confidentiality
402) Confidential Information
09/05/08
Hi Henry:
I have been attempting to establish my own appraisal office for a little more than a year now. I was recently asked for two sample appraisals to be supplied to potential clients, in an effort to secure more work. The copies were requested via e-mail in pdf format.
My question is regarding confidentiality. If I send these via e-mail, I have no way of blocking out the client's name or the borrower's name. Isn't this considered a violation of confidentiality rules if I send these with this information in plain view of the person reviewing the reports?
Dale R. Thompson thompsapp@comcast.net
Dear Dale,
The USPAP prohibits you from sending any confidential information in an appraisal report to anyone that is not authorized by the lender/client.
The best way to overcome this is to ask the client if you can use their report as an example of your work. Most clients are flattered by this type of request and will grant you permission. If you do not have such permission I think you would have to disguise the report sufficiently so that none of the confidential information in it -- including the fact that you made an appraisal of the subject property -- can be identified. Personally, I would hesitate to send a copy of any report to anyone other than the lender/client without the lender/client's express permission. For further safety, I'd request their permission in writing.
H2
I have been attempting to establish my own appraisal office for a little more than a year now. I was recently asked for two sample appraisals to be supplied to potential clients, in an effort to secure more work. The copies were requested via e-mail in pdf format.
My question is regarding confidentiality. If I send these via e-mail, I have no way of blocking out the client's name or the borrower's name. Isn't this considered a violation of confidentiality rules if I send these with this information in plain view of the person reviewing the reports?
Dale R. Thompson thompsapp@comcast.net
Dear Dale,
The USPAP prohibits you from sending any confidential information in an appraisal report to anyone that is not authorized by the lender/client.
The best way to overcome this is to ask the client if you can use their report as an example of your work. Most clients are flattered by this type of request and will grant you permission. If you do not have such permission I think you would have to disguise the report sufficiently so that none of the confidential information in it -- including the fact that you made an appraisal of the subject property -- can be identified. Personally, I would hesitate to send a copy of any report to anyone other than the lender/client without the lender/client's express permission. For further safety, I'd request their permission in writing.
H2
361) Confidentiality
07/14/08
Dear H2,
I recently attended an appraisal class in which the instructor asked how many of us include a "privacy policy letter" with our appraisals. Just one person raised his hand. The instructor mentioned the Gramm-Leach-Biliey Act regarding collection of nonpublic personal information during the appraisal process. Is such a letter required by Fannie Mae or USPAP and what is your feedback on this?
Thank you
John Difilippo napadifilippo@aol.com
Dear John,
You should review the confidentially part of the USPAP and #22 on the URAR certificate. So far, you are the first person to suggest to me that it is necessary to include a confidentially letter with your appraisals. This is a legal question and therefore you might consider asking an attorney about it.
H2
I recently attended an appraisal class in which the instructor asked how many of us include a "privacy policy letter" with our appraisals. Just one person raised his hand. The instructor mentioned the Gramm-Leach-Biliey Act regarding collection of nonpublic personal information during the appraisal process. Is such a letter required by Fannie Mae or USPAP and what is your feedback on this?
Thank you
John Difilippo napadifilippo@aol.com
Dear John,
You should review the confidentially part of the USPAP and #22 on the URAR certificate. So far, you are the first person to suggest to me that it is necessary to include a confidentially letter with your appraisals. This is a legal question and therefore you might consider asking an attorney about it.
H2