal reports, including a detailed understanding of the USPAP as well as the rules and regulations that govern appraisals developed for use by federally regulated financial institutions in federally regulated transactions. Mr. Hibbard has completed over 2,000 compliance audits and over 10,000 residential field reviews and has been conducting compliance audits since shortly after the adoption of USPAP in 1988.
Mr. Hibbard has worked closely with federally regulated lending institutions to assess the compliance of the appraisals produced by their fee appraiser panels. He has also worked closely with lending institutions to ensure engagement letters are crafted in such a fashion so as to yield compliant appraisals. He has extensive experience performing compliance reviews on numerous property types, including industrial, warehouse, manufacturing, R&D, multi-family residential, condominiums, subdivisions, retail, office, proposed construction, vacant land, agricultural land, high-end residential and service stations. He also has experience in the compliance review of many other types of special use properties including assisted-living facilities, health clubs, power plants and marinas.
As an instructor of the USPAP, John W. Hibbard is exceptionally familiar with the nuances of the USPAP. His compliance reviews of narrative appraisal reports are created in order to ensure conformance with not only the USPAP, but also the laws, regulations, and guidelines for federally regulated transactions.
Mr. Hibbard's work as a compliance reviewer transcends the creation of the review itself, and he works closely with both those appraisers whom he is reviewing and with the Chief Credit Officers to develop approaches and quality control systems to improve the quality of the appraisal reports that are produced by a bank's fee appraiser panel.
He has served as an appraisal compliance review consultant to the California Office of Real Estate Appraisers as well as to more than forty federally regulated financial institutions. Mr. Hibbard has also consulted with the Federal Reserve Bank of San Francisco regarding appraisal compliance and is a frequent guest speaker at conferences of the California Banker’s Association.
