THE MERIDIAN VALUATION GROUP
JOHN HIBBARD
In the course of more than three decades, I have performed several thousand appraisal compliance reviews for Federally Regulated Financial Institutions. Throughout my career, I have served as an advisor to the California Office [now Bureau] of Real Estate Appraisers. I presented my Model Program for Appraisal Review to the Chief Credit Officers’ Symposium of the California Bankers’ Association and addressed the examiners of the San Francisco Federal Reserve on the subject of Common Problems Found in Appraisal Reports Submitted to Regulated Financial Institutions. For many years, I taught the USPAP as an Appraisal Qualifications Board Certified Instructor of the USPAP.
I am also the author of two significant white papers:
• It’s About Time: This paper, prepared for the Appraisal Standards Board, outlined the importance of clarifying the USPAP Standards Rule 2 requirement to report exposure time. The key premise of this report was rejected by the Standard Board, but eventually, a subsequently-appointed board adopted the key provisions of this paper and amended USPAP Standards Rule 2 and USPAP Advisory Rule 7 to match my recommendations.
• A Model Program for Appraisal Review: This paper was written for presentation to the California Banker’s Association shortly after federal banking regulations first mandated that regulated financial institutions must develop programs of appraisal quality control. The paper emphasizes that the appraisal review function is best implemented as a cooperative educational enterprise rather than a police function designed to catch appraisers making mistakes. The spirit of this argument was subsequently widely adopted throughout the appraisal profession.
