April Fools Day and Other Important Dates in Appraisal History

How the Profession Learned to Watch the Calendar

 

If you’ve been in the appraisal profession long enough, you don’t measure time by years—you measure it by changes.

You remember where you were when HVCC hit. You remember when AMCs took over your phone line. You remember when fees dropped, when revisions increased, when language suddenly mattered as much as data.

And if you’ve been around just a little longer, one date probably stands out more than most:

April Fools Day.  Because in this profession, some of the most important changes haven’t just been impactful—they’ve been ironic.

 

1989: When Licensing Became Reality

The modern appraisal profession, as we know it today, was largely born out of the Savings and Loan Crisis of the 1980s.

More than 1,000 financial institutions failed, costing taxpayers over $150 billion. In the aftermath, one issue became impossible to ignore: there was no consistent system governing how real estate was valued.

The response was FIRREA in 1989.

For the first time, appraisers were required to be licensed or certified for federally related transactions. USPAP became the recognized standard, and federal oversight entered the profession.

This was a necessary step. It brought structure, credibility, and accountability.

But like many changes in this profession, it didn’t come as a preventative measure. It came after the damage was already done.

2009–2010: Independence Comes at a Cost

Fast forward twenty years, and history repeats itself—this time on a much larger scale.

The mortgage meltdown of 2007–2008 exposed systemic failures in lending practices, underwriting, and the creation of mortgage-backed securities that ultimately collapsed.

Appraisers did not create those securities.

Appraisers did not design loan programs.

Appraisers did not package risk on Wall Street.

But when reform came, appraisers were directly impacted.

HVCC in 2009, followed by Dodd-Frank in 2010, introduced one of the most significant structural changes in the profession: The separation of appraisers from loan originators.

The intent was clear—protect independence and eliminate pressure.

The result was the rise of Appraisal Management Companies (AMCs).

Almost overnight, the process changed:

• Direct communication with lenders largely disappeared 
• Turn times tightened, but workflows became more complex 
• Revision requests increased 
• Fees were filtered through a third party 

The profession shifted from relationship-based to process-driven.

Independence was achieved.

But it came with trade-offs that appraisers are still dealing with today.

 

April 1, 2011: The Day It Became “Customary” but not “Reasonable”

Then came the date that perfectly captures the profession’s sense of irony: April 1, 2011.

This was the day the “Customary and Reasonable” fee provision under Dodd-Frank took effect.

For years, appraisers had seen fees decline, especially with the rise of AMCs. This rule was expected to fix that—to ensure compensation reflected the scope, complexity, and expertise required. Instead, what happened was… memorable. 

“Customary” was defined by what was already being paid.

“Reasonable” seemed to be left open for interpretation.

And the parties responsible for paying appraisal fees were effectively allowed to define both. 

So on April 1st, appraisers received fees that were customary—and have been waiting ever since for them to become reasonable.

You couldn’t pick a more appropriate date. A policy intended to restore fairness took effect on April Fools Day. And depending on your perspective, the joke has had a long run.

 

Who Took the Hit?

One of the largest ironies surrounding this period isn’t just what changed—it’s who absorbed the consequences.

The financial crisis was driven by systemic issues: risky lending, securitization of unstable loans, and failures at the institutional level.

Yet in the aftermath, appraisers found themselves operating under:

• Increased scrutiny 
• Lower fees 
• More regulation 
• Greater documentation requirements 

Many appraisers feel that while they were not the cause of the crisis, they bore a meaningful share of the response.

Whether that view is universally accepted or not, it has shaped how the profession sees itself today.

 

May 5, 2023: A Different Kind of Reform

More recently, another date was added to the calendar: May 5, 2023.

On this day, the Appraisal Standards Board adopted revisions to USPAP addressing nondiscrimination within the Ethics Rule, later implemented in the 2024–2025 USPAP edition.

The intent is clear: ensure that appraisal practice is free from bias and grounded in objective data.

But the timing carries its own subtle irony.

May 5th—Cinco de Mayo—is a day recognizing Mexican heritage, identity, and cultural awareness.

And it is also the day the profession formally codified what many already understood—that bias has no place in valuation.

Important? Absolutely.

Long overdue? Arguably.

And consistent with past patterns, it arrived after the issue had already been widely recognized.

 

A New Layer of Scrutiny

With these changes has come a new challenge—language.

Appraisers today are not just evaluated on their data and conclusions, but on how they describe them.

Automated systems now scan reports for potentially problematic wording. Neutral phrases can be flagged. Context can be lost.

The result is a new balancing act:

• Be descriptive, but not subjective 
• Be clear, but not interpretable 
• Be compliant, but still efficient 

It’s another example of how reforms—while necessary—can introduce new complexity into the workflow.

 

2025–2026: The Next Big Change

Looking ahead, the next major shift is already scheduled.

We’ve been told:

• Late 2025 – UAD 3.6 implementation begins 
• November 2026 – Full transition 

UAD 3.6 represents a significant evolution in appraisal reporting, with deeper data standardization and tighter integration with automated systems.  At the same time, artificial intelligence is becoming part of the landscape. AI can support appraisers—helping analyze data, improve consistency, and increase efficiency. 

But it also raises important questions:

• How much of the process can be automated? 
• Where does human judgment remain essential? 
• Will parts of the appraisal process become commoditized? 

For the first time, the profession is dealing with both regulatory change and technological disruption at the same time.

 

A Modest Prediction

Which brings us back to the calendar.

We’ve been given timelines for UAD 3.6.

But if history has taught this profession anything, it’s this:

Implementation rarely happens exactly when—or how—we’re told it will.

So, in keeping with tradition, and with a nod to one of the most memorable dates in appraisal history, here’s a modest prediction:

The true “drop-dead” date for UAD 3.6 implementation will likely be: April 1, 2027.

At this point, anything else might feel a little off to me.

 

The Chameleon Profession

Through all of this, one thing has remained constant:

Appraisers adapt.

They adapted to licensing.

They adapted to separation.

They adapted to AMCs, UAD, USPAP changes, and evolving client expectations.

And now they are adapting again—to UAD 3.6, to AI, and to a more data-driven environment.

Successful appraisers don’t resist change.

They adjust to it.

In that sense, the appraiser is a chameleon—constantly adapting while maintaining the core skills that define the profession: analysis, judgment, and market insight.

 

Conclusion: Keep an Eye on the Calendar

The appraisal profession has been shaped not by a single event, but by a series of dates—each marking a shift in how the work is done and how it is viewed.

Some brought progress.

Some brought frustration.

Most brought both.

But one date continues to stand out—not just for what it represents, but for how well it captures the profession’s experience.

So as we look ahead to the next major change, it might be worth keeping one date circled.

Just in case.

April Fools Day.